HARRY HUGHES. Governor

3283

(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 Oregon Ridge Center
Loan of 1980 in the aggregate principal amount of $2,500,000
$1,250,000. 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 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
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
design, planning, development, construction, renovation, and
equipping of a performing arts center at Oregon Ridge,
Baltimore County, to be known as the Oregon Ridge
Multi-Performance and Educational Center.

(4)   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.

(5)  Prior to the payment of any funds under the
provisions of this Act for the purpose set forth in Section
1(3) above, Baltimore County shall provide at least an equal
and matching fund of $1,250,000 for this project. Baltimore
County shall have until June 1, 1982, to present evidence
satisfactory to the Board of Public Works that this fund
will be provided. If satisfactory evidence of the raising
of at least an equal and matching fund for this project is
presented to the Board of Public Works on or before June 1,
1982, the Board of Public Works shall so certify to the
Treasurer of the State and the proceeds of the loan shall be
expended in accordance with the provisions of this Act. If
satisfactory evidence of the raising of at least an equal
and matching fund for this project is not presented to the
Board of Public Works on or before June 1, 1982, the
proceeds of the loan shall be transferred to the Annuity
Bond Fund and applied to the debt service requirements of
the State.