PARRIS N. GLENDENING, Governor                             Ch. 116

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996.

Approved April 30, 1996.

CHAPTER 116
(Senate Bill 184)

AN ACT concerning

Creation of a State Debt - Anne Arundel County - Maryland Hall for the Creative Arts,

Inc.

FOR the purpose of authorizing the creation of a State Debt not to exceed $250,000, the
proceeds to be used as a grant to the Board of Directors of the Maryland Hall for
the Creative Arts, Inc. for certain acquisition, 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 and the
Board of Education of Anne Arundel County 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 Maryland Hall
for the Creative Arts, Inc. Loan of 1996 in a total principal amount equal to the lesser of
(i) $250,000, 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 Maryland Hall for the Creative Arts, Inc.
(referred to hereafter in this Act as "the grantee") for the repair, renovation,
rehabilitation, restoration, and reconstruction of, and for the provision of capital
equipment for, the Maryland Hall for the Creative Arts, Inc. located in Annapolis.

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