Ch. 176

1994 LAWS OF MARYLAND

Chapter 495 of the Acts of 1992

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1992. [It shall remain effective for a period of 3 years and at the end of May 31,
1995, with no further action required by the General Assembly, this Act shall be
abrogated and of no further force and effect.]

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

Approved May 2, 1994.

CHAPTER 176
(Senate Bill 438)

AN ACT concerning

Creation of a State Debt - National Aquarium in Baltimore

FOR the purpose of authorizing the creation of a State Debt not to exceed $3,000,000
$1.000,000, the proceeds to be used as a grant to the Board of Directors of the
National Aquarium in Baltimore for the development, improvement, renovation,
reconstruction, repair, expansion, and construction of, and provision of capital
equipment for, the National Aquarium in Baltimore, subject to the requirement that
the Board of Directors of the National Aquarium in Baltimore 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 National
Aquarium in Baltimore Loan of 1994 in a total principal amount equal to the lesser of (i)
$3,000,000 $1,000,000 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,

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