PARRIS N. GLENDENING, Governor                             Ch. 119

CHAPTER 119
(Senate Bill 256)

AN ACT concerning

Creation of a State Debt - Baltimore County - Eastside Economic Development Initiative

FOR the purpose of authorizing the creation of a State Debt not to exceed $2,000,000
$375,000, the proceeds to be used as a grant to the County Executive and County
Council of Baltimore County for certain acquisition, development, or improvement
purposes; providing for disbursement of the loan proceeds, subject to a requirement
that the grantee provide and expend a matching fund; 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 Baltimore
County - Eastside Economic Development Initiative Loan of 1996 in a total principal
amount equal to the lesser of (i) $2,000,000 $375,000 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 County Executive and County Council of Baltimore County (referred to
hereafter in this Act as "the grantee") for capital improvements in a defined geographic
section of the Essex Middle River area of Baltimore County, the improvements to
include the repair and renovation of multifamily dwellings and public buildings such as
the library and community center, street repair, lighting, landscaping, and other
improvements to the existing buildings and land for the purpose of economic
development and community enhancement, area contained in the Eastern Baltimore
County Revitalization Strategy to include extensions of sewer and water services, road
improvements, street landscaping and signs, and curb and gutter improvements.

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