HARRY HUGHES, Governor                                       1277

2. A FEDERAL CREDIT UNION IN THE STATE,
AS DEFINED IN 12 U.S.C. § 1751; AND

(II) ACCOMPANIED BY WRITTEN AGREEMENT OF THE
FINANCIAL INSTITUTION OR FEDERAL CREDIT UNION TO PAY ON DEMAND TO
THE STATE IN THE EVENT OF FORFEITURE; OR

(3) An irrevocable letter of credit if it is
equivalent to the required bond, issued by a bank in the State,
and expressly states that the total sura is guaranteed to be
available and payable directly to the State on demand in the
event of forfeiture. The irrevocable letter of credit may not
expire during the anticipated life of the mining activities and
the reclamation period thereafter.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

Approved May 13, 1986.

CHAPTER 314

(Senate Bill 317)

AN ACT concerning

Creation of a State Debt - Glenbrook Day School

FOR the purpose of authorizing the creation of a State Debt in
the amount of $500,000 $150,000, the proceeds to able used
as a grant to the Glenbrook Day School for the purpose of
the planning, design, construction, reconstruction,
renovation, rehabilitation, repair, and improvement of the
vacated building in Montgomery County, known as the
Georgetown Hill Elementary School, to be used as the central
educational and administrative facility of the Glenbrook Day
School, and including the costs of acquisition and
installation of furnishings and equipment for the facility
and the costs of capital improvements to the grounds
surrounding the facility, subject to the requirement that
the Glenbrook Day School provide at least an equal and
matching fund of a certain kind for the same purpose by a
certain date; requiring the Glenbrook Day School to
demonstrate the adoption of a certain policy to the Board of
Public Works; and providing generally for the issue and sale
of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That: