Ch. 246

1997 LAWS OF MARYLAND

CHAPTER 246
(House Bill 565)

AN ACT concerning

Creation of a State Debt - Dorchester County Family YMCA

FOR the purpose of authorizing the creation of a State Debt not to exceed $350,000, the
proceeds to be used as a grant to the Board of Directors of the Dorchester County
Family YMCA, 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; prohibiting the grantee from using the
proceeds of the bonds or any of the matching funds for sectarian 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 Dorchester
County Family YMCA Loan of 1997 in a total principal amount equal to the lesser of (i)
$350,000 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 Dorchester County Family YMCA, Inc.
(referred to hereafter in this Act as "the grantee") for the repair, renovation, and
expansion of, and for the provision of capital equipment for, an existing building,
including the planning, design, and construction of a handicapped accessible pool as a
part of the expansion, the pool to be used for therapeutic, rehabilitation, and recreational
programs, and for the repair, renovation, and expansion of an existing parking lot.

(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

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