WILLIAM DONALD SCHAEFER, Governor                         Ch. 161

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

Approved May 2, 1994.

CHAPTER 161
(Senate Bill 250)

AN ACT concerning

Creation of a State Debt - Chesapeake Bay Maritime Museum

FOR the purpose of authorizing the creation of a State Debt not to exceed $500,000
$250,000, the proceeds to be used as a grant to the Board of Governors of the
Chesapeake Bay Maritime Museum, Inc. for the planning, design, and construction
of a traditional crabbing shack building, a new road, parking facilities, and exhibits
representing commercially significant Maryland seafood industries, and for the
installation of the exhibits, subject to the requirement that the Board of Governors
of the Chesapeake Bay Maritime 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 Governors of the Chesapeake Bay Maritime 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 Chesapeake Bay
Maritime Museum Loan of 1994 in a total principal amount equal to the lesser of (i)
$500,000 $250,000 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 Governors of the Chesapeake Bay Maritime Museum, Inc. for

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