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1989 pt. 4 2261 (1989)

handle is hein.ssl/ssmd0157 and id is 1 raw text is: WILLIAM DONALD SCHAEFER, Governor CHAPTER 253 (House Bill 969) AN ACT concerning Creation of a State Debt - Maryland Art Place, Inc. FOR the purpose of authorizing the creation of a State Debt in the amount of $4887980 $256T888 $200,000 the proceeds to be used as a grant to the Maryland Art Place, Inc. for the acquisition, improvement, renovation, and equipping of the structure at 218 West Saratoga Street in Baltimore City, subject to the requirement that the Maryland Art Place, Inc. provide at least an equal and matching fund of a certain kind for the same purpose by a certain date; and providing generally for the issue 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 Maryland Art Place, Inc. Loan of 1991 in the total principal amount of $4087968 $25r8 88 $200,000. This loan shall be evidenced by the issuance, sale, andIdelivery of State general obligation bonds authorized by a resolution of the Board of Public Works and issued, sold, and delivered in accordance with SS 8-117 through 8-124 of the State Finance and Procurement Article and Article 31, S 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 Maryland Art Place, Inc. for the acquisition, improvement, renovation, and equipping of the structure located at 218 West Saratoga Street 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 - 2261 - Ch. 253

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