PARRIS N. GLENDENING, Governor                             Ch. 287

(IV) IS FOR USE IN THE HOME OR ON THE INDIVIDUAL'S PERSON;

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1995.

Approved May 9, 1995.

CHAPTER 287
(House Bill 812)

AN ACT concerning

Creation of a State Debt - U. S. S. Constellation

FOR the purpose of authorizing the creation of a State Debt not to exceed $3,000,000
$500,000, the proceeds to be used as a grant to the U. S. F. Constellation
Foundation, Inc. for certain development or improvement purposes; providing for
disbursement of the loan proceeds, subject to a requirement that the grantee
provide and expend a matching fund; requiring the grantee to petition the United
States Secretary of the Navy 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 U. S. S.
Constellation Loan of 1995 in a total principal amount equal to the lesser of (i) $3,000,000
$500,000 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 U. S. F. Constellation Foundation, Inc. (referred to hereafter in this Act
as "the grantee") for the design, repair, restoration, improvement, and preservation of the
U.S.S. Constellation.

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