WHEREAS, There has been a commitment on the part of the State, Worcester
County, and the Board of Directors of the Hospital Corporation to be equally responsible
for raising the $15,000,000; and

WHEREAS, The last part of the State commitment to this project is $500,000,
which amount will be matched by Worcester County and the Hospital Corporation, as
equal participants; now, therefore,

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 Atlantic General
Hospital Loan of 1993 in a total principal amount equal to the lesser of (i) $500,000 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 Worcester Memorial Hospital Corporation for
the planning, design, construction, and equipping of the Atlantic General Hospital in
Berlin in Worcester County.

(4)     Art 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.

(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 Board of Directors of the Worcester
Memorial Hospital Corporation and the Board of County Commissioners of Worcester
County, as equal participants, shall provide and expend a matching fund. No part of an
applicant's matching fund may be provided, either directly or indirectly, from funds of the
State, whether appropriated or unappropriated. No part of the fund may consist of real
property or in kind contributions. The fund may consist of funds expended prior to the
effective date of this Act. In case of any dispute as to the amount of the matching fund or
what money or assets may qualify' as matching funds, the Board of Public Works shall
determine the matter and the Board's decision is final. The Board of. Directors of the
Worcester Memorial Hospital Corporation and the Board of County Commissioners of
Worcester County have until June 1, 1995, to present evidence satisfactory to the Board

- 2568 -

Ch. 503

1993 LAWS OF MARYLAND