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PARRIS N. GLENDENING, Governor
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Ch. 422
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(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 Children's
Village of Washington County, Inc. (referred to hereafter in this Act as "the grantee")
for the construction, repair, renovation, reconstruction, and capital equipping of the
Children's Village, located in Hagerstown, Maryland.
(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
matching fund. No part of the grantee's matching fund may be provided, either
directly or indirectly, from funds of the State, whether appropriated or
unappropriated. No part of the fund may consist of real property or funds expended
prior to the effective date of this Act. The fund may consist of in kind contributions. In
case of any dispute as to the amount of the matching fund or what money or assets
may qualify as matching funds, the Board of Public Works shall determine the matter
and the Board's decision is final. The grantee has until June 1, 2002, to present
evidence satisfactory to the Board of Public Works that a matching fund will be
provided. If satisfactory evidence is presented, the Board shall certify this fact and
the amount of the matching fund to the State Treasurer, and the proceeds of the loan
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, 2000.
Approved May 11, 2000.
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CHAPTER 422
(House Bill 854)
AN ACT concerning
Creation of a State Debt - Washington County - Hagerstown Police Athletic
League
FOR the purpose of authorizing the creation of a State Debt not to exceed $122,752
$75,000 $50,000, the proceeds to be used as a grant to the Board of Directors of
Hagerstown Area Police Athletic League, Inc. for certain development or
improvement purposes; providing for disbursement of the loan proceeds, subject
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- 2283 -
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