HARRY HUGHES, Governor                                         2273

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 15, 1984.

CHAPTER 331

(Senate Bill 340)

AN ACT concerning

Creation of a State Debt - Shore Erosion Control
Loan of 1984

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,000,000, the proceeds to be used to provide
State funds for design and construction of shore erosion
control projects by certain persons, municipalities, and
counties; 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 1984 in the
aggregate principal amount of $3,000,000. 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 (1983
Replacement Volume, 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 State
funds to be used in the same manner as general funds for the
design and construction of shore erosion control projects of by
persons, municipalities, and counties, under §§ 8-1001 to 8-1007
of the Natural Resources Article of the Annotated Code of
Maryland (1983 Replacement Volume and 1983 Supplement, as amended
from time to time).