WILLIAM DONALD SCHAEFER, Governor                         Ch. 225

CHAPTER 225
(House Bill 161)

AN ACT concerning

Creation of a State Debt - Howard County Performing Arts Center

Ho. Co. 9-94

FOR the purpose of authorizing the creation of a State Debt not to exceed $400,000, the
proceeds to be used as a grant to the County Executive and County Council of
Howard County for the enhancement of auditorium space at the Wilde Lake High
School for a Howard County Performing Arts Center, subject to the requirement
that the Howard County Arts Council and the County Executive and County
Council of Howard County provide and expend matching funds and present by a
certain date evidence that matching funds 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 Howard County
Performing Arts Center Loan of 1994 in a total principal amount equal to the least lesser
of (i) $400,000, (ii) the amount of the matching fund provided in accordance with Section
1(5)(a) below, or (iii) the amount of the matching fund provided in accordance with
Section 1(5)(b) 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 County Executive and County Council of Howard County for the
enhancement of auditorium space at the Wilde Lake High School for a Howard County
Performing Arts Center.

(4)     An annual State tax is imposed on all assessable property in the State in rate
and amount sufficient to pay the principal of and interest on the bonds as and when due
and until paid in full. The principal shall be discharged within 15 years after the date of
issuance of the bonds.

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