Ch. 204

1997 LAWS OF MARYLAND

CHAPTER 204
(Senate Bill 829)

AN ACT concerning

The Children's Guild, Inc. Loan of 1990

FOR the purpose of amending Chapter 447 of the Acts of the General Assembly of 1990,
The Children's Guild, Inc. Loan of 1990, to alter the purpose for which the
proceeds of the bonds may be used.

BY repealing and reenacting, with amendments,

Chapter 447 of the Acts of the General Assembly of 1990
Section 1

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

Chapter 447 of the Acts of 1990

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 Children's
Guild, Inc. Loan of 1990 in the total principal amount of $500,000. 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 Children's Guild, Inc. for the purchase [and renovation of a building in
Baltimore City to be used as a school and] REPAIR, RENOVATION, RECONSTRUCTION,
AND EXPANSION OF, FOR THE PROVISION OF CAPITAL EQUIPMENT FOR, AND FOR
SITE IMPROVEMENTS TO, FACILITIES IN BALTIMORE CITY TO BE USED AS A SCHOOL
OR AND treatment center for emotionally disturbed children.

(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
issue of the bonds.

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