2066

LAWS OF MARYLAND

Ch. 500

notes, titled "State of Maryland for the use of the
Teachers' Retirement System of the State of Maryland," or
"State of Maryland for the use of the Employees' Retirement
System of the State of Maryland," or "State of Maryland for
the use of the State Police Retirement System of the State
of Maryland" shall be executed in the manner provided by the
laws governing said retirement system. All such conveyances
shall be made in the name of the State of Maryland acting
through the executing authority or authorities herein
provided for. As used herein, the term "real or personal
property or any legal or equitable rights, interests,
privileges or easements in, to, or over the same" shall
include the inland waters of the State and land under said
waters, as well as the land underneath the Atlantic Ocean
for a distance of three miles from the low watermark of the
coast of the State of Maryland bordering on said ocean, and
the waters above said land. If the consideration received
for the disposition of any real or personal property or
interest therein is other real or personal property, such
property so received shall be held and accounted for in the
same manner as other property within the jurisdiction and
control of the board, commission, department or other agency
of the State receiving such property. If the consideration
received for any such disposition is cash, in whole or in
part, the proceeds shall be accounted for and remitted to
the State Treasurer; except that any consideration received
in cash for the disposition of an asset of a substantial
permanent nature, commonly called a capital asset, shall be
applied solely to the State Annuity Bond Fund Account for
the payment of the principal and interest of the bonded
indebtedness of the State and if such capital asset shall
have been originally purchased with any special funds, the
proceeds thereof shall revert to such fund only.

(B) NOTWITHSTANDING ANY OTHER PROVISIONS OF THE LAW TO
THE CONTRARY, GEOTHERMAL RESOURCES, AS DEFINED IN § 8-8A-01
OF THE NATURAL RESOURCES ARTICLE OF THE CODE, LOCATED ON
REAL PROPERTY ©F OWNED BY THE STATE MAY BE SOLD, LEASED,
TRANSFERRED, EXCHANGED, GRANTED, OR OTHERWISE DISPOSED OF TO
ANY PERSON FOR A CONSIDERATION DETERMINED TO BE ADEQUATE IN
THE OPINION OF THE BOARD OF PUBLIC WORKS SUBJECT TO SUCH
CONDITIONS AS THE BOARD OF PUBLIC WORKS AND THE DEPARTMENT
OF NATURAL RESOURCES MAY IMPOSE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.

CHAPTER 501
(House Bill 655)