Ch. 447 LAWS OF MARYLAND
SECTION 3. AND BE IT FURTHER ENACTED, That no moneys may be
withdrawn from the Law Enforcement and Correctional Training Fund
for grants or any other purposes until July 1, 1989. By January
15, 1989, the Department is to present a report to the Budget
Committees which not only outlines the proposed uses of the Law
Enforcement and Correctional Training Fund as set forth under
Section 2 but also delineates the scheduled phase-in of
construction components.
SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall
take effect July June 1, 1988.
Approved May 17, 1988.
CHAPTER 447
(House Bill 641)
AN ACT concerning
Creation of a State Debt -
Comprehensive Flood Management Loan of 1988
FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,000,000, the proceeds to be used by the
Department of Natural Resources for the Comprehensive Flood
Management Grant Program; and providing generally for the
issue 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 Comprehensive Flood Management 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.
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