1454                                             LAWS OF MARYLAND                                         Ch. 377

(c) (1) [Each] TO THE EXTENT PAYMENT OF THESE EXPENSES IS

NOT OTHERWISE PROVIDED FOR, EACH premium and expense account
shall be charged with the expenses of the sale of State bonds
issued under the enabling act for which the account is
established.

(2) After all of the State bonds have been issued
under the enabling act for which a premium and expense account is
established and all expenses of the sale of those State bonds
have been paid, the money that remains in the account shall be
transferred to the Annuity Bond Fund, to be applied to the debt
service requirements on State bonds.

8-128.

(a)  If, within 2 years after the date of an authorization
of State debt, no part of the project or program for which the
enabling act authorized the State debt is under contract and the
Board has not committed money for any part of the project or
program, the authorization terminates unless:

(1)  the enabling act provides otherwise; or

(2)  in an emergency, the Board unanimously grants a

temporary exception FOR A PERIOD OF 1 YEAR.

(b)  The Board shall enforce the provisions of this section.

(C)  THE BOARD SHALL SUBMIT FOR PUBLICATION IN THE MARYLAND
REGISTER A NOTICE OF ANY AUTHORIZATION OF STATE DEBT THAT HAS
TERMINATED OR EXTENDED UNDER THIS SECTION; THE NOTICE SHALL
INCLUDE THE CHAPTER NUMBER AND YEAR OF ENACTMENT OF THE ENABLING
ACT AND EACH AMENDMENT TO THE ENABLING ACT.

(D)  A TERMINATION OR EXTENSION UNDER THIS SECTION MAY

BECOME EFFECTIVE ONLY AFTER THE PUBLICATION OF NOTICE IN THE
MARYLAND REGISTER.

8-301.

(a)  Except as provided in subsection (b) of this section or
in other law, a contract to spend the proceeds of a GENERAL
OBLIGATION loan that has been authorized by any act of the
General Assembly may not be executed until the Board of Public
Works approves the contract.

(b)  Approval by the Board of Public Works is not required
if the act merely authorizes a county or municipal corporation to
borrow money and no State funds are involved.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

Approved May 13, 1986.