MARVIN MANDEL, Governor                             1605

(Senate Bill 919)
AN ACT concerning
Creation of a State Debt — Provident Hospital Loan of 1974

FOR the purpose of authorizing the creation of a State
debt in the aggregate amount of One Million Dollars
($1,000,000), to be known as the "Provident Hospital
Loan of 1974", [[the proceeds thereof to be made
available, to be placed in trust under the
supervision of the Circuit Court of Baltimore City,
for the purpose of compromising and paying existing
debts of Provident Hospital, Inc. in constructing,
equipping and operating the facilities of Provident
Hospital; and to meet necessary operating expenses
of Provident Hospital, Inc. pursuant to a Plan of
Reorganization approved by the Circuit Court of
Baltimore City; subject to the requirement that the
Mayor and City Council of Baltimore provide an equal
and matching fund for this project, and that
Provident Hospital commence a good faith effort to
raise additional capital funds from a community
fund—raising drive; and providing generally for the
issue and sale of bonds evidencing such loan.]] Four
Hundred Thousand Dollars ($400,000) of the proceeds
thereof to be placed immediately in trust as a lump
sum grant under the supervision of the Circuit Court
of Baltimore City, for the purpose of buying and
paying certain existing debts of Provident Hospital,
Inc. incurred in constructing, equipping and
operating the facilities of Provident Hospital, and
the balance thereof up to Six Hundred Thousand
Dollars ($600,000) to be made available as a lump
sum grant to meet necessary operating expenses of
Provident Hospital, Inc., pursuant to a Plan of
Reorganization approved by the Circuit Court of
Baltimore City; provided that before said Six
Hundred Thousand Dollars ($600,000) is released the
Mayor and City Council of Baltimore provide One
Million Dollars ($1,000,000) to meet necessary
operating expenses of Provident Hospital, Inc. and
Provident Hospital commence a good faith effort to
raise additional capital funds from a community
fund—raising drive; and providing generally for the
issue and sale of bonds evidencing such loan.

WHEREAS, Provident Hospital, Inc. has experienced
financial difficulties [[during the past year]]; and

WHEREAS, This hospital has made great strides to
stabilize its financial status; and