CHAPTER 132
(Senate Bill 22)

AN ACT concerning

Creation of a State Debt - Kent County - Kent Family Center

FOR the purpose of authorizing the creation of a State Debt in the amount of
$400,000 $300,000, the proceeds to be used as a grant to the Board of Directors
of Shared Opportunity Service, Inc. for certain 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 oh
behalf of the State of Maryland through a State loan to be known as the Kent County
- Kent Family Center Loan of 1999 in the total principal amount of $100,000
$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 arid
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 Shared
Opportunity Service, Inc. for the acquisition, planning, design, repair, renovation,
construction, reconstruction, and capital equipping of a family support center in
Chestertown.

(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, 1999.