Ch. 549

1993 LAWS OF MARYLAND

CHAPTER 549
(House Bill 741)

AN ACT concerning

Creation of a State Debt - Baltimore and Ohio Railroad Museum

FOR the purpose of authorizing the creation of a State Debt not to exceed $2,000,000
$1,000,000 $750,000, the proceeds to be used as a grant to the Board of Directors of
the Baltimore and Ohio Railroad Museum, Inc. for the repair, renovation,
rehabilitation, reconstruction, and construction of certain historic buildings located
on property owned by the Board, for archeological digging on the land surrounding
the buildings and for restoration of historic equipment used in the buildings, subject
to the requirement that the Board of Directors of the Baltimore and Ohio Railroad
Museum, Inc. provide and expend a matching fund and present by a certain date
evidence that a matching fund will be provided; requiring the Board of Directors of
the Baltimore and Ohio Railroad Museum, Inc. to grant and convey a certain
easement to the Maryland Historical Trust; 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 and
Ohio Railroad Museum Loan of 1993 in a total principal amount equal to the lesser of (i)
$2,000,000 $1,000,000 $750,000 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 Board of Directors of the Baltimore and Ohio Railroad Museum, Inc. for
the repair, renovation, rehabilitation, reconstruction, and construction of certain historic
buildings located on property owned by the Board, for archeological digging on the land
surrounding the buildings and for restoration of historic equipment used in the buildings.

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