WILLIAM DONALD SCHAEFER, Governor Ch. 124

(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
1989 in the total principal amount of $4,000,000. The 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 issued to evidence this loan or installments
thereof 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 provide a fund to be used by the Department
of Natural Resources, so that it may make grants to make grants
under the Comprehensive Flood Management Grant Program, under §
8-9A-03(h) of the Natural Resources Article of the Annotated Code
of Maryland.

(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 and 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, 1989.

Approved May 5, 1989.

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