Ch. 379 LAWS OF MARYLAND

CHAPTER 379
(House Bill 1244)

AN ACT concerning

Creation of a State Debt - Baltimore Chesapeake Bay Outward Bound Program

FOR the purpose of authorizing the creation of a State Debt in the amount of $200,000
$150,000 $200,000 the proceeds to be used as a grant to the Parks and People
Foundation, Inc. for the renovation design, construction, equipping, renovation,
and repair of 3 facilities in Leakin Park in Baltimore City for use in the Baltimore
Chesapeake Bay Outward Bound Program, subject to the requirement that the
Parks and People Foundation, Inc. provide at least an equal and matching fund of
a certain kind for the same purpose by a certain date; and providing generally for
the issue and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1) The Board of Public Works may borrow money and incur indebtedness on
behalf of the State of Maryland through a State loan to be known as the Baltimore
Chesapeake Bay Outward Bound Program Loan of 1990 in the total principal amount of
$200,000 $150,000 $200,000. This loan shall be evidenced by the issuance, sale, and
delivery of State general obligation bonds authorized by a resolution of the Board of
Public Works and issued, sold, and delivered in accordance with §§ 8-117 through
8-124 of the State Finance and Procurement Article and Article 31, § 22 of the Code.

(2) The bonds to evidence this loan or installments of this loan may be sold as a
single issue, or may be consolidated and sold as part of a single issue of bonds under §
8-122 of the State Finance and Procurement Article.

(3) The cash proceeds of the sale of the bonds shall be paid to the Treasurer and
first shall be applied to the payment of the expenses of issuing, selling, and delivering
the bonds, unless funds for this purpose are otherwise provided, and then shall be
credited on the books of the Comptroller and expended, on approval by the Board of
Public Works, for the following public purposes, including any applicable architects'
and engineers' fees: as a grant to the Parks and People Foundation, Inc. for the
renovation design, construction, equipping, renovation, and repair of 3 facilities in
Leakin Park in Baltimore City for use in the Baltimore Chesapeake Bay Outward
Bound Program.

(4) An annual State tax is imposed on all assessable property in the State in rate
and amount sufficient to pay the principal of and interest on the bonds, as and when
due and until paid in full. The principal shall be discharged within 15 years after the
date of issue of the bonds.

(5) Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 1(3) above, the Parks and People Foundation, Inc. shall
provide at least an equal and matching fund of $200,000 $150,000 $200,000. No part of

- 1258 -