HARRY HUGHES, Governor

5217

AN ACT concerning

Creation of a State Debt - Historic Annapolis

FOR the purpose of authorizing the creation of a State Debt
in the amount of $600,000, the proceeds to be used to
assist Historic Annapolis, Inc. to preserve and restore
historic buildings purchase and restore the Brice
House, 42 East Street in Annapolis, subject to the
requirement that Historic Annapolis, Inc. provide at
least an equal and matching fund of a certain type for
the same purpose by a certain date; encouraging
Historic Annapolis, Inc. to make certain historic

properties The Brice House self-supporting; 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 Historic Annapolis,
Inc. Loan of 1982 in the aggregate principal amount of
$600,000. 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: to assist
Historic Annapolis, Inc. to preserve and restore historic
buildings purchase and restore the Brice House, 42 East
Street in Annapolis.

(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