Ch. 341

LAWS OF MARYLAND

improvement, and expansion of the Emergency Department of
Shady Grove Adventist Hospital, subject to the requirement
that the Shady Grove Adventist Hospital provide at least an
equal and matching fund of a certain kind for the same
purpose by a certain date; providing that no proceeds of the
loan may be used for sectarian purposes; 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:

(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 Shady Grove Adventist Hospital Loan of
1988 in the total principal amount of $1,200,000 $150,000. 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 Shady Grove Adventist Hospital
for the purpose of reconstruction, renovation, rehabilitation,
improvement, and expansion of the Emergency Department of Shady
Grove Adventist Hospital.

(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
Shady Grove Adventist Hospital shall provide at least an equal
and matching fund of $1,200,000 $150,000. Any No portion of an
applicant's matching fund may be provided, either directly or
indirectly, from funds of the State, whether appropriated or
unappropriated. Any No portion of the fund may consist of real

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