MARVIN MANDEL, Governor

2485

WHEREAS, The cost of providing convention and
meeting facilities in the City of Baltimore over and
above the $35 million bond issue requested of the State
would be borne entirely by the City of Baltimore,
together with any annual loss from operating or
maintenance expenses of said facilities after they are
put in use; and

WHEREAS, Additional hotel facilities are
contemplated by private investors in downtown Baltimore
close to the proposed location of the Convention Center
facilities, and the construction of said hotel facilities
by means of private development is contingent upon the
construction of said Convention Center facilities; and

WHEREAS, The construction of new Convention Center
facilities in downtown Baltimore, together with the
private development of new hotel facilities, and the
visitors attracted to conventions and meetings thereby
would:

(a)    Create thousands of new jobs for citizens of
the State of Maryland, and

(b)   Contribute to the prosperity and general
health and welfare of the economy of the State of
Maryland, and

(c)   Create an increased awareness of the State of
Maryland on the part of hundreds of thousands of visitors
who would be attracted to the Convention Center each
year; and

WHEREAS, All of the above benefits would be provided
to the State of Maryland and the citizens thereof,
without expense to the State government over and above
the aforesaid bond issue of $35 million for the initial
construction of the proposed Convention Center; now,
therefore

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 City
Convention Center Loan of 1976" in the aggregate
principal amount of $35,000,000. This loan shall be
evidenced by the issuance and sale of State general
obligation bonds authorized by a resolution of the Board
of Public Works and issued, sold and delivered in
accordance with the provisions of Sections 19 to 23 of
Article 31 of the Annotated Code of Maryland (1971
Replacement Volume and 1975 Supplement, as amended from
time to time).

The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or