PARRIS N. GLENDENING, Governor                             S.B. 507

Senate Bill No. 507

AN ACT concerning

Brunswick Community Center Loan of 1994

FOR the purpose of amending Chapter 207 of the Acts of 1994, the Brunswick
Community Center Loan of 1994, to alter a certain requirement that the Mayor and
City Council of Brunswick provide and expend a matching fund for the loan.

BY repealing and reenacting, with amendments,

Chapter 207 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 207 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 Brunswick
Community Center Loan of 1994 in a total principal amount equal to the lesser of (i)
$100,000 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 Mayor and City Council of Brunswick for the planning, design, and
construction of a community center in the City of Brunswick to be used for the activities
of various groups, including local service, civic, fraternal, and cultural organizations.

(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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