1904

LAWS OF MARYLAND

Ch. 529

ana Field Facilities

FOR the purpose of authorizing the creation of a State Debt
in the aggregate amount of $22,006,000 $22,000,000, the
proceeds to be used for a state grant to the Mayor and
City Council of Baltimore fox planning, designing and
constructing expanded seating capacity and other
improvements to Memorial stadium on 33rd Street, in
Baltimore City, including architects and engineers'
fees; providing that the Comptroller shall deduct
$800,000 certain sums from Baltimore City's share of
the Admissions and Amusement Tax and/or from a county's
or municipality's share of the Admissions and Amusement
Tax or Local Income Tax in each of fifteen consecutive
years, commencing July l, 1981, which will be
transferred to the Annuity Bond Fund for partial
payment of the principal of and interest on the Loan;
subject to the requirement that there shall be an
agreement between Baltimore City and the professional
sports team known as the Baltimore Colts to make full
and regular use of Memorial Stadium until at least
January 1, 1996 and an agreement between the team and
the State of Maryland that the team will pay a certain
amount of the outstanding principal of and interest on
the bonds if the team ceases to make such full and
regular use of Memorial Stadium; an agreement of
understanding with the professional sports team known
as the Baltimore Orioles concerning Memorial Stadium
and/or another stadium; providing for an agreement of
understanding which shall include certain requirements;
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 Memorial Stadium
Seating and Field Facilities Loan of 1980 in the aggregate
principal amount of $22,006,000 $22,000,000. 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 §§ 19 to 23 of Article 31 of the
Annotated Code of Maryland (1976 Replacement Volume and 1979
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