ROBERT L. EHRLICH, JR., Governor                             Ch. 306

(4) ON OR BEFORE JUNE 1 AND DECEMBER 1 OF EACH YEAR, THE
INTERAGENCY COMMITTEE SHALL REPORT TO THE GENERAL ASSEMBLY, IN
ACCORDANCE WITH § 2-1246 OF THE STATE GOVERNMENT ARTICLE, ON THE
BALANCE IN THE FUND AS THE RESULT OF TRANSFERS OR REVERSIONS REQUIRED
UNDER THIS SUBSECTION.

SECTION 3. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Education

5-301.

(a) IN THIS SUBTITLE, "INTERAGENCY COMMITTEE" MEANS THE
INTERAGENCY COMMITTEE ON SCHOOL CONSTRUCTION ESTABLISHED UNDER §
5-302 OF THIS SUBTITLE.

(B) (1) For the purposes of this section other than subsection (c), the Board
of Public Works shall define by regulation what constitutes an [approved] ELIGIBLE
AND INELIGIBLE public school construction or capital improvement cost.

(2) The cost of acquiring land may not be considered a construction or
capital improvement cost and may not be paid by the State.

[(b)] (C) The State shall pay the costs in excess of available federal funds of
[all] THE STATE SHARE OF public school construction projects and public school
capital improvements in each county if:

(1)     The projects or improvements have been approved by the Board of
Public Works; and

(2)     Contracts have been executed on or after July 1, 1971 for the projects
or improvements.

[(c) (1) In this subsection, "local debt for school construction" includes any
debt incurred as the result of money made available to a county under a bond issue
that obligates the credit of the State.

(2) Except for general public school construction loan debt outstanding
or obligated as of June 30, 1967 for which repayment by a county is no longer
required, the State shall reimburse each county for the full costs of principal and
interest payments on any local debt for school construction outstanding or obligated
as of June 30, 1967.

(d) The State shall pay all of the annual cost of debt service on school
construction debt incurred by each county that was outstanding or obligated on or
after June 30, 1967 for contracts let before June 30, 1967.]

[(e)] (D) (1) The Board of Public Works may adopt [rules, regulations, and
procedures] REGULATIONS for the administration of the programs provided for [by
subsections (b) and (d) of] IN this section.

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