1358

LAWS OF MARYLAND

Ch. 346

equipping of the building located at 815 Park Avenue in
Baltimore City, including the installation of laboratories
and telephone systems, to be used by the Medical Eye Bank of
Maryland and a laboratory, office, and general tissue
banking facility, subject to the requirement that Tissue
Banks International, Inc. provide up to a certain sum of a
certain type of funds as a at least an equal and matching
fund for the same purpose by a certain date; imposing
certain conditions; 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 Tissue Banks International, Inc. Loan of
1986 in the total principal amount of a sum up to $325,000. This
loan shall be evidenced by the issuance, sale, and delivery of
State general obligation bonds authorized by a resolution of the
Board of Public Works and issued, sold, and delivered in
accordance with §§ 8-117 through 8-124 of the State Finance and
Procurement Article and Article 31, § 22 of the Code.

(2)  The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 8-122 of the
State Finance and Procurement Article.

(3)  The cash proceeds of the sale of the bonds shall be
paid to the Treasurer and first shall be applied to the payment
of the expenses of issuing, selling, and delivering the bonds,
unless funds for this purpose are otherwise provided, and then
shall be credited on the books of the Comptroller and expended,
on approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: as a grant to Tissue Banks International, Inc.
for the purpose of the acquisition, improvement, furnishing, and
equipping of the building located at 815 Park Avenue in Baltimore
City, including the installation of laboratories and telephone
systems, to be used by the Medical Eye Bank of Maryland as a
laboratory, office, and general tissue banking facility, provided
that Tissue Banks International, Inc. shall execute a cooperative
agreement with Maryland Tissue Bank, Inc. before establishing a
skin or bone bank in Maryland.

(4)  An annual State tax is imposed 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. The principal shall be discharged within 15 years
after 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,