Ch. 338

LAWS OF MARYLAND

                     CHAPTER 338

(Senate Bill 303)

AN ACT concerning

Creation of a State Debt -
St. Clement's Island Potomac River Museum

FOR the purpose of authorizing the creation of a State Debt in
the amount of $50,000, the proceeds to be used as a grant to
St. Clement's Island Potomac River Museum, located at Colton
Point in St. Mary's County, for the expansion of the St.
Clement's Island Potomac River Museum and for the
acquisition of an exhibit; and providing generally for the
issue and sales 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 St. Clement's Island Potomac River Museum
Loan of 1987 in the total principal amount of $50,000. 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 St. Clement's Island Potomac River
Museum located at Colton Point in St. Mary's County, for the
expansion of the St. Clement's Island Potomac River Museum and
for the acquisition of an exhibit.

(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.

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