Maryland Code, NATURAL RESOURCES 8-708
Terms Used In Maryland Code, NATURAL RESOURCES 8-708
- Amortization: Paying off a loan by regular installments.
- County: means a county of the State or Baltimore City. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- gift: includes an inter vivos gift, inter vivos endowment, bequest, devise, legacy, or testamentary endowment of any interest in real or personal property. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) Any funds available from the federal government, any governing body, or any gift also may be used for the purposes included in paragraph (1) of this subsection.
(b) (1) 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.
(2) Except as provided in paragraph (3) of this subsection, the contribution of the Waterway Improvement Fund shall be limited to not more than 50% of the cost of each project.
(3) The Waterway Improvement Fund may finance completely any construction project beneficial to the boating public which costs $250,000 or less, 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.
(3) Any special assessment or tax levied by Anne Arundel County under paragraph (1)(ii) of this subsection may not apply to property that is exempt from taxation under Title 7, Subtitle 2 of the Tax – Property Article.
(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(a)(8) and (10) 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 § 2-1104 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.