Departmental Approval. After analysis by the Trust staff, the Trustees shall review each proposed loan, transfer, or expenditure from the Fund, including the general terms of the disbursement as well as any special terms and conditions for the project. The Trustee’s recommendations with regard to disbursements shall be forwarded to the Secretary. Upon receipt of the recommendations the Secretary shall approve or disapprove each disbursement. Board of Public Works Approval. The Secretary shall submit to the Board of Public Works for final approval action: Loans or transfers which are to be funded with the proceeds of a sale of State general obligation bonds; and All expenditures under Regulation .05B(1) of this chapter for acquisition, restoration, or rehabilitation. Inapplicable Provisions. Loans and transfers submitted to the Board of Public Works for approval in accordance with §B(1) of this regulation are not subject to the provisions of the State Finance and Procurement Article, Titles 4 and 5, Annotated Code of Maryland, or otherwise subject to review by the Department of General Services or any other State unit.