Ch. 332
1994 LAWS OF MARYLAND
CHAPTER 332
(House Bill 1329)
AN ACT concerning
Creation of a State Debt - Delaplaine Visual Arts Center
FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$350,000 $800,000, the proceeds to be used as a grant to the Mayor and City Council
of Frederick for the repair, renovation, rehabilitation, and expansion of, for site
improvement of the land surrounding, and for the provision of capital equipment
for, the Delaplaine Visual Arts Center in the City of Frederick, Maryland, subject to
the requirement that the Mayor and City Council of Frederick 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 Delaplaine
Visual Arts Center Loan of 1994 in a total principal amount equal to the lesser of (i)
$1,000,000 $350,000 $800,000 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 Mayor and City Council of Frederick for the repair, renovation,
rehabilitation, and expansion of, for site improvement of the land surrounding, and for
the provision of capital equipment for, the Delaplaine Visual Arts Center in the City of
Frederick, Maryland.
(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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