WILLIAM DONALD SCHAEFER, Governor

Ch. 229

CHAPTER 229
(Senate Bill 320)

AN ACT concerning

Creation of a State Debt - Carol Jean Cancer Foundation, Inc.

FOR the purpose of authorizing the creation of a State Debt not to exceed $250,000
$200,000, the proceeds to be used as a grant to the Board of Directors of the Carol
Jean Cancer Foundation, Inc. for the construction and equipping of a multipurpose
building, for the construction of an outdoor above ground pool and a side enclosure
for an existing amphitheater, for the installation of outdoor lighting, and for
landscaping at Camp Friendship in Montgomery County, subject to the requirement
that the Board of Directors of the Carol Jean Cancer Foundation, Inc. provide and
expend a matching fund and present by a certain date evidence that a matching
fund will be provided; and providing generally for the issuance 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 Carol Jean
Cancer Foundation, Inc., Loan of 1993 in a total principal amount equal to the lesser of
(i) $250,000 $200,000 or (ii) the amount of the matching fund provided in accordance with
Section 1(5) below. 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 Board of Directors of the Carol Jean Cancer Foundation, Inc. for the
construction and equipping of a multipurpose building, for the construction of an outdoor
above ground pool and a side enclosure for an existing amphitheater, for the installation
of outdoor lighting, and for landscaping at Camp Friendship in Montgomery County.

(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
issuance of the bonds.

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