Ch. 525 LAWS OF MARYLAND

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 Carroll County
YMCA Loan of 1990 in the total principal amount of $450,000. 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 YMCA in Carroll County for the construction of
a YMCA facility that will be used for day care, recreation, and other family activities
sponsored by the YMCA.

(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
purposes set forth in Section 1(3) above, the YMCA shall provide at least an equal and
matching fund of $450,000. The recipient No part of the matching fund may be
provided, either directly or indirectly, from funds of the State, whether appropriated or
unappropriated. The No part of the fund may consist of real property, in kind
contributions, or funds expended prior to the effective date of this 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 YMCA 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) No portion of the proceeds of the loan or any of the matching funds
may be used for the furtherance of sectarian religious instruction, or in connection with
the design, acquisition, or construction of any building used or to be used as a place of

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