Ch. 607

1993 LAWS OF MARYLAND

CHAPTER 607
(House Bill 1421)

AN ACT concerning

Creation of a State Debt - Baltimore County - YMCA Family Center Facilities -

Catonsville Branch

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$250,000, the proceeds to be used as a grant to the YMCA of Greater Baltimore for
the planning, design, construction, and equipping of family center facilities in
Baltimore County a child care facility in Catonsville, subject to the requirement that
the YMCA of Greater Baltimore provide and expend a matching fund and present
by a certain date evidence that a matching fund will be provided; providing that no
proceeds of a the loan or any matching funds may be used for religious purposes;
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 Baltimore
County - YMCA Family Center Facilities - Catonsville Branch Loan of 1993 in a total
principal amount equal to the lesser of (i) $1,000,000 $250,000 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 YMCA of Greater Baltimore for the planning, design, contraction, and
equipping of family center facilities in Baltimore County a child care facility in Catonsville.

(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.

(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 YMCA of Greater Baltimore shall provide
and expend a matching fund. No part of an applicant's matching fund may be provided,

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