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Ch. 422
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2000 LAWS OF MARYLAND
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to a requirement that the grantee provide and expend a matching fund;
providing that the grantee shall 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 Washington
County - Hagerstown Police Athletic League Loan of 2000 in a total principal amount
equal to the lesser of (i) $122,752 $75,000 $50,000 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 Hagerstown
Area Police Athletic League, Inc. (referred to hereafter in this Act as "the grantee") for
the construction and capital equipping of the Hagerstown Police Athletic League in
Washington 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
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. The fund may consist of real property, in kind contributions, or funds
expended prior to the effective date of this Act. No part of 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
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- 2284 -
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