Ch. 491                                     1993 LAWS OF MARYLAND

to any hospital in the State, or to any community foundation, which shall have been in
active operation in this State for at least ten years prior thereto and which shall have been
granted exemption from federal income taxation under the provisions of § 501 of the
Internal Revenue Code, provided, however, that such special permit shall be in effect
only so long as such educational or religious organization, hospital, or community
foundation shall be exempt from federal taxation under the provisions of § 501 of the
Internal Revenue Code. Such permit shall authorize such educational or religious
organization, hospital, or community foundation to receive gifts of money or other
property conditional upon, or in consideration of, its agreement to pay an annuity to the
donor or his nominee, and to make and carry out such annuity agreement.

(2) The Commissioner may issue a special permit to a community
foundation that has been in existence for at least 5 years but less than 10 years if the
community foundation maintains admitted assets in an amount of up to 100 percent of the
contributions made to the foundation, as determined by the Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1993. It shall remain effective for a period of 2 years and, at the end of
September 30, 1995, with no further action required by the General Assembly, this Act
shall be abrogated and of no further force and effect.                                                       

Approved May 27, 1993.               

CHAPTER 491
(House Bill 1)

AN ACT concerning

Creation of a State Debt - The Memorial Hospital at Easton, Maryland, Inc. - Regional

Cancer Center

FOR the purpose of authorizing the creation of a State Debt not to exceed $550,000
$275,000 $450,000, the proceeds to be used as a grant to the Board of Directors of
The Memorial Hospital at Easton, Maryland, Inc. for the planning, design,
construction, and equipping; of an expansion of and an addition to the Regional
Cancer Center in Easton, Maryland, subject to the requirement that the Board of
Directors of The Memorial Hospital at Easton, Maryland, Inc. provide an and
expend a matching fund and provide, 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 Memorial
Hospital at Easton, Maryland, Inc. - Regional Cancer Center Loan of 1993 in a total
principal amount equal to the lesser of (i) $550,000 $275,000 $450,000 or (ii) the amount

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