2622

LAWS OF MARYLAND

Ch. 494

FOR the purpose of authorizing the creation of a State Debt in
the amount of $70,000, the proceeds to be used as a grant to
the County Executive and County Council of Baltimore County
for the purpose of the planning, reconstruction, renovation,
and conversion of an existing structure on the Hannah More
property to a youth center , subject to the requirement that
the County Executive and County Council provide at least an
equal and matching fund of a certain kind for the same
purpose by a certain date; providing that certain easements
be granted to the Maryland Historical Trust; 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 Hannah More Property Loan of 1984 in the
aggregate principal amount of $70,000. 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 (1983
Replacement Volume, 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: as a grant to the
County Executive and County Council of Baltimore County for the
purpose of the planning, reconstruction, renovation, and
conversion of an existing structure on the Hannah More property
to a youth 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 purposes set forth in Section 1(3) above, the
County Executive and County Council of Baltimore County shall
provide at least an equal and matching fund of $70,000. No part