2284

LAWS OF MARYLAND

Ch. 556

(Senate Bill 637)

AN ACT concerning

Creation of a State Debt - Maryland Concert Center

FOR the purpose of authorizing the creation of a State Debt
in the amount of $3,000,000 $1,500,000, the proceeds to
be used for the continuation of the planning, design,
and construction of the Maryland Concert Center in
Baltimore, Maryland subject to the requirement of that
the Baltimore Symphony Orchestra Association provide at
least an equal and matching funds fund for the same
purpose 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 Maryland Concert
Center Loan of 1981 in the aggregate principal amount of
$3,000,000 $1,500,000. 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 1980 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
continuation of the planning, design, and construction of
the Maryland Concert Center in Baltimore, Maryland.

(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 purposes set forth in Section