HARRY HUGHES, Governor

2685

(3)  All such conveyances shall be made in the
name of the State of Maryland acting through the executing
authority or authorities [herein] provided for IN THIS
SECTION.

(4)  As used [herein] IN THIS SECTION, the term
"real or personal property or any legal or equitable rights,
interests, privileges or easements in, to, or over [the
same] ANY SUCH PROPERTY" 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] THAT ocean, and the waters above [said]
THAT land.

(5)  If the consideration received for the
disposition of any real or personal property or interest
[therein] IN ANY SUCH PROPERTY is other real or personal
property, [such] THE 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] THE
property.

(6)  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) Geothermal resources, as defined in § 8-8A-01 of
the Natural Resources Article of the Code, located on real
property 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.

(C) (1) IN THIS SUBSECTION, THE TERM "MINORITY
BUSINESS ENTERPRISE" HAS THE SAME MEANING AS IN ARTICLE 21,
SUBTITLE 6, OF THE CODE.

(2) EACH STATE AGENCY WHICH LEASES ANY
STATE-OWNED PROPERTY TO BUSINESS ENTITIES SHALL ENSURE THAT
THE PROCEDURES FOR AWARDING THE LEASES ARE STRUCTURED TO
ATTEMPT TO ACHIEVE A GOAL OF 10 PERCENT PARTICIPATION BY
MINORITY BUSINESS ENTERPRISES AFTER JULY 1, 1982, AS
MEASURED BY THE PERCENTAGE OF THE TOTAL DOLLAR AMOUNT OF THE
LEASES AND THE NUMBER OF LEASES.