Ch. 152                                    1994 LAWS OF MARYLAND

CHAPTER 152
(Senate Bill 187)

AN ACT concerning

Creation of a State Debt - Baltimore Museum of Industry Museum Park and Harborwalk

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$350,000 $600,000, the proceeds to be used as a grant to the Board of Directors of
the Baltimore Museum of Industry for the design and construction of a museum
park, parking lot, and harborwalk terminus harborwalk terminus,: and renovations of
buildings at 1415 and 1425 Key Highway at the Baltimore Museum of Industry in
Baltimore City, subject to the requirement that the Board of Directors of the
Baltimore Museum of Industry 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 Museum of Industry 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
Museum of Industry Museum Park and Harborwalk Loan of 1994 in a total principal
amount equal to the lesser of (i) $1,000,000 $350,000 $600,000 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 Museum of Industry for the design
and construction of a museum park, parking lot, and harborwalk terminus harborwalk
terminus, and renovations of buildings at 1415 and 1425 Key Highway at the Baltimore
Museum of Industry in Baltimore City.

- 1476 -