PARRIS N. GLENDENING, Governor Ch. 284
2. THE MARYLAND INSURANCE ADMINISTRATION FOR THE
NON-SMALL GROUP MARKET.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October July 1, 1996.
Approved April 30, 1996.
CHAPTER 284
(House Bill 926)
AN ACT concerning
Creation of a State Debt - Montgomery County - Maryland College of Art and Design
FOR the purpose of authorizing the creation of a State Debt not to exceed $700,000
$100,000, the proceeds to be used as a grant to the Maryland College of Art and
Design 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 Montgomery
County - Maryland College of Art and Design Loan of 1996 in a total principal amount
equal to the lesser of (i) $700,000 $100,000 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 College of Art and Design (referred to hereafter in this Act as
"the grantee") for the repair and renovation of, and the provision of capital equipment
for, the existing facility in Silver Spring, including additional classroom and studio space,
library and computer facilities, and capital expenditures associated with the relocation of
the Gudelsky Exhibition Gallery.
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