WILLIAM DONALD SCHAEFER, Governor Ch. 564
on the Sunday preceding New Year's [Eve] DAY, UNLESS THAT DAY IS
CHRISTMAS DAY, IN WHICH CASE THEY MAY NOT EXERCISE THE
PRIVILEGE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.
Approved May 29, 1990.
CHAPTER 564
(House Bill 398)
AN ACT concerning
Creation of a State Debt - Maryland Academy of Sciences
FOR the purpose of authorizing the creation of a State Debt in the amount of $500,000
$250,000 the proceeds to be used as a grant to the Maryland Academy of Sciences
for the planning and design of an addition to the Academy, subject to the
requirement that the Maryland Academy of Sciences 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 Maryland
Academy of Sciences Loan of 1990 in the total principal amount of $500,000 $250,000.
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 Maryland Academy of Sciences for the planning
and design of an addition to the Academy.
(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
- 2503 -
|