CHAPTER 271
(House Bill 935)

AN ACT concerning

Creation of a State Debt - Women in Military Service for America Memorial

Foundation, Inc.

FOR the purpose of authorizing the creation of a State Debt not to exceed $30,000, the
proceeds to be used as a grant to the Board of Directors of the Women in Military
Service for America Memorial 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 Women in
Military Service for America Memorial Foundation, Inc. Loan of 1999 in a total
principal amount equal to the lesser of (i) $30,000 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 Women in
Military Service for America Memorial Foundation, Inc. (referred to hereafter in this
Act as "the grantee") for the planning, design, and construction of, and the provision
of capital equipment for, the Women's Memorial at Arlington National Cemetery, a
memorial that will honor all the women who, throughout its history, were in the
military service in the United States.

(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.