WILLIAM DONALD SCHAEFER, Governor                    Ch. 541

CHAPTER 541

(House Bill 1154)

AN ACT concerning

Creation of a State Debt - Walters Art Gallery
Museum of Asian Art

FOR the purpose of of authorizing the creation of a State Debt in
the amount of $1,000,000 $750,000, the proceeds to be used
for a grant to the Mayor and City Council of Baltimore for
the purpose of converting, improving, renovating and
equipping the property and structures located at 1 West Mt.
Vernon Place in Baltimore City for use as the Walters Art
Gallery Museum of Asian Art; subject to the condition that a
matching fund of a certain type and amount be provided by a
certain date; requiring that certain easements be granted to
the Maryland Historical Trust; 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 Walters Art Gallery Museum of Asian Art
Loan of 1987 in the total principal amount of $1,000,000
$750,000. 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: for a grant to the Mayor and City Council of
Baltimore for the purpose of converting, improving, renovating
and equipping the property and structures located at 1 West Mt.
Vernon Place in Baltimore City for use as the Walters Art Gallery
Museum of Asian Art.

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