Ch. 717
LAWS OF MARYLAND
Leisure/Learning Center for handicapped and nonhandicapped
individuals to provide areas for respite care, training and
research, and residential facilities and for the purpose of
the land acquisition for and the planning, design,
construction, and equipping of group homes for handicapped
adults, subject to the requirement that The Benedictine
School for Exceptional Children, Inc. provide a matching
fund of a certain kind and amount for the same purpose by a
certain date, providing that no proceeds of the loan or any
of the matching funds may be used for religious purposes;
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 Benedictine School for Exceptional
Children, Inc. Loan of 1989 in the total principal amount of
$3,000,000 $600,000. 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
21, § 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 Benedictine School for
Exceptional Children, Inc. for the purpose of the land
acquisition for and the planning, design, construction, and
equipping of a Leisure/Learning Center for handicapped and
nonhandicapped individuals to provide areas for respite care,
training and research, and residential facilities and for the
purpose of the land acquisition for and the planning, design,
construction, and equipping of group homes for handicapped
adults.
(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
- 4062 -
|
|