Ch. 452 1996 LAWS OF MARYLAND
CHAPTER 452
(House Bill 395)
AN ACT concerning
Franciscan Center Loan of 1994
FOR the purpose of amending Chapter 198 of the Acts of the General Assembly of 1994,
the Franciscan Center Loan of 1994, to extend the time by which the Board of
Directors of the Franciscan Center, Inc. shall provide and expend a matching fund
and to alter the method of providing the matching fund.
BY repealing and reenacting, with amendments,
Chapter 198 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 198 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 Franciscan
Center Loan of 1994 in a total principal amount equal to the lesser of (i) $800,000 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 Franciscan Center, Inc. for the repair,
renovation, rehabilitation, and expansion of, and for the provision of capital equipment
for, the Franciscan Center, a facility providing food and clothes for the poor, to be
located at 2214 Maryland Avenue in Baltimore.
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