Ch. 232

2004 LAWS OF MARYLAND

purposes by a certain date; and making this Act an emergency measure.

BY repealing and reenacting, with amendments,

Chapter 329 of the Acts of the General Assembly of 1994
Section 1

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Chapter 329 of the Acts of 1994

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 Historic
Preservation Commission of Harford County - McComas Institute and Hosanna
School Loan of 1994 in a total principal amount of $200,000. 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 Historic Preservation Commission of
Harford County for the stabilization, restoration, renovation, construction,
replacement, and repair of the utility systems of the McComas Institute and of the
Freeman's School known as the Hosanna School.

(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.

(5)     (a) Prior to the issuance of the bonds, the Historic Preservation
Commission of Harford County shall grant and convey to the Maryland Historical
Trust a perpetual preservation easement to the extent of its interest:

(i) On the land or such portion of the land acceptable to the Trust;
and

(ii) On the exterior and interior, where appropriate, of the historic
structures.

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