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2053
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HARRY HUGHES, Governor
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the amount of sediment in Lake Serene, all in the Edgewater
Village in Harford County, subject to the requirement that
the governing body of Harford County provide at least an
equal and matching 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 Edgewater Village Community Development
Grant Loan of 1983 in the aggregate principal amount of $400,000.
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
governing body of Harford County for the purpose of erosion
prevention, soil stabilization, development of a park area,
elimination of an unsafe and unstable accumulation of soil
deposits that pose a threat to existing housing units,
landscaping, completion of the construction of Brookside Drive,
and structural improvements to reduce the amount of sediment in
Lake Serene, all in the Edgewater Village in Harford County.
(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
governing body of Harford County shall provide at least an equal
and matching fund of $400,000. No part of an applicant's
matching fund may be provided, either directly or indirectly,
from funds of the State, whether appropriated or unappropriated.
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