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HARRY HUGHES, Governor
2257
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1985.
Approved May 21, 1985.
CHAPTER 355
(House Bill 794)
AN ACT concerning
Creation of a State Debt - Comprehensive
Flood Management Loan of 1985
FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,500,000, the proceeds to be used for the
Comprehensive Flood Management Grant Program; and providing
generally for the issuance 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 Comprehensive Flood Management Loan of
1985 in the aggregate principal amount of $1,500,000. 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
§§ 19 to 23 of Article 31 of the Code.
(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 a fund to
the Department of Natural Resources, so that it may make grants
under § 8-9A-03(h) of the Natural Resources Article for financing
(1) the entire cost of watershed studies approved or conducted by
the Department, and (2) up to 50 percent of eligible costs of
flood control and watershed management capital projects.
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