CHAPTER 418
(House Bill 389)

AN ACT concerning

Creation of a State Debt - Baltimore City - Frederick Douglass-Isaac Myers

Maritime Park

FOR the purpose of authorizing the creation of a State Debt not to exceed $3,000,000
$600,000 $250,000, the proceeds to be used as a grant to the Board of Trustees of
the Living Classrooms Foundation 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 - Frederick Douglass-Isaac Myers Maritime Park Loan of 1999 in a total
principal amount equal to the lesser of (i) $3,000,000 $600,000 $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 Trustees of the Living
Classrooms Foundation (referred to hereafter in this Act as "the grantee") for the
construction, reconstruction, development, redevelopment, renovation, restoration,
and improvement of the foundation's property to be known as the Frederick
Douglass-Isaac Myers Maritime Park and located at Chase's Wharf in Baltimore City.

(4) An annual State tax is imposed on all assessable property in the State in
rate and amount sufficient to pay the principal of and interest on the bonds, as and
when due and until paid in full. The principal shall be discharged within 15 years
after the date of issuance of the bonds.