Authorizing the creation of a State Debt not to exceed $700,000, the proceeds to be used as a grant to the Board of Directors of Rockville Arts Place, Inc. for construction and capital equipping of a new visual arts center to house the Rockville Arts Place, located in Rockville; providing for disbursement of the loan proceeds, subject to a requirement that the grantee provide and expend a matching fund; establishing a deadline for the encumbrance or expenditure of the loan proceeds; etc.