WILLIAM DONALD SCHAEFER, Governor Ch. 585

(2) "PRECIOUS METAL BULLION OR COINS" DOES NOT
INCLUDE:

(!) JEWELRY OR A WORK OF ART MADE OF PRECIOUS
METAL BULLION OR COINS; OR

(II) KRUGERRANDS AND GOLD BULLION THAT ARE
STAMPED AS EMANATING FROM THE REPUBLIC OF SOUTH AFRICA.

(B) THE SALES AND USE TAX DOES NOT APPLY TO A SALE OF
PRECIOUS METAL BULLION OR COINS IF THE SALE PRICE IS GREATER

THAN $1,000.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 29, 1990.

CHAPTER 585
(House Bill 606)

AN ACT concerning

Creation of a State Debt - Baltimore's International Culinary College

FOR the purpose of authorizing the creation of a State Debt in the amount of
$2,850,000 $700,000 $500,000 the proceeds to be used as a grant to Baltimore's
International Culinary College for the renovation and restoration of a facility
located at 200 South Central Avenue in Baltimore City, subject to the requirement
that Baltimore's International Culinary College provide at least an equal and
matching fund of a certain kind for the same purpose by a certain date; requiring
that certain easements be granted to the Maryland Historical Trust; 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's
International Culinary College Loan of 1990 in the total principal amount of $2,850,000
$700,009 $500,000. 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.

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