PARRIS N. GLENDENING, Governor                             Ch. 224

been passed by a yea and nay vote supported by three-fifths of all the members elected to
each of the two Houses of the General Assembly, and shall take effect from the date it is
enacted.

Approved April 30, 1996.

CHAPTER 224

(House Bill 435)

AN ACT concerning

Creation of a State Debt - Worcester County - Furnace Town/Nature Conservancy

Visitors Center

FOR the purpose of authorizing the creation of a State Debt not to exceed $100,000, the
proceeds to be used as a grant to the Board of Directors of the Furnace Town
Foundation, Inc. for certain acquisition, development, or improvement purposes;
providing for disbursement of the loan proceeds, subject to a requirement that the
grantee 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 Worcester
County - Furnace Town/Nature Conservancy Visitors Center Loan of 1996 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 Furnace Town Foundation, Inc. (referred to
hereafter in this Act as "the grantee") for the planning, design, and construction of, and
for the provision of capital equipment for, an addition to a building, to be used as the
Furnace Town/Nature Conservancy Visitors Center, located in the Furnace Town
Historic District, outside Snow Hill, in Worcester County.

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