PARRIS N. GLENDENING, Governor                              Ch. 146

CHAPTER 146
(Senate Bill 153)

AN ACT concerning

Creation of a State Debt - Caroline Center

FOR the purpose of authorizing the creation of a State Debt not to exceed $400,000, the
proceeds to be used as a grant to the Board of Trustees of the Caroline Center
Corporation in Baltimore City for certain development or improvement purposes;
providing for disbursement of the proceeds, subject to the requirement that the
grantee provide and expend a matching fund; providing that no proceeds of a loan
or any matching funds may be used for religious purposes; requiring the grantee to
grant and convey a certain easement to the Maryland Historical Trust; 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 Caroline Center
Loan of 1995 in a total principal amount equal to the lesser of (i) $400,000 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 Trustees of the Caroline Center Corporation (known hereafter
in this Act as "the grantee") for the design, repair, renovation, reconstruction, and
equipping of a building at Ashland Avenue and Somerset Street in Baltimore City, to be
known as the Caroline Center and to be used for the education and job training of
unemployed and underemployed women in the Baltimore area.

(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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