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PARRIS N. GLENDENING, Governor
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Ch. 333
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SECTION 6. AND BE IT FURTHER ENACTED, That, subject to the provisions
of Section 5 of this Act, this Act shall take effect July 1, 2000. Sections 1 and 2 of this
Act shall remain effective for a period of 5 years and, at the end of June 30, 2005, with
no further action required by the General Assembly, Sections 1 and 2 of this Act shall
be abrogated and of no further force or effect. Any balance in the School Bus Safety
Enforcement Fund after June 30, 2005, shall be transferred to the State General
Fund.
Approved May 11, 2000.
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CHAPTER 333
(House Bill 118)
AN ACT concerning
Creation of a State Debt - Howard County - Florence Bain Senior Center
Ho. Co. 12-00
FOR the purpose of authorizing the creation of a State Debt not to exceed $729,500
$500,000, the proceeds to be used as a grant to the County Executive and the
County Council for Howard County 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 Howard
County - Florence Bain Senior Center Loan of 2000 in a total principal amount equal
to the lesser of (i) $729,500 $500,000 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 County Executive and County Council
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- 1995 -
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