3644                                  LAWS OF MARYLAND                                Ch. 650

after the current terms have expired shall serve for 5
years, as provided by this Act.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 651

(House Bill 807)

AN ACT concerning

Creation of a State Debt - Shore Erosion Control

FOR the purpose of authorizing the creation of a State debt
in the amount of $1,000,000 $1,500,000 $1,250,000, the
proceeds to be used to provide State funds for design
and construction of shore erosion control projects; 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
through a State loan to be known as the Shore Erosion
Control Loan of 1982 in the aggregate principal amount of
$1,000,000 $1,500,000 $1,250,000. 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 1981
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.

(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