WILLIAM DONALD SCHAEFER, Governor Ch. 267

the raising of the sum up to $3,300,000 $2,800,000 as a matching fund for this project is
not presented to the Board of Public Works on or before June 1, 1992, no funds under
the provisions of this Act shall thereafter be paid over to or expended for the purposes
set forth in Section 1(3) above, and the remaining proceeds of the loan shall be applied
to the purposes authorized in § 8-129 of the State Finance and Procurement Article.

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

Approved May 2, 1990.

CHAPTER 267
(Senate Bill 364)

AN ACT concerning

Peabody Institute - Fund and Oversight Committee

FOR the purpose of establishing a Peabody Institute Fund as a special nonlapsing fund;
providing certain conditions for the Fund; providing for the appropriation of
moneys into the Fund; providing for the holding, accounting, investment, and
reinvestment of the Fund; providing that certain investment earnings shall be
credited to the Fund; providing for the payment of moneys in the Fund to the
Peabody Institute—after a—certain—date and under certain—circumstances in
exchange for Peabody Institute of the City of Baltimore Endowment Fund by a
certain date; providing that under certain circumstances certain property owned
by the Peabody Institute of the City of Baltimore shall be transferred to the State
of Maryland; providing for the use of the moneys in the Fund; establishing a
Peabody Institute Oversight Committee; providing for the membership of the
Committee and appointment of certain officers; providing for expenses for
members of the Committee; establishing certain duties and powers of the
Committee; defining certain terms; providing that the transfer may not occur
unless The Johns Hopkins University agrees to certain terms and conditions;
providing for appropriations by the State to offset operating deficits of the
Peabody Institute of The Johns Hopkins University; providing for certain
approvals and oversight duties by the Board of Public Works; providing for certain
reports; providing that the provisions of this Act shall be null and void under certain
circumstances; providing for the date of termination of the provisions of this Act; and
generally relating to the Peabody Institute Fund, the Peabody Institute of the City
of Baltimore, the Peabody Institute of The Johns Hopkins University, and the
Peabody Institute Oversight Committee.

BY adding to

Article - State Finance and Procurement
Section 7-317 and 7 318 through 7-323
Annotated Code of Maryland

- 951 -