S.B. 550 VETOES
Senate Bill No. 550
AN ACT concerning
Creation of a State Debt - Liberty Medical Center, Inc.
FOR the purpose of authorizing the creation of a State Debt not to exceed $2,500,000
$1,000,000, the proceeds to be used as a grant to the Board of Directors of Liberty
Medical Center, Inc. for the design, planning, rehabilitation, and construction of,
and the provision of capital equipment for, the Urban Medical Institute for
Ambulatory Initiatives in Baltimore City, to be located at 2600 Liberty Heights
Avenue in Baltimore, subject to the requirement that the Board of Directors of
Liberty Medical Center, Inc. provide and expend a matching fund and present by a
certain date evidence that a matching fund will be provided; directing the Board of
Directors of Liberty Medical Center, Inc. to make any future requests for State
bond funds through a certain screening process; and providing generally for the
issuance 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 Liberty Medical
Center, Inc. Loan of 1994 in a total principal amount equal to the lesser of (i) $2,500,000
$1,000,000 or (ii) the amount of the matching fund provided in accordance with Section
1(5) below. 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 Directors of Liberty Medical Center, Inc. for the design,
planning, rehabilitation, and construction of, and the provision of capital equipment for,
the Urban Medical Institute for Ambulatory Initiatives in Baltimore City, to be located at
2600 Liberty Heights Avenue in Baltimore. .
(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
issuance of the bonds.
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