PARRIS N. GLENDENING, Governor
Ch. 270
CHAPTER 270
(House Bill 1063)
AN ACT concerning
Creation of a State Debt - Baltimore City - New Song Urban Ministries - Fulton Avenue
Center
FOR the purpose of authorizing the creation of a State Debt not to exceed $500,000
$400,000, the proceeds to be used as a grant to the Board of Directors of New Song
Urban Ministries, 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; prohibiting the use of the
proceeds of the bonds or the matching funds for sectarian religious purposes; 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 City
- New Song Urban Ministries - Fulton Avenue Center Loan of 1997 in a total principal
amount equal to the lesser of (i) $500,000 $400,000 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 New Song Urban Ministries, Inc. (referred to
hereafter in this Act as "the grantee") for the acquisition, planning, design, renovation,
repair, reconstruction, and construction of, and for the provision of capital equipment for,
the Fulton Avenue Center, located at 1300 Fulton Avenue in Baltimore, a center for
community revitalization and outreach 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.
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