Ch. 268 1997 LAWS OF MARYLAND

(b) The [easement] COVENANT must be in form and substance acceptable
to the Trust and the extent of the interest to be encumbered must be acceptable to the
Trust.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1997.

Approved April 29, 1997.

CHAPTER 268
(House Bill 1028)

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 $250,000, 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 1997 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 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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