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2486
LAWS OF MARYLAND
Ch. 906
may be consolidated and sold as part of a single issue of
bonds under Section 2B of Article 31 of the Code.
Provided that the Board of Public Works may not issue any
bonds pursuant to this Act before July 1, 1977.
(2) The actual cash proceeds of the sale of the
bonds shall be paid to the treasurer and shall be first
applied to the payment of the expenses of issuing and
delivering the bonds and thereafter shall be credited on
the books of the State Comptroller and expended, upon
approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: Making a grant to the Mayor and City
Council of Baltimore to aid in the planning, designing,
and construction of a Convention Center in Baltimore
City, subject to the prior condition that the Mayor and
City Council acquire and provide a site for the
Convention Center, and subject to the requirement that
the Mayor and City Council of Baltimore provide whatever
additional funding may be necessary in connection with
the Convention Center Project, and subject to the
requirement that the Mayor and City Council pay all of
the operating expenses of the Convention Center upon
completion of the Convention Center Project, including
but not limited to, any operating deficit incurred in
connection therewith. The payment of funds under the
provisions of this Act shall be made to the Mayor and
City Council of Baltimore by the Board of Public Works
upon receipt of information under the terms and
conditions established by the Board of Public Works.
Authority for the issuance of these bonds__has been
based, in part, on anticipation of additional tax
revenues accruing to the State as a result of the
construction, and of additional convention delegate days,
additional trade shows and other uses resulting from the
creation of the new facility, as set forth in the
following schedule:
|
Year of
Operation
|
Additional
State Tax
Revenues
|
Cumulative
Additional
State Tax
Revenues
|
|
1st
|
$ 735,480
|
$ 735,480
|
|
2nd
|
1,470,960
|
2,206,440
|
|
3rd
|
2,451,600
|
4,658,040
|
|
4th
|
2,716,373
|
7,374,413
|
|
5th
|
3,009,741
|
10,384,154
|
|
6th
|
3,334,793
|
13,718,947
|
|
7th
|
3,694,950
|
17,413,897
|
|
8th
|
4,092,900
|
21,506,797
|
|
9th
|
4,248,430
|
25,755,227
|
|
10th
|
4,409,870
|
30,165,097
|
|
11th
|
4,577,445
|
34,742,542
|
|
12th
|
4,751,388
|
39,493,930
|
|
13th
|
4,911,480
|
44,405,510
|
|
14th & subsequent
|
4,911,480
|
|
|
 |
