Ch. 296

1997 LAWS OF MARYLAND

CHAPTER 296
(House Bill 1363)

AN ACT concerning

Creation of a State Debt - Anne Arundel County - Brooklyn Park Middle School

FOR the purpose of authorizing the creation of a State Debt in the amount of $2,500,000
$1,000,000 $300.000, the proceeds to be used as a grant to the Board of Education
County Executive and County Council of Anne Arundel County for certain
acquisition, development, or improvement purposes; providing for disbursement of
the loan proceeds; 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 Anne Arundel
County - Brooklyn Park Middle School Loan of 1997 in the total principal amount of
$2,500,000 $1,000,000 $300,000. 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 Board of Education County Executive and County Council of Anne
Arundel County for the repair and planning, repair, and renovation of, and for the
provision of capital equipment for, Brooklyn Park Middle School, in order to provide for
shared use of the facility by community organizations for programs that benefit the
community, including such programs as Take Back Our Streets, DARE, and outreach in
the North County area by the Maryland Hall for the Creative Arts.

(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, 1997.

Approved April 29, 1997.

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