PARRIS N. GLENDENING, Governor

S.B. 491

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 Ellicott City
Colored School Loan of 1994 in a total principal amount equal to the lesser of (i)
$206,000 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 Central Maryland Chapter of the Afro-American Historical &
Genealogical Society, Inc. for the restoration and preservation of the Ellicott City
Colored School, INCLUDING SITE STABILIZATION AND SITE IMPROVEMENTS.

(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 Central Maryland Chapter of the
Afro-American Historical & Genealogical Society, Inc. shall provide and expend a
matching fund. No part of an applicant's matching fund may be provided, either directly
or indirectly, from funds of the State, whether appropriated or unappropriated. No part
of the fund may consist of real property, in kind contributions, or funds expended prior to
the effective date of this Act. In case of any dispute as to the amount of the matching
fund or what money or assets may qualify as matching funds, the Board of Public Works
shall determine the matter and the Board's decision is final. The Central Maryland
Chapter of the Afro-American Historical & Genealogical Society, Inc. has until June 1,
1996, to present evidence satisfactory to the Board of Public Works that a matching fund
will be provided. If satisfactory evidence is presented, the Board shall certify this fact and
the amount of the matching fund to the State Treasurer, and the proceeds of the loan
equal to the amount of the matching fund shall be expended for the purposes provided in
this Act. Any amount of the loan in excess of the amount of the matching fund certified
by the Board of Public Works shall be canceled and be of no further effect.

(6)     (a) Prior to the issuance of the bonds, the Central Maryland Chapter of the
Afro-American Historical & Genealogical Society, Inc. shall grant and convey to the
Maryland Historical Trust a perpetual preservation easement to the extent of its interest:

- 4473 -