PARRIS N. GLENDENING, Governor Ch. 298
Center, Inc. for the planning, design, repair, renovation, and capital equipping of two four
apartments at the Belle Haven Community Outreach Center, located in Landover, to be
used as a facility for computer training programs and as a day care center for the children
of the participants in the computer training programs.
(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.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1996.
Approved April 30, 1996.
CHAPTER 298
(House Bill 1071)
AN ACT concerning
Creation of a State Debt - Somerset County - Teackle Mansion
FOR the purpose of authorizing the creation of a State Debt not to exceed $100,000, the
proceeds to be used as a grant to the Board of Directors of the Friends of the
Teackle Mansion, Inc. 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; requiring the granting and
conveyance of a historic easement; 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 Somerset County
- Teackle Mansion Loan of 1996 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
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