Ch. 576

LAWS OF MARYLAND

CHAPTER 576

(Senate Bill 395)

AN ACT concerning

Creation of a State Debt - Baltimore Urban League

FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,500,000 $1,000,000 the proceeds to be used
as a grant to the Baltimore Urban League for the
acquisition, rehabilitation, and reconstruction of the
historic Orchard Street Church in Baltimore City to be used
as the Baltimore Urban League's new headquarters, subject to
the requirement that the Baltimore Urban League 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;
prohibiting the proceeds of the loan to be used for
sectarian purposes; 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 Baltimore Urban League Loan of 1989 in
the total principal amount of $2,500,000 $1,000,000. 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 Baltimore Urban League for the
acquisition, rehabilitation, and reconstruction of the historic
Orchard Street Church in Baltimore City to be used as the
Baltimore Urban League's new headquarters.

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