3630

LAWS OF MARYLAND

Ch. 645

(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
a fund to the Department of Natural Resources, so that it
may make grants, requiring matching funds of a minimum of 50
percent, pursuant to the provisions of [of] the Natural
Resources Article of the Annotated Code of Maryland, as
amended from time to time, to subdivisions of this State for
flood control and watershed management capital projects for

(1) financing the cost of watershed studies approved or
conducted by the Department relating to flood management and

(2) flood control and watershed management capital projects
requiring matching funds of a minimum of 50 percent.

(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 an 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, 1982.

Approved June 1, 1982.

CHAPTER 646

(House Bill 767)

AN ACT concerning

Creation of a State Debt - Dundee - Saltpeter Creeks

FOR the purpose of authorizing the creation of a State Debt
in the amount of $4,000,000 $2,000,000, the proceeds to
be used as a grant to Baltimore County for land
acquisition in the Dundee - Saltpeter Creeks Natural
Environmental area; and providing generally for the
issue and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1) The Board of Public Works may borrow money and
incur indebtedness on behalf of the State of Maryland