BLAIR III III, Acting Governor

2763

Creation of a State Debt - Maryland
State Concert Center

FOR the purpose of authorizing the creation of a State Debt
in the amount of $10,000,000 $7,500,000, the proceeds
to be used for the planning, design, and construction,
and equipping only of a Concert Hall in Baltimore,
Maryland, subject to the requirement that The Baltimore
Symphony Orchestra Association and Baltimore City
provide certain sums for the same purpose by a certain
date and contingent upon certain assurances being given
to the Board of Public Works by the Baltimore Symphony
Orchestra Association and Baltimore City; providing
that no proceeds of the loan or any of the matching
funds may be used for any other purposes except that

matching funds may be used for equipping of the

project; providing that no State funds will be used for

current or future operation and maintenance costs; 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 Maryland State
Concert Center Loan of 1978 in the aggregate principal
amount of $10,000,000 $7,500,000. 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 2 1 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
bonds 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 the
planning, design, and construction, and equipping only of a

Concert Hall in Baltimore, Maryland, contingent upon

assurances by The Baltimore Symphony Orchestra Association

and Baltimore City to the Board of Public Works that no

further State funds will be sought for this project.

(4) Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section