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S.B. 1001
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Martin O'Malley, Governor
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 292 of the Acts of 1999, as amended by Chapter 333 of the Acts of
2001
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 - West Arlington Planetarium and Multipurpose Center Loan of 1999 in a total
principal amount equal to the lesser of (i) $100,000 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 West
Arlington Improvement Association of Baltimore City, Inc. (referred to hereafter in
this Act as "the grantee") for the planning, design, repair, renovation, rehabilitation
and capital equipping of the historic water tower in the West Arlington neighborhood
of Baltimore City, the facility to be used as a planetarium and sky theater, and for the
planning, design, construction, and capital equipping of a multipurpose center at the
same site, the center to contain a swimming pool, community room, arts and crafts
room, offices, and other appropriate facilities.
(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) Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 1(3) above, the grantee shall provide and expend a
matching fund. No part of the grantee's matching fund may be provided,
either directly or indirectly, from funds of the State, whether appropriated or
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- 4527 -
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