Ch. 132

1995 LAWS OF MARYLAND

CHAPTER 132
(Senate Bill 1)

AN ACT concerning

Creation of a State Debt - Chesapeake Bay Floating Theatre

FOR the purpose of authorizing the creation of a State Debt not to exceed a certain
amount $100,000, the proceeds to be used as a grant to the Board of Directors of
the Chesapeake Bay Floating Theatre, Inc. for the planning, design, repair, and
renovation of a barge to be used as a floating theater that will be the setting for
theatrical productions at various ports on the Chesapeake Bay and its tributaries,
subject to the provision requirement that the Board of Directors of the Chesapeake
Bay Floating Theatre, Inc. 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 Chesapeake Bay
Floating Theatre Loan of 1995 in a total principal amount equal to the lesser of (i)
$150,000 $100,000 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 Directors of the Chesapeake Bay Floating Theatre, Inc. for the
planning, design, repair, and renovation of a barge to be used as a floating theater that
will be the setting for theatrical productions at various ports on the Chesapeake Bay and
its tributaries.

(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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