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Session Laws, 1994
Volume 773, Page 1774   View pdf image
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Ch. 273                                    1994 LAWS OF MARYLAND

of, and in the provision of capital equipment for, a regional trauma and critical care
center in Salisbury, Maryland, subject to the requirement that the Board of Trustees
of Peninsula Regional Medical Center, Inc. provide and expend a matching fund
and present by a certain date evidence that a matching fund will be provided;
directing the Board of Trustees of Peninsula Regional Medical Center, Inc. to make
future requests for State bond funds through a certain screening process;
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 Peninsula
Regional Medical Center Loan of 1994 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 Trustees of Peninsula Regional Medical Center, Inc. to assist
in the planning, design, construction, and renovation of, and in the provision of capital
equipment for. a regional trauma and critical care center in Salisbury, Maryland.

(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 Trustees of Peninsula Regional
Medical Center, Inc. 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 Trustees of
Peninsula Regional Medical Center, Inc. has until June 1, 1996, to present evidence
satisfactory to the Board of Public Works that a matching fund will be provided. If
satisfactory evidence is presented, the Board shall certify this fact and the amount of the

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Session Laws, 1994
Volume 773, Page 1774   View pdf image
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