PARRIS N. GLENDENING, Governor                             Ch. 302

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1995.

Approved May 9, 1995.

CHAPTER 302
(House Bill 896)

AN ACT concerning

Creation of a State Debt - Allegany County - YMCA of Cumberland

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$900,000 $400,000, the proceeds to be used as a grant to the Board of Directors of
the Young Men's Christian Association of Cumberland 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; providing that
no proceeds of a loan or any matching funds may be used for religious purposes; 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 Allegany County
- YMCA of Cumberland Loan of 1995 in a total principal amount equal to the lesser of
(i) $1,000,000 $900,000 $400,000 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 Young Men's Christian Association of
Cumberland (referred to hereafter in this Act as "the grantee") for the construction of a
new 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.

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