Ch. 131

1995 LAWS OF MARYLAND

(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 BALTIMORE
CONVENTION CENTER LOAN OF 1996 IN A TOTAL PRINCIPAL AMOUNT OF
$10,000,000. 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: FOR DEPOSIT IN THE BALTIMORE
CONVENTION CENTER FINANCING FUND AS ESTABLISHED UNDER § 13-716
OF THE FINANCIAL INSTITUTIONS ARTICLE AND THEN TO BE USED BY
THE MARYLAND STADIUM AUTHORITY FOR THE EXPANSION AND
RENOVATION OF THE BALTIMORE CONVENTION 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.

SECTION [4.] 5. AND BE IT FURTHER ENACTED, That the Capita! Debt
Affordability Committee, in preparing a recommendation for the limit on the amount of
general obligation bonds to be submitted to the General Assembly no earlier than the
1995 Session, shall include the $30 million of general obligation bonds authorized in
[Section] SECTIONS 3 AND 4 of this Act as part of the limit on the amount of general
obligation bonds FOR THE YEAR EACH AUTHORIZATION TAKES EFFECT.
Additionally, the Committee shall take into consideration the $30 million in deferred
general obligation bonds authorized in [Section] SECTIONS 3 AND 4 of this Act in all
calculations of the total tax supported debt of the State.

SECTION [5.] 6. AND BE IT FURTHER ENACTED, That the Authority and
Baltimore City shall each procure the bond counsel and underwriting services required in
the financing of the expansion and renovation of the Convention Center Facility through
competitive sealed bids and in accordance with applicable laws.

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