Ch. 492

LAWS OF MARYLAND

CHAPTER 492

(House Bill 1168)

AN ACT concerning

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

FOR the purpose of authorizing the creation of a State Debt in
the amount of $250,000, the proceeds to be used as 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 for the Walters Art Gallery Museum
of Asian Art ; , subject to the condition that a requirement
that the Mayor and City Council of Baltimore provide at
least an equal and matching fund of a certain type and
amount be provided 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 Walters Art Gallery Museum of Asian Art
Loan of 1988 in the total principal amount of $250,000. 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 Mount
Vernon Place in Baltimore City for use for the Walters Art
Gallery Museum of Asian Art.

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