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

Approved May 13, 1986.

CHAPTER 612

(Senate Bill 401)

AN ACT concerning

Creation of a State Debt -
Controlled Hazardous Substance Cleanup Loan of 1986

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,250,000 $2,250,000, the proceeds to be
credited to the State Hazardous Substance Control Fund and
used for certain costs of removal, restoration, or remedial
action in response to a release or threatened release of any
controlled hazardous substance and for the State share
mandated under § 104(c)(3) of the Comprehensive
Environmental Response, Compensation, and Liability Act of
1980; 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 Controlled Hazardous Substance Cleanup
Loan of 1986 in the total principal amount of $3,250,000
$2,250,000. This loan shall be evidenced by the issuance, sale,
and delivery of State general obligation bonds authorized by a
resolution of the Board of Public Works and issued, sold, and
delivered in accordance with §§ 8-117 through 8-124 of the State
Finance and Procurement Article and Article 31, § 22 of the Code.

(2)  The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 8-122 of the
State Finance and Procurement Article.

(3)  The cash proceeds of the sale of the bonds shall be
paid to the Treasurer and first shall be applied to the payment
of the expenses of issuing, selling, and delivering the bonds,
unless funds for this purpose are otherwise provided, and then
shall be credited on the books of the Comptroller and expended,
on approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: to be credited to the State Hazardous Substance

HARRY HUGHES, Governor

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