ROBERT L. EHRLICH, JR., Governor                             Ch. 472

continues perfected in the State for 4 months and, after that time, if within the
4-month period the security interest is perfected in the State. This security interest
may also be perfected in the State after the expiration of the 4-month period, in
which case perfection dates from the time of perfection in the State.

(iii) If the security interest was not perfected under the law of the
jurisdiction in which the vessel was when the security interest attached before being
brought into the State, the security interest may be perfected in the State; in which
case perfection dates from the time of perfection in the State.

(d)     (1) Five dollars of this filing fee, which is in lieu of a recordation tax
imposed under Title 12 of the Tax - Property Article, shall be deposited in a special
fund which is created. These moneys shall be used for the benefit of the counties of
the State, and Baltimore City, and distribution of this fund shall be made to the
several counties and Baltimore City annually on the basis of the residence of the
purchasers of the vessels.

(2) MONEYS IN THE SPECIAL FUND MAY BE USED FOR ADMINISTRATIVE
COSTS CALCULATED IN ACCORDANCE WITH § 1-103(B)(2) OF THIS ARTICLE.

(e)     Six dollars of every fee received under the provisions of § 8-730 of this
subtitle shall be deposited in the General Fund.

8-1004.

(a)     The operating budget of the Department may contain an appropriation
from the Fund sufficient to provide technical and administrative services required to
implement §§ 8-1002 and 8-1003 of this subtitle, including but not limited to:

(1)     Review and evaluation of requests for assistance in shore erosion
control;

(2)     Supervision over construction of approved projects; and

(3)     Inspection of completed projects to insure adequate maintenance.

(b)     Costs of the services enumerated in this section:

(1)     Shall be reimbursed to the Department by the property owner; and

(2)     May not be considered part of the construction cost of the project.

(C) MONEYS IN THE FUND MAY BE USED FOR ADMINISTRATIVE COSTS
CALCULATED IN ACCORDANCE WITH § 1-103(B)(2) OF THIS ARTICLE.

8-1005.

(a) (1) There is a "Shore Erosion Control Construction Loan Fund". The
Department shall administer the Fund to provide interest-free loans or grants to
persons, municipalities, or counties for design and construction of shore erosion
control projects. The Fund shall be maintained by:

(i) Repayments of principal on loans made from the Fund, with the
repayments made through a benefit charge the State levies on privately owned

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