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Ch. 484
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2000 LAWS OF MARYLAND
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prohibiting the use of the proceeds of the sale of the bonds and the matching
funds for religious purposes; 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 Baltimore
City - The Morgan Center Loan of 2000 in the total principal amount of $750,000
$500,000 $400,000. 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 the Morgan
Christian Center, Inc. (referred to hereafter in this Act as "the grantee") for the repair,
renovation, restoration, and capital equipping of the Morgan Center, for use in
community activities, located in Baltimore, 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 of $250,000. 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. 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 to the State Treasurer, and the proceeds of
the loan shall be expended for the purposes provided in this Act.
(6) No portion of the proceeds of the loan or any of the matching funds may be
used for the furtherance of sectarian religious instruction, or in connection with the
design, acquisition, or construction of any building used or to be used as a place of
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- 2562 -
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