PARRIS N. GLENDENING, Governor                              Ch. 217

CHAPTER 217
(Senate Bill 844)

AN ACT concerning

Creation of a State Debt - Kent County - Echo Hill Outdoor School

FOR the purpose of authorizing the creation of a State Debt. in the amount of $150,000
not to exceed $100,000 $80,000, the proceeds to be used as a grant to the Board of
Directors of the Echo Hill Outdoor School 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 Kent County -
Echo Hill Outdoor School Loan of 1995 in the total principal amount of $150,000 a total
principal amount equal to the lesser of (i) $100,000 $80,000 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 Echo Hill Outdoor School (referred to
hereafter in this Act as "the grantee") for the repair, renovation, and equipping of
existing facilities and equipment, including the fleet of historic skipjacks and other sailing
vessels, and for new construction of facilities at the Echo Hill Outdoor School, located in
the community of Worton in Kent County, Maryland.

(4)     An annual State tax is imposed on all assessable property in 'he 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.

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