Ch. 437                                          LAWS OF MARYLAND

CHAPTER 437

(House Bill 589)

AN ACT concerning

Creation of a State Debt - Academy of Arts, Inc.

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,000,000 $350,000 $300,000, the proceeds to
be used as a grant to the Academy of Arts, Inc. for the
expansion and renovation of the Academy of Arts facilities
in Easton, Maryland and other capital projects of the
Academy of Arts, subject to the requirement that private
sources, foundations, and local government, and Talbot
County provide at least an equal and matching fund of a
certain kind for the same purpose 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 Academy of Arts, Inc. Loan of 1988 in the
total principal amount of $1,100,000 $350,000 $300,000. 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 Academy of Arts, Inc. for the
expansion and renovation of the Academy of Arts facilities in
Easton, Maryland and other capital projects of the Academy of
Arts.

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