Ch. 464

LAWS OF MARYLAND

CHAPTER 464

(House Bill 422)

AN ACT concerning

Creation of a State Debt - Controlled Hazardous
Substance Cleanup Loan of 1987

FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,000,000, 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 or 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 loans.

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 1987 in the total principal amount of $2,000,000. 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 separate account within
the State Hazardous Substance Control Fund created by § 7-220. (b)
of the Health-Environmental Article of the Code, and to be
expended for:

(a) All costs incurred by the State for removal,
restoration, or remedial action, including the restoration of

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