ROBERT L. EHRLICH, JR., Governor                           H.B. 436

Very truly yours,
Robert L. Ehrlich, Jr.
Governor

House Bill No. 436

AN ACT concerning

Anne Arundel County - Wiley H. Bates High School Loan of 1997

FOR the purpose of providing that the grantee proceeds of the Anne Arundel County
—Wiley H. Bates High School Loan of 1997 amending Chapter 221 of the Acts of
1997 to require that the loan proceeds has until June 1, 2005, to expend or
encumber the loan proceeds must be encumbered by the Board of Public Works
or expended for certain purposes by a certain date; and generally relating to the
Anne Arundel County—Wiley H. Bates High School Loan of 1997 making this
Act an emergency measure.

BY repealing and reenacting, without amendments,

Chapter 221 of the Acts of the General Assembly of 1997
Section 1(1) through (6)

BY adding to

Chapter 221 of the Acts of the General Assembly of 1997
Section 1(7)

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

Chapter 221 of the Acts of 1997

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 Anne Arundel
County - Wiley H. Bates High School Loan of 1997 in a total principal amount equal
to the lesser of (i) $1,000,000 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

- 3053 -