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Session Laws, 1974
Volume 713, Page 1610   View pdf image
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1610                                          LAWS OF MARYLAND                        [Ch. 395

[[SECTION 7. AND BE IT FURTHER ENACTED, That the
payment of any funds under the provisions of this Act for
the purpose of assisting in compromising and paying
existing debts of Provident Hospital, Inc. in
constructing, equipping and operating the facilities of
said Provident Hospital and meeting necessary operating
expenses shall be contingent upon the provision of a sum
of One Million Dollars ($1,000,000) as an equal and
matching fund for this project from the Mayor and City
Council of Baltimore, and the commencement of a good
faith effort by Provident Hospital to raise additional
capital funds from a community fund—raising drive.]]

SECTION 7. AND BE IT FURTHER ENACTED, That the
payment of said balance of up to Six Hundred Thousand
Dollars ($600,000) as a lump sum grant for the purpose of
meeting necessary operating expenses of said Provident
Hospital, Inc. pursuant to Section 5(2)(B) of this Act
shall be contingent upon the provision by the Mayor and
City Council of Baltimore of a sum of One Million Dollars

($1,000,000) to__meet necessary operating expenses of

Provident Hospital, Inc. and upon the commencement of a
good faith effort by Provident Hospital to raise
additional capital funds from a community fund-raising
drive as determined by the Governor in the exercise of
his sole discretion in good faith.

SECTION 8. AND BE IT FURTHER ENACTED, That until
all of the interest on and principal of any bonds issued
under this Act shall have been paid in full, there is
hereby levied and imposed an annual State tax on each
$100 of assessable property at the rate to be determined
in the following manner: On or before May 1, 1975 and on
or before May 1 in each taxable year thereafter, the
Board of Public Works shall certify to the governing
bodies of each of the counties and Baltimore City the
rate of State tax on each $100 of assessable property
necessary to produce revenue to meet interest and
principal which will be payable to the close of the next
ensuing taxable year on all bonds theretofore issued or
authorized by resolution of the Board of Public Works to
be issued, and the governing bodies of each of the
counties and of Baltimore City shall forthwith levy and
collect such tax at such rate.

Provided, however, that the levy or levies required
by this section shall not be made and the tax or taxes
shall not be collected in any year to the extent that, on
or before May 1, 1975, and on or before May 1 in each
taxable year thereafter the Board of Public Works
determines upon a certified statement rendered to the
Board by the State Comptroller that payment of principal
and interest on the bonds issued pursuant to this Act

 

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Session Laws, 1974
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