Ch. 337

1993 LAWS OF MARYLAND

CHAPTER 337
(House Bill 918)

AN ACT concerning

Creation of a State Debt - Baltimore Museum of Art

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$750,000 $500,000, the proceeds to be used as a grant to the Mayor and City Council
of Baltimore for the repair, renovation; rehabilitation, reconstruction, expansion,
and improving of the Baltimore Museum of Art, subject to the requirement that the
Board of Directors of the Baltimore Museum of Aft, inc. provide and expend a
matching fund and present by a certain date evidence that a matching fund will be
provided; and providing generally for the issuance 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
Museum, of Art Loan of 1993 in a total principal amount equal to the lesser of (i)
$1,000,000 $750,000 $500,000 or (ii) the amount of the matching fund provided in
accordance with Section 1(5) below. 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 Mayor and City Council of Baltimore for the repair, renovation,
rehabilitation, reconstruction, expansion, and improving of the Baltimore Museum of Art.

(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 paid in full. The principal shall be discharged within 15 years after the date of
issuance of the bonds.

(5)     Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 1(3) above, the Board of Directors of the Baltimore Museum
of Art, Inc. shall provide and expend a matching fund. No part of an applicant's matching
fund may be provided, either directly or indirectly, from funds of the State, whether
appropriated or unappropriated. No part of the fund may consist of real property, in kind

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