|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 423
|
|
|
|
|
|
2000 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 the Young Men's
Christian Association of Hagerstown, Maryland, Inc. (referred to hereafter in this Act
as "the grantee") for the construction and capital equipping of the Hagerstown YMCA
Family Center, to be located 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 or in-kind contributions. No
part of the fund may consist of real property, in kind contributions, or funds expended
prior to the effective date of this Act. 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.
|
|
|
|
|
|
|
|
|
- 2286 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
