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LAWS OF MARYLAND

Ch. 472

Approved May 29, 1979.

CHAPTER 473

[Senate Bill 601)

AN ACT concerning

Creation of a State Debt - Arena Players, Inc.

FOR the purpose of authorizing the creation of a State Debt
in the amount of $250,0 00, the proceeds to be used for
the renovation, restoration, repair, and equipping of a
building located at 801 McCullough Street in Baltimore
City for use as a drama school, art center, and costume
design and scenery workshop, subject to the condition
that Arena Players, Inc., provide up to a certain sum
as a matching fund by a certain date; 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 Arena Players Loan
of 1979 in the aggregate principal amount of $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 1978 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
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 3oard of
Public Works, for the following public purposes, including
any applicable architects' and engineers' fees: for the
renovation, restoration, repair, and equipping of a building
located at 801 McCullough Street in Baltimore City for use
as a drama school, art center, and costume design and
scenery workshop.