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Ch. 488
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1490
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LAWS OF MARYLAND
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(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 Benedictine School Loan of 1983 in the
aggregate principal amount of $250,000. This loan shall be
evidenced by the issuance and sale of State general obligation
bonds authorized by a resolution of the Board of Public Works and
issued, sold and delivered in accordance with the provisions of
§§ 19 to 23 of Article 31 of the Annotated Code of Maryland (1976
Replacement Volume and 1982 Supplement, as amended from time to
time).
(2) The bonds issued to evidence this loan or installments
thereof may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 2B of Article 31
of the Code.
(3) The actual cash proceeds of the sale of the bonds shall
be paid to the Treasurer and shall be first applied to the
payment of the expenses of issuing and delivering the bonds
unless funds for this purpose are otherwise provided and
thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of Public
Works, for the following public purposes, including any
applicable architects' and engineers' fees: as a grant to The
Benedictine School for Exceptional Children, Inc. for the purpose
of the construction and acquisition of transition homes for
mentally handicapped children.
(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 years of 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
Benedictine School for Exceptional Children, Inc. shall provide
at least an equal and matching fund of $250,000. 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 Benedictine School for Exceptional Children, Inc.
has until June 1, 1985, 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, 1985, the proceeds of the
loan shall be applied to the purposes authorized in Article 78A,
§ 3 of the Code.
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