Ch. 282

1995 LAWS OF MARYLAND

BY repealing and reenacting, with amendments,

Chapter 351 of the Acts of the General Assembly of 1994
Section 1

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Chapter 351 of the Acts of 1994

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 [Madison
Outreach Center, Inc.] MADISON AVENUE DEVELOPMENT CORPORATION Loan of
1994 in a total principal amount equal to the lesser of (i) $500,000 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 the Madison Outreach Center, Inc.] MADISON
AVENUE DEVELOPMENT CORPORATION for the acquisition, repair, and renovation of a
building at 2100 Eutaw Place in Baltimore City for use as an educational center for
preparing students for the high school equivalency test, as a community center with
programs for the needy, and for other charitable purposes.

(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.

(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 [Board of Directors of the Madison
Outreach Center, Inc.] MADISON AVENUE DEVELOPMENT CORPORATION shall
provide and expend a matching fund. 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 in kind contributions. The fund may
consist of real property or funds expended prior to the effective date of this Act. In case
of any dispute as to the amount of the matching fund or what money or assets may qualify

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