Ch. 526                                    1995 LAWS OF MARYLAND

Approved May 25, 1995.

CHAPTER 526

(Senate Bill 617)

AN ACT concerning

Creation of a State Debt - Prince. George's County - Patuxent 4-H Foundation

FOR the purpose of authorizing the creation of a State Debt not to exceed $400,000
$100,000, the proceeds to be used as a grant to the Patuxent 4-H Center, 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 meet the requirements of a certain statute;
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 Prince. George's
County - Patuxent 4-H Foundation Loan of 1995 in a total principal amount equal to the
lesser of (i) $400,000 $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 Patuxent 4-H Center, Inc. (referred to hereafter in this Act as "the
grantee") for the planning, design, construction, and equipping of two cabins at 18405
Queen Anne's Road in Upper Marlboro, to be used for overnight accommodations and
programs for youth groups primarily from Anne Arundel, Prince George's, Calvert,
Charles, and St. Mary's Counties.                                                       

(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.

- 2988 -