Ch. 249 1997 LAWS OF MARYLAND
Approved April 29, 1997.
CHAPTER 249
(House Bill 608)
AN ACT concerning
Creation of a State Debt - Frederick County Federated Charities, Inc.
FOR the purpose of authorizing the creation of a State Debt not to exceed $500,000
$300,000, the proceeds to be used as a grant to the Board of Directors of Frederick
County Federated Charities, 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
grantee to grant and convey a certain easement to the Maryland Historical Trust;
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 Frederick County
Federated Charities, Inc. Loan of 1997 in a total principal amount equal to the lesser of
(i) $500,000 $300,000 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 Frederick County Federated Charities, Inc.
(referred to hereafter in this Act as "the grantee") for the acquisition, repair, renovation,
reconstruction, construction, and equipping capital equipping of a building in Frederick
County, to be used as a human services center for community agencies in Frederick
County.
(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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