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PARR1S N. GLENDENING, Governor
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Ch. 401
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CHAPTER 401
(House Bill 652)
AN ACT concerning
Creation of a State Debt - Garrett County - Garrett Information Enterprise
Center
FOR the purpose of authorizing the creation of a State Debt not to exceed $500,000,
the proceeds to be used for a grant to the County Commissioners of Garrett
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 Garrett
Information Enterprise Center Loan of 2000 in a total principal amount equal to the
lesser of (i) $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 Commissioners of Garrett
County (referred to hereafter in this Act as "the grantee") for the planning, design,
construction, and capital equipping and furnishing of the Garrett Information
Enterprise Center on the campus of Garrett Community College, to be used as a
technical and administrative support facility for businesses that locate in Garrett
County.
(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.
(5) Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 1(3) above, the grantee shall provide and expend a
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