WILLIAM DONALD SCHAEFER, Governor                         Ch. 197

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
December 31, 1994.

Approved May 2, 1994.

CHAPTER 197
(Senate Bill 674)

AN ACT concerning

Creation of a State Debt - Disabled American Veterans, Department of Maryland, Inc.

FOR the purpose of authorizing the creation of a State Debt not to exceed $250,000
$125,000, the proceeds to be used as a grant to the Board of Directors of the
Disabled American Veterans, Department of Maryland, Inc. for the repair,
renovation, and rehabilitation of, and for the provision of capital equipment for, a
multipurpose facility, located at 1300 East North Avenue in Baltimore, subject to
the requirement that the Board of Directors of the Disabled American Veterans,
Department of Maryland, 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 Disabled
American Veterans, Department of Maryland, Inc. Loan of 1994 in a total principal
amount equal to the lesser of (i) $250,000 $125,000 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 Disabled American Veterans, Department of
Maryland, Inc. for the repair, renovation, and rehabilitation of, and for the provision of
capital equipment for, a multipurpose facility, located at 1300 East North Avenue in
Baltimore.

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