PARRIS N. GLENDENING, Governor

Ch. 207

CHAPTER 207
(Senate Bill 866)

AN ACT concerning

Creation of a State Debt - St Mary's County - The Sotterley Plantation

FOR the purpose of authorizing the creation of a State Debt not to exceed 1,000,000
$400,000, the proceeds to be used as a grant to the Board of Trustees of The
Sotterley Foundation, Inc. for certain acquisition, 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 St. Mary's
County - The Sotterley Plantation Loan of 1997 in a total principal amount equal to the
lesser of (i) $1,000,000 $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 Trustees of The Sotterley Foundation, Inc. (referred to
hereafter in this Act as "the grantee") for the planning, design, repair, renovation, and
restoration of The Sotterley Plantation, including stabilization of the site, upgrading of
basic facilities and the provision of capital equipment to meet the requirements, of the
Americans with Disabilities Act.

(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

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