WILLIAM DONALD SCHAEFER, Governor                    Ch. 253

CHAPTER 253

(House Bill 969)

AN ACT concerning

Creation of a State Debt - Maryland Art Place, Inc.

FOR the purpose of authorizing the creation of a State Debt in
the amount of $400,000 $250,000 $200,000 the proceeds to be
used as a grant to the Maryland Art Place, Inc. for the
acquisition, improvement, renovation, and equipping of the
structure at 218 West Saratoga Street in Baltimore City,
subject to the requirement that the Maryland Art Place, Inc.
provide at least an equal and matching fund of a certain
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 Maryland Art Place, Inc. Loan of 1991 in
the total principal amount of $400,000 $250,000 $200,000. 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 Maryland Art Place, Inc. for
the acquisition, improvement, renovation, and equipping of the
structure located at 218 West Saratoga Street in Baltimore City.

(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

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