Ch. 457 LAWS OF MARYLAND

(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 Georgetown
Hill Child Care Center, Inc. Loan of 1990 in the total principal amount of $350,000
$200,000. 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 Georgetown Hill Child Care Center, Inc. for the
planning, design, construction, and equipping of a building to serve as a private,
nonprofit arts and child care center for able-bodied and developmentally disabled
children.

(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 issue of the bonds.

(5) Prior to the payment of any funds under the provisions of this Act for the
purpose purposes set forth in Section 1(3) above, the Georgetown Hill Child Care
Center, Inc. shall provide at least an equal and matching fund of $350,000 $200,000.
The recipient No part of an applicant's matching fund may be provided, either directly
or indirectly, from funds of the State, whether appropriated or unappropriated. The No
part of-the The fund may consist of real property, in-kind contributions, or funds
expended prior to the effective date of the Act. In case of any dispute as to what money
or assets may qualify as matching funds, the Board of Public Works shall determine the
matter, and the Board's decision is final. The Georgetown Hill Child Care Center, Inc.
has until June 1, 1992, to present evidence satisfactory to the Board of Public Works
that the matching fund will be provided. If satisfactory evidence is presented, the Board
shall certify this fact to the State Treasurer and the proceeds of the loan shall be
expended for the purposes provided in this Act. If this evidence is not presented by
June 1, 1992, the proceeds of the loan shall be applied to the purposes authorized in §
8-129 of the State Finance and Procurement Article.

(6) Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 1(3) above, the Georgetown Hill Child Care Center, Inc.
shall demonstrate to the Board of Public Works that the Georgetown Hill Child Care
Center, Inc. has adopted a policy to accept all children on a first come, first served basis
to assure residents of all subdivisions in the State equal access to use of the facility.

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