equal to the amount of the matching fund shall be expended for the purposes provided
in this Act. Any amount of the loan in excess of the amount of the matching fund
certified by the Board of Public Works shall be canceled and be of no further effect.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1999.
Approved April 27, 1999.
CHAPTER 260
(House Bill 651)
AN ACT concerning
Creation of a State Debt - Baltimore City - St. Frances Academy
FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$400,000, the proceeds to be used as a grant to St. Frances Academy, 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 or any
of the matching funds for sectarian religious purposes; 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 Baltimore
City - St. Frances Academy Loan of 1999 in a total principal amount equal to the
lesser of (i) $1,000,000 $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 St. Frances Academy, Inc. (referred to
hereafter in this Act as "the grantee") for the planning, design, construction, and
capital equipping of a multipurpose community and athletic facility.
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