2352

LAWS OF MARYLAND

Ch. 586

terms, conditions, and covenants provided in this section
with respect to bond anticipation notes. Grant anticipation
notes may be made payable only from the proceeds of grants
and need not pledge the faith and credit or taxing power of
the public body or municipal corporation, and in that case
the notes may not be deemed to constitute an indebtedness of
or a charge against the general credit or taxing power of
the public body or municipal corporation within the meaning
of any constitutional or charter provision or statutory
limitation. GRANT ANTICIPATION NOTES AUTHORIZED BY THIS
SECTION 12(I) MAY BE ISSUED AS NOTES IN THE NATURE OF
COMMERCIAL PAPER, AND, IF SO ISSUED, MAY, IN THE DISCRETION
OF THE PUBLIC BODY OR MUNICIPALITY ISSUING THE NOTES, BE
SECURED BY A TRUST INDENTURE WITH A CORPORATE TRUSTEE OR
TRUSTEES, WHICH MAY BE ANY TRUST COMPANY OR BANK HAVING THE
POWERS OF A TRUST COMPANY WITHIN OR WITHOUT THE STATE, AND
BY A LETTER OF CREDIT, LINE OF CREDIT OR OTHER CREDIT
ARRANGEMENT FROM OR WITH A BANK OR OTHER LENDING
INSTITUTION. THE LETTER OF CREDIT, LINE OF CREDIT OR OTHER
CREDIT ARRANGEMENT MAY BE MADE PAYABLE OUT OF THE PROCEEDS
OF THE GRANT OR GRANTS.

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

Approved May 19, 1981.

CHAPTER 587

(Senate Bill 977)

AN ACT concerning

Hart-Miller-Pleasure Island Chain - Redeposit of Spoil

FOR the purpose of prohibiting the Department of Natural
Resources from approving more than a certain number of
contained areas for the redeposit of certain spoil
within a certain number of miles of the
Hart-Miller-Pleasure Island chain in Baltimore County;
prohibiting a person from redepositing more than a
certain amount of spoil in a certain contained area;
limiting the size of a certain contained area;
providing that only spoil from the excavation or
dredging of Baltimore Harbor projects and tributary
spoil from an approved dredging project in any of the
Baltimore County tributaries of the Chesapeake Bay
certain excavation or dredging projects may be
redeposited in a certain contained area; providing for

the appointment of certain citizen oversight

committee; prescribing certain powers and duties of the
citizens oversight committee; declaring the
Hart-Miller-Pleasure Island chain an open area;