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Session Laws, 1986
Volume 768, Page 1980   View pdf image
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1980 LAWS OF MARYLAND                                    Ch. 553

fund    of a certain kind for the same purpose by a certain

date;   and providing generally for the issue 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 Prologue, Inc. Loan of 1986 in the total
principal amount of $100,000. 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 Prologue, Inc. for the purpose of
the acquisition, planning, design, renovation, reconstruction,
rehabilitation, improvement, and equipping of a building in

Baltimore County accessible to public transportation to provide
community rehabilitation programming for persons with chronic
mental health needs.

(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 issue 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,
Prologue, Inc. shall provide at least an equal and matching fund
of $100,000. 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 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. Prologue, Inc. has until June 1,
1988, to present evidence satisfactory to the Board of Public

 

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Session Laws, 1986
Volume 768, Page 1980   View pdf image
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