Ch. 151

1996 LAWS OF MARYLAND

been passed by a yea and nay vote supported by three-fifths of all the members elected to
each of the two Houses of the General Assembly, and shall take effect from the date it is
enacted.

Approved April 30, 1996.

CHAPTER 151
(Senate Bill 597)

AN ACT concerning

Creation of a State Debt - Baltimore City - Walters Art Gallery

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,500,000
$300,000, the proceeds to be used as a grant to the Board of Trustees of the Walters
Art Gallery, 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 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 Walters Art
Gallery Loan of 1996 in a total principal amount equal to the lesser of (i) $1,500,000
$300,000 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 Trustees of the Walters Art Gallery, Inc. (referred to hereafter
in this Act as "the grantee") for the repair, renovation, restoration, and improvement of,
and for the provision of capital equipment for, the Walters Art Gallery in Baltimore City.

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