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2861
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MARVIN MANDEL, Governor
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institution which has ceased to be a public or non-profit
facility, from the owner thereof, an amount bearing the
same ratio to the then value (as determined by agreement
of the State and such transferor or, transferee, or owner
or by action brought in a court of competent
jurisdiction) of so much of the institution as
constituted an approved project, as the amount of the
State participation bore to the cost of the construction
under that project. This right of recovery may not
constitute a lien upon the property of the institution
prior to this determination. All funds recovered
pursuant to this right of recovery shall be deposited in
the Annuity Bond Fund and shall be applied to the debt
service requirements of the State. The Secretary of
Health and Mental Hygiene may waive the State's right of
recovery if he determines that there is good cause for
releasing the applicant or other transferor, transferee,
or owner from this obligation.
(e) The application in the first instance shall be
directed to the Secretary of Health and Mental Hygiene.
Upon the approval of the project and project plans by the
Secretary of Health and Mental Hygiene, he shall promptly
report the application to the Board of Public Works,
together with his report that the project has been
approved by him and that the Board of Public Works should
make available the necessary funds as provided
hereunder.
(f) The Board of Public Works shall make
allocations from moneys available under this Act in
accordance with the provisions, stipulations and
limitations hereof. The Board of Public Works shall
certify the allocation of State funds to the Treasurer of
the State, and the Treasurer shall lake them available to
the facility when needed for the construction and
equipping of the project. The Board of Public Works is
authorized, in its discretion, to adopt and promulgate
rules and regulations for receiving such applications
from for public and other non-profit facilities in this
State and for the consideration of applications and
disbursing of the funds to the applying public and other
non-profit facilities, within the spirit and intent of
this Act.
(3) (4) There is hereby levied and imposed an
annual State tax 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, such principal to be discharged within fifteen 15
years of the date of issue of the bonds.
(4) (5) This Act shall take effect June 1, 1977.
Approved May 26, 1977.
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