SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1999.
Approved April 27, 1999.
CHAPTER 144
(Senate Bill 99)
AN ACT concerning
Creation of a State Debt - Anne Arundel County - Renovation of 251 West
Street
FOR the purpose of authorizing the creation of a State Debt not to exceed $200,000
$100,000 $200,000, the proceeds to be used as a grant to the Board of Directors
of the Anne Arundel County Economic Opportunity Committee, Inc. for certain
development or improvement purposes; providing for disbursement of the loan
proceeds, subject to a requirement that the grantee provide and expend a
matching fund; 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 - Renovation of 251 West Street Loan of 1999 in a total principal amount
equal to the lesser of (i) $200,000 $100,000 $200,000 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 the Anne
Arundel County Economic Opportunity Committee, Inc. (referred to hereafter in this
Act as "the grantee") for the repair, renovation, rehabilitation, restoration, and
reconstruction of 251 West Street in Annapolis, Maryland.
|
![clear space](../../../images/clear.gif) |