PARRIS N. GLENDENING, Governor Ch. 290
(2) ADDITIONAL STANDARDS FOR ELIGIBILITY FOR THE CREDIT; OR
(3) PROCEDURES OR REQUIREMENTS FOR THE REVIEW AND
APPROVAL OF CREDITS.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996.
Approved April 30, 1996.
CHAPTER 290
(House Bill 1006)
AN ACT concerning
Creation of a State Debt - National Aquarium in Baltimore
FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$750,000, the proceeds to be used as a grant to the Board of Directors of the
National Aquarium in Baltimore 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 National
Aquarium in Baltimore Loan of 1996 in a total principal amount equal to the lesser of (i)
$1,000,000 $750,000 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 National Aquarium in Baltimore (referred to
hereafter in this Act as "the grantee") for the development, improvement, renovation,
reconstruction, repair, expansion, and construction of, and the provision of capital
equipment for, the National Aquarium in Baltimore.
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