HARRY HUGHES, Governor
2221
CHAPTER 339
(House Bill 707)
AN ACT concerning
Creation of a State Debt - Druid Hill Park
FOR the purpose of authorizing the creation of a State Debt in
the amount of $750,000 $500,000 $400,000, the proceeds to be
used as a grant to the Mayor and City Council of Baltimore
for the purpose of the improvement, alteration,
rehabilitation, renovation, and reconstruction of Druid Hill
Park in Baltimore City, subject to the requirement that the
Mayor and City Council of Baltimore provide at least an
equal and matching fund of a certain kind for the same
purpose by a certain date; requiring consultation with a
certain organization prior to the expenditure of any loan
proceeds or matching funds; 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 Druid Hill Park Loan of 1985 in the
aggregate principal amount of $750,000 $500,000 $400,000. 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
Mayor and City Council of Baltimore for the purpose of the
improvement, alteration, rehabilitation, renovation, and
reconstruction of Druid Hill Park in Baltimore City.
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