HARRY HUGHES, Governor

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loan to be known as the Comprehensive Flood Management Loan of
1986 in the total principal amount of $1,500,000. 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 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 of the Code.

(4)  An annual State tax is imposed on all assessable
property in the State in rate and amount sufficient to pay the
principal of and interest on the bonds, as and when due and until
paid in full. The principal shall be discharged within 15 years
after the date of issue of the bonds.

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

Approved May 13, 1986.

CHAPTER 623

(Senate Bill 342)

AN ACT concerning

Creation of a State Debt - Shore Erosion Control Loan of 1986

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,000,000, the proceeds to be used to provide
State funds for design and construction of shore erosion
control projects by or on behalf of persons, municipalities,
and counties; and providing generally for the issuance and
sale of bonds evidencing the loan.