2184

LAWS OF MARYLAND

Ch. 322

CHAPTER 322

(House Bill 545)

AN ACT concerning

Creation of a State Debt - Center State Stage Associates, Inc.

FOR the purpose of authorizing the creation of a State Debt in
the amount of $250,000, the proceeds to be used as a grant
to the Center Stage Associates, Inc. for the purpose of
assisting Center State Stage Associates, Inc. in the
restoration, rehabilitation, reconstruction, renovation,
improvement, modernization, furnishing, and equipping of
Center Stage in Baltimore City, subject to the requirement
that the Center Stage Associates, Inc. provide a matching
fund of a certain kind and amount for the same purpose by a
certain date; permitting the Center Stage Associates, Inc.
to use any portion of the loan proceeds or any of the
matching funds for a certain purpose; 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 Center State Stage Associates, Inc. Loan
of 1985 in the aggregate principal amount of $250,000. 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 and 1984 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: as a grant to the
Center State Stage Associates, Inc. for the purpose of assisting