WILLIAM DONALD SCHAEFER, Governor Ch. 514
behalf of the State of Maryland through a State loan to be known as the St. Mary's
County Regional Park Loan of 1990 in the total principal amount of $500,000 $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 the Board of County Commissioners of St. Mary's
County for the continued development and equipping of the St. Mary's County
Regional Park, located at the St. Mary's County Watershed.
(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, the Board of County Commissioners of St.
Mary's County shall provide at least an equal and matching fund of $500,000 $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. The Board of County Commissioners of St. Mary's County has
until June 1, 1992, to present evidence satisfactory to the Board of Public Works that
the matching fund will be provided. If satisfactory evidence is presented, the Board
shall certify this fact to the State Treasurer and the proceeds of the loan shall be
expended for the purposes provided in this Act. If this evidence is not presented by
June 1, 1992, the proceeds of the loan shall be applied to the purposes authorized in §
8-129 of the State Finance and Procurement Article.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1990.
Approved May 29, 1990.
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