2690

LAWS OF MARYLAND

Ch. 328

Director, which approval shall be a condition precedent to
the validity of the lease; and provided further that any
conveyance of ground rent redemption deeds, release or
reassignment of mortgages, satisfactions or reassignment of
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.

(C)  All such conveyances shall be made in the name of
the State of Maryland acting through the executing authority
or authorities herein provided for.

(D)  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.

(E)   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.

(F)   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)] (G) 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.