WILLIAM DONALD SCHAEFER, Governor                         Ch. 187

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

Approved May 2, 1994.

CHAPTER 187
(Senate Bill 552)

AN ACT concerning

Creation of a State Debt - Strathmore Hall Arts Center

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000,
the proceeds to be used as a grant to the Board of Trustees of the Strathmore Hall
Foundation, Inc. for the expansion and renovation expansion, renovation, and
equipping of the Strathmore Hall Arts Center located at 10701 Rockville Pike in
Montgomery County, Maryland, subject to the requirement that the Board of
Trustees of the Strathmore Hall Foundation, 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 Trustees of the Strathmore Hall Foundation, 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 Strathmore Hall
Arts Center Loan of 1994 in a total principal amount equal to the lesser of (i) $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,
for the following public purposes, including any applicable architects' and engineers' fees:
as a grant to the Board of Trustees of the Strathmore Hall Foundation, Inc. for the
expansion and renovation expansion, renovation, and equipping of the Strathmore Hall
Arts Center located at 10701 Rockville Pike in Montgomery County, Maryland.

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