HARRY HUGHES, Governor

5099

Senate Bill No. 532

AN ACT concerning

Creation of a State Debt -
Maryland Science Center

FOR the purpose of authorizing the creation of a State Debt
in the amount of $750,000 $500,000, the proceeds to be
used for a grant to the Maryland Academy of Sciences
for alteration, expansion, improvement, and renovation
of the Maryland Science Center in Baltimore City;,
subject to the requirement that the Maryland Academy of
Sciences provide at least an equal and matching fund of
a certain kind 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 Science
Center Loan of 1982 in the aggregate principal amount of
$750,000 $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 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
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 a grant
to the Maryland Academy of Sciences for alteration,
expansion, improvement, and renovation of the Maryland
Science Center in Baltimore City.