HARRY HUGHES, Governor

2493

(1)  The Board of Public Works may borrow money and
incur indebtedness on behalf of the State of Maryland
through a State loan to be known as the Shore Erosion
Control Loan of 1981 in the aggregate principal amount of
$1,000,000 $500,000 $1,000,000. This loan shall be
evidenced by the issuance and sale of State general
obligation bonds authorized by a resolution of the Board of
Public Works and issued, sold and delivered in accordance
with the provisions of §§ 19 to 23 of Article 31 of the
Annotated Code of Maryland (1976 Replacement Volume and 1980
Supplement, as amended from time to time).

(2)  The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolidated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.

(2) (3) The actual cash proceeds of the sale of the
bonds shall be paid to the Treasurer and shall be first
applied to the payment of the expenses of issuing and
delivering the bonds unless funds for this purpose are
otherwise provided and thereafter shall be credited on the
books of the State Comptroller and expended, upon approval
by the Board of Public Works, for the following public
purposes, including any applicable architects' and
engineers' fees:

To provide State funds to be used in the same manner as
general funds for the design and construction of shore
erosion control projects by persons, municipalities, and
counties pursuant to §§ 8-1001 to 8-1007 of the Natural
Resources Article of the Annotated Code of Maryland (1974
Volume and 1980 Supplement, as amended from time to time).

{3} (4) There is hereby levied and imposed an annual
State tax on all assessable property in the State in rate
and amount sufficient to pay the principal of and interest
on the bonds as and when due and until paid in full, such
principal to be discharged within fifteen years of the date
of issue of the bonds.

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

Approved May 19, 1981.

CHAPTER 642
(House Bill 737)
AN ACT concerning