Ch. 34                                      1994 LAWS OF MARYLAND

BY repealing and reenacting, with amendments,

Chapter 525 of the Acts of the General Assembly of 1993
Section 1

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Chapter 525 of the Acts of 1993

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 YMCA of
Cumberland Loan of 1993 in a total principal amount equal to the lesser of (i) $100,000
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 County Commissioners of Allegany County] YMCA OF
CUMBERLAND for the planning, design, and construction of a YMCA facility in Allegany
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.

(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 County Commissioners of
Allegany County] YMCA OF CUMBERLAND 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, in kind contributions, or 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 County
Commissioners of Allegany County] YMCA OF CUMBERLAND has until June 1, 1995, to
present evidence satisfactory to the Board of Public Works that a matching fund will be

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