Ch. 298

LAWS OF MARYLAND

loan to be known as the Controlled Hazardous Substance Cleanup
Loan of 1988 in the total principal amount of $3,000,000. 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 Environment Article, to be expended, for:

(a)  All costs incurred by the State for removal,
restoration, or remedial action, including the restoration of
natural resources where feasible in response to a release or
threatened release of any controlled hazardous substance, to the
extent the costs are not reimbursable under the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980;
and

(b)  The State share mandated under § 104(c)(3) of the
Comprehensive Environmental Response, Compensation, and Liability
Act of 1980.

(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 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, 1988.

Approved May 17, 1988.

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