1924                                        LAWS OF MARYLAND                                    Ch. 524

CHAPTER 524
(House Bill 1111)

AN ACT concerning

Creation of a State Debt - National Aquarium in Baltimore

FOR the purpose of authorizing the creation of a State Debt in

the amount of $10,000,000 $3,500,000, the proceeds to be
used as a grant to the Mayor and City Council of Baltimore
for the purpose of developing, improving, expanding,
constructing, and equipping the National Aquarium in
Baltimore, Maryland, subject to the requirement that the
Mayor and City Council of Baltimore and the National
Aquarium in Baltimore, Inc., jointly provide at least an
equal and matching fund of a certain kind for the same
purpose by a certain date; 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. National Aquarium in Baltimore Loan of
1986 in the total principal amount of $10,000,000 $3,500,000.
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 the Mayor and City Council of
Baltimore for the purpose of developing, improving, expanding,
constructing, and equipping the National Aquarium in Baltimore,
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