PARRIS N. GLENDENING, Governor

Ch. 147

CHAPTER 147
(Senate Bill 195)

AN ACT concerning

Creation of a State Debt - Charles County - Historic Old Waldorf School - Preservation

FOR the purpose of authorizing the creation of a State Debt in the amount of not to
exceed $100,000, the proceeds to be used as a grant to the Friends of Old Waldorf
School Foundation, Inc. for certain development or improvement purposes;
providing for disbursement of the loan proceeds, subject to a requirement that the
grantee provide and expend a matching fund; requiring the grantee to grant and
convey a certain easement to the Maryland Historical Trust; 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 Charles County
- Historic Old Waldorf School - Preservation Loan of 1995 in the total principal amount
of $100,000 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 Friends of Old Waldorf School Foundation, Inc. (known referred to
hereafter in this Act as "the grantee") for the repair, renovation, restoration, and
preservation of the Historic Old Waldorf School, located in Charles 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 grantee shall provide and expend a matching
fund. No part of the grantee's matching fund may be provided, either directly or
indirectly, from funds of the State, whether appropriated or unappropriated. No part of

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