HARRY HUGHES, Governor                                  3669

facility for the Park Heights Street Academy, subject
to the requirement that the Mayor and City Council of
Baltimore provide at least an equal and matching fund
for the same purpose by a certain date; and providing
generally for the issue and sale of bonds evidencing
the loan.

Preamble

WHEREAS, The Park Heights Community in Baltimore City
has an extremely high density of young people who are from
low income families and who need an intensive secondary
educational program to compete successfully for college
admission; and

WHEREAS, The Park Heights Street Academy is a
nonprofit, accredited institution which provides an
intensive secondary education, stressing academic
achievement, to selected applicants from the Park Heights
Community; and

WHEREAS, The City of Baltimore has provided over $1.1
million in grants to the Academy, is committed to continuing
its assistance in the form of operating subsidies, and has
made available a former school building for expansion of the
Academy; and

WHEREAS, The sum of $200,000 would permit the
renovation of that facility and the expansion of the student
enrollment of the Academy to deal with the growing demand
for admission to its program; now, therefore,

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 Park Heights Street
Academy Loan of 1982 in the aggregate principal amount of
200,000 100,000. 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 1981 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