PARRIS N. GLENDENING, Governor                               Ch. 90

CHAPTER 90
(Senate Bill 19)

AN ACT concerning

Creation of a State Debt - Prince George's County - Belt Woods Home Farm

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$500,000. the proceeds to be used as a grant to the Board of Directors of the
Western Shore Conservancy for the Protection of Natural Areas, Inc. in Prince
George's County for certain acquisition, development, or improvement purposes in
Prince George's County; providing for disbursement of the loan proceeds, subject to
a requirement that the grantee and the County Executive and County Council of
Prince George's County provide and expend a matching fund; 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 Belt Woods
Home Farm Loan of 1996 in a total principal amount equal to the lesser of (i) $1,000,000
$500,000 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 Western Shore Conservancy for the Protection
of Natural Areas, Inc. (known hereafter in this Act as "the grantee") for the acquisition
of 515 acres of land known as the Belt Woods Home Farm, located in Bowie in Prince
George's County, to be maintained as one of the last old growth hardwood forests on the
East Coast.

(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, utilizing its private and public

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