Ch. 515

LAWS OF MARYLAND

CHAPTER 515

(House Bill 1410)

AN ACT concerning

Creation of a State Debt - Town of North East -
Upper Bay Museum

FOR the purpose of authorizing the creation of a State Debt in
the amount of 37,500 $75,000, the proceeds to be used as a
grant to the President and Commissioners of North East for
the renovation, restoration, improvement, and reconstruction
of the Upper Bay Museum located in Cecil County, subject to
the requirement that the President and Commissioners of
North East or the Upper Bay Museum or both 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 Town of North East - Upper Bay Museum
Loan of 1988 in the total principal amount of $37,500 $75,000.
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 President and Commissioners
of North East for the renovation, restoration, improvement, and
reconstruction of the Upper Bay Museum located in Cecil County.

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