Ch. 149                                    1996 LAWS OF MARYLAND

CHAPTER 149
(Senate Bill 560)

AN ACT concerning

Creation of a State Debt - Baltimore Streetcar Museum .

FOR the purpose of authorizing the creation of a State Debt in the amount of not to
exceed $450,000 $250,000 $190,000, the proceeds to be used as a grant to the Board
of Directors of the Baltimore Streetcar Museum, 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;
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 Baltimore
Streetcar Museum Loan of 1996 in the total principal amount of a total principal amount
equal to the lesser of (i) $190,000 or (ii) the amount of the matching fund provided in
accordance with Section 1(5) below $450,000 $250,000. 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, including any applicable architects' and engineers' fees:
as a grant to the Board of Directors of the Baltimore Streetcar Museum, Inc. (referred to
hereafter in this Act as "the grantee") for the acquisition of a site in Baltimore City and
for the planning, design, and initial construction of a museum on the property, to be used
to delineate, through displays and exhibits, the history of streetcars as part of the history
of Baltimore City.

(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.

(5)     Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 1(3) above, the grantee shall provide and expend a matching
fund of $200,000. No part of the grantee's matching fund may be provided, either directly

- 1510 -