Ch. 641

LAWS OF MARYLAND

(f)(1) Any and all purchase, sale or transfer of land

pursuant to this subtitle shall be by action of the Board. All

funds received by the State from the sale of land shall be
credited to the Federal State Reclamation Fund.

(2) THE BOARD OF PUBLIC WORKS SHALL ADOPTS REGULATIONS
IN ACCORDANCE WITH TITLE 10, SUBTITLE 1 OF THE STATE GOVERNMENT
ARTICLE TO IMPLEMENT THE PROVISIONS OF THIS SUBSECTION.

8-1005.

(a) There is a "Shore Erosion Control Construction Loan
Fund." The Department shall administer the Fund solely to provide
interest-free loans to persons, municipalities, or counties for
construction of shore erosion structures. The Fund shall be
maintained by:

(1)  Repayments of principal on loans made from the
Fund, with the repayments made through a special real estate tax
the State levies on privately owned property benefited by shore
erosion control projects. The tax shall compensate the State for
net project construction cost. The tax shall be levied at a
uniform rate over a period not exceeding 25 years; and

(2)  Annual appropriation of general funds to restore
the Fund to a level sufficient to carry out an effective shore
erosion control construction loan program during the succeeding
year.

A property owner whose project is approved is eligible to
receive an interest-free loan covering 100 percent of the first
$50,000 of project construction cost, 50 percent of the next
$20,000 of project construction cost, 25 percent of the next
$20,000 of project construction cost, and 10 percent of the' part
of construction cost exceeding $90,000. However, where two or
more property owners are included within a shore erosion control
project, and project construction costs exceed $100,000, the land
of each property owner is considered a separate shore erosion
project for the purpose of computing net project construction
cost under this formula.

(b)  During the first month of each fiscal year, the
Department shall submit to the Department of Budget and Fiscal
Planning an estimate of the amount of revenues the Fund expects
to receive from repayment of outstanding loans, and the amount of
general funds required to reestablish an adequate balance in the
fund to make loans during the next fiscal year.

(c)  If it appears reasonably likely that funds will be
available for an approved shore erosion control project, the
Department shall develop complete plans, specifications, and all

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