2734

LAWS OF MARYLAND

Ch. 936

contingent upon certain conditions; and providing

generally for the issuance 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
incut indebtedness on behalf of the State of Maryland
through a State loan to be known as the Baltimore Museum of
Art Loan of 1978 in the aggregate principal amount of
$2,250,000. 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 §§ 19 to 23
of Article 31 of the Annotated Code of Maryland (1976
Replacement Volume and 1977 Supplement, as amended from time
to time).

(2)    The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolidated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.

(3)    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
bends unless funds for this purpose are otherwise provided
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: for a State
grant to the Mayor and City Council of Baltimore for the
construction of, additions and improvements to, the
renovation of, or the equipping of the Baltimore Museum of
Art in the City of Baltimore.

(4) This grant of $2,250,000 is provided contingent

upon__assurances to the Board of Public Works by the City

Administration that this amount plus the $600,000 provided

previously in the General Construction Loan of 1974 will

complete their requests for State funds for the 1975

Baltimore Museum of Art renovation and expansion program and
that no further State funds will be sought for this purpose.

(4) (5) There is hereby levied and imposed an
annual State tax 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 due and until paid in
full, such principal to be discharged within fifteen years
of the date of issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1978.

Approved May 29, 1978.