Approved April 27, 1999.

CHAPTER 247
(House Bill 526)

AN ACT concerning

Creation of a State Debt - Baltimore City - The Baltimore Conservatory in

Druid Hill Park

FOR the purpose of authorizing the creation of a State Debt not to exceed $500,000,
the proceeds to be used as a grant to the Mayor and City Council of Baltimore
for certain 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 Baltimore
City - The Baltimore Conservatory in Druid Hill Park Loan of 1999 in a total
principal amount equal to the lesser of (i) $500,000 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 Mayor and City Council of Baltimore
(referred to hereafter in this Act as "the grantee") for the planning, design, repair,
renovation, restoration, reconstruction, and capital equipping of The Baltimore
Conservatory facilities in Druid Hill Park in Baltimore City.