PARRIS N. GLENDENING, Governor                             Ch. 430

(b)     Except for the construction of pump-out stations for use by the general
boating public at public and private marinas, the governing body and the Waterway
Improvement Fund jointly shall finance projects to construct marine facilities beneficial
to the boating public. The contribution of the Waterway Improvement Fund shall be
limited to not more than 50% of the cost of each project. However, the Waterway
Improvement Fund may finance completely any construction project beneficial to the
boating public which costs less than [$25,000] $75,000 $50,000 regardless of its location.

(c)     (1) The governing body shall pay its share of matching projects under
subsection (b) of this section or shall repay the Waterway Improvement Fund for any loan
authorized under subsection (d) of this section either by:

(i) Means of appropriations from general funds; or

(ii) Levying a special assessment or tax against each property owner
whose property lies within the district.

(2) The governing body may accept and use any gift for the cost of any
project as part of the governing body's share of any matching fund project.

(d)     In addition to the methods of financing provided in subsections (a) and (b) of
this section, a governing body may borrow interest-free funds from the Waterway
Improvement Fund for a waterway improvement project within a waterway improvement
district. However, the amount borrowed from the Waterway Improvement Fund for these
districts may not exceed 21% of the total attained revenue of the Waterway Improvement
Fund from the previous fiscal year. A single project may not exceed 7% of the total
attainment. The governing body shall repay the funds at a uniform rate over a period not
to exceed 25 years as provided by agreement between the State and the governing body.

(e)     The contribution of the Waterway Improvement Fund shall be limited to not
more than 50% of the cost of each acquisition, and the total amount of funds expended in
any fiscal year for acquisitions and projects specified in § 8-707(7) and (9) of this subtitle
may not exceed the amount of the motor fuel tax revenue paid to the Waterway
Improvement Fund in the preceding fiscal year, as provided for in § 2-1004 of the Tax -
General Article.

(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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1995.

Approved May 18, 1995.

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