WILLIAM DONALD SCHAEFER, Governor Ch. 560
(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 of Metropolitan Washington located in
Montgomery County for the renovation and expansion of a current facility which will
house youth services and child care.
(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 of Metropolitan Washington shall
provide at least an equal and matching fund of $325,000 $250,000 $200,000. No part of
an applicant's matching fund may be provided, either directly or indirectly, from funds
of the State, whether appropriated or unappropriated. 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 of Metropolitan Washington 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
sectarian religious worship or instruction, or in connection with any program or
department of divinity for any religious denomination. Upon the request of the Board
of Public Works, the YMCA of Metropolitan Washington shall submit evidence
satisfactory to the Board that none of the proceeds of the loan or any matching funds
has been or is being used for a purpose prohibited by this Act.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1990.
Approved May 29, 1990.
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