PARRIS N. GLENDENING, Governor

Ch. 72

CHAPTER 72
(Senate Bill 258)

AN ACT concerning

Charles County - Historic Old Waldorf School - Preservation Loan of 1995

FOR the purpose of amending Chapter 147 of the Acts of the General Assembly of 1995,
the Historic Old Waldorf School - Preservation Loan of 1995, to extend the time by
which the grantee shall provide evidence of a matching fund.

BY repealing and reenacting, with amendments,

Chapter 147 of the Acts of the General Assembly of 1995
Section 1

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Chapter 147 of the Acts of 1995

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 Slate of Maryland through a State loan to be known as the Charles County
- Historic Old Waldorf School - Preservation Loan of 1995 in 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. (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.

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