Ch. 187

1997 LAWS OF MARYLAND

CHAPTER 187
(Senate Bill 566)

AN ACT concerning

Creation of a State Debt - Montgomery County - Waters Property Historical Site

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,200,000
$300,000 $100,000, the proceeds to be used as a grant to the Maryland-National
Capital Park and Planning Commission 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; requiring the
grantee to convey a certain easement to the Maryland Historical Trust; 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 Montgomery
County - Waters Property Historical Site Loan of 1997 in a total principal amount equal
to the lesser of (i) $1,200,000 $300,000 $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 Maryland-National Capital Park and Planning Commission (referred to
hereafter in this Act as "the grantee") for the repair, restoration, and rehabilitation of,
and for the provision of capital equipment for, the barn at the Waters Complex at
Milestone in Germantown, and for the design, fabrication, and mounting of a permanent
exhibit on the history of Montgomery County for the barn.

(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

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