Ch. 256                                           LAWS. OF MARYLAND

Department from adjusting the level of bond financing to
accommodate changes in revenues, operating expenditures, and cash
flow on programmed capital projects.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1989.

Approved May 5, 1989.

CHAPTER 256

(House Bill 106?)

AN ACT concerning

Creation of a State Debt - Downtown Baltimore Child Care, Inc.

FOR the purpose of authorizing the creation of a State Debt in
the amount of $30,000 the proceeds to be used as a grant to
the Downtown Baltimore Child Care, Inc. for the renovation,
restoration, and reconstruction of a facility to be used for
child care in Baltimore City; 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 Downtown Baltimore Child Care, Inc. Loan
of 1989 in the total principal amount of $30,000. 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

- 2268 -