WILLIAM DONALD SCHAEFER, Governor                   Ch. 551

year for acquisitions and projects specified in § 8-707(7) of
this subtitle shall not exceed the amount of the motor vehicle
fuel tax paid to the Waterway Improvement Fund in the preceding
fiscal year, as provided for in Article 56 § 137.

(f) Notwithstanding any other provision of this subtitle,
funds deposited in the Waterway Improvement Fund may be used for
amortization and payment of interest on bonds issued for
financing projects authorized under this subtitle.

8-708.1.

(A)  (1) PROJECTS FOR DREDGING CHANNELS ADJACENT TO MAIN
CHANNELS OR HARBORS MAY BE FINANCED BY INTEREST-FREE LOANS TO A
GOVERNING BODY FOR THE BENEFIT OF A RESIDENTIAL PROPERTY OWNER,
OR A GROUP OF RESIDENTIAL PROPERTY OWNERS, WITH LAND ABUTTING THE
ADJACENT CHANNEL, WHOSE PROPERTY HAS BEEN INCLUDED IN A WATERWAY
IMPROVEMENT DISTRICT BY THE GOVERNING BODY.

(2) (I) EXCEPT AS PROVIDED IN PARAGRAPH (II) OF THIS
SUBSECTION, UNLESS EVERY RESIDENTIAL PROPERTY OWNER WITH LAND
ABUTTING THE ADJACENT CHANNEL AGREES TO PARTICIPATE IN THE
FINANCING OF THE DREDGING PROJECT, THE DREDGING PROJECT MAY NOT
BE APPROVED.

(II) IF ALL RESIDENTIAL PROPERTY OWNERS
ABUTTING A CHANNEL ADJACENT TO A MAIN CHANNEL OR HARBOR AGREE TO
EXEMPT A RESIDENTIAL PROPERTY OWNER, OR GROUP OF RESIDENTIAL
PROPERTY OWNERS, FROM PARTICIPATING IN THE FINANCING OF THE
DREDGING PROJECT, THE RESIDENTIAL PROPERTY OWNER, OR GROUP OF
RESIDENTIAL PROPERTY OWNERS, SHALL BE EXEMPT.

(B)  REPAYMENTS OF THE PRINCIPAL ON LOANS MADE UNDER THIS
SECTION SHALL BE MADE THROUGH A SPECIAL REAL ESTATE ASSESSMENT
THE STATE LEVIES ON THE PROPERTY OWNED BY THOSE PARTICIPATING IN
THE FINANCING OF THE DREDGING PROJECT BY THE GOVERNING BODY IN
ACCORDANCE WITH § 8-708(C) OF THIS SUBTITLE.

(C)(1) ON RECEIPT OF CERTIFICATION FROM THE DEPARTMENT
THAT A DREDGING PROJECT FINANCED UNDER THE PROVISIONS OF THIS
SECTION IS COMPLETED AND THE CONTRACTOR PAID, THE BOARD OF PUBLIC
WORKS SHALL LEVY A SPECIAL REAL ESTATE ASSESSMENT ON THE PROPERTY
OWNED BY THOSE PARTICIPATING IN THE FINANCING OF THE DREDGING
PROJECT.

(2) THE SPECIAL REAL ESTATE ASSESSMENT SHALL BE:

(I) PAYABLE IN ANNUAL INSTALLMENTS OVER A

PERIOD NOT EXCEEDING 25 YEARS; AND

(II) CALCULATED SO AS TO RETURN TO THE WATERWAY
IMPROVEMENT FUND THE COST OF THE DREDGING PROJECT.

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