PARRIS N. GLENDENING, Governor

Ch. 520

4. THE OWNER OF THE DWELLING UNIT OR STRUCTURE
HAS FAILED TO CORRECT THE DETERIORATION THEREOF.

(V) THE LEGISLATIVE BODY OF A MUNICIPAL CORPORATION
SHALL ADOPT AN ORDINANCE FOR EACH ACQUISITION OF LAND OR PROPERTY
MADE UNDER THE PROVISIONS OF THIS PARAGRAPH.

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

Approved May 25, 1995.

CHAPTER 520
(Senate Bill 433)

AN ACT concerning

Creation of a State Debt - Historic Bladensburg Waterfront

FOR the purpose of authorizing the creation of a State Debt not to exceed $3,500,000
$250,000 $500,000, the proceeds to be used as a grant to the Maryland-National
Capital Park and Planning Commission 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; 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 Historic
Bladensburg Waterfront Loan of 1995 in a total principal amount equal to the lesser of (i)
$3,500,000 $250,000 $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 Maryland-National Capital Park and Planning Commission (referred to
hereafter in this Act as "the grantee") for the revitalization of the Historic Bladensburg

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