Ch. 555

1997 LAWS OF MARYLAND

CHAPTER 555
(House Bill 405)

AN ACT concerning

Creation of a State Debt - Prince George's County - Southern Maryland Youth Camp

FOR the purpose of authorizing the creation of a State Debt not to exceed $200,000, the
proceeds to be used as a grant to the Board of Directors of the Southern Maryland
Youth Camp, 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; 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 - Southern Maryland Youth Camp Loan of 1997 in a total principal amount equal
to the lesser of (i) $200,000 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 Southern Maryland Youth Camp, Inc.
(referred to hereafter in this Act as "the grantee") for the planning, design, renovation,
and equipping of the main building, including the construction of a storage building and
two cabins and construction of, and for the provision of capital equipment for, four
cabins, for the planning, design, and construction of an access road and a parking lot, for
renovations to make the main hall accessible to the handicapped, for site lighting and
security devices, and for the stabilization of specific environmental areas, at the Southern
Maryland Youth Camp, located in Cheltenham, Maryland.

(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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