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Ch. 549 2000 LAWS OF MARYLAND
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2000.
Approved May 18, 2000.
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CHAPTER 549
(Senate Bill 659)
AN ACT concerning
Creation of a State Debt - Frederick County - Delaplaine Visual Arts
Education Center
FOR the purpose of authorizing the creation of a State Debt not to exceed $75,000, the
proceeds to be used as a grant to the Board of Directors of The Frederick Arts
Center Foundation, Inc. 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 Frederick
County - Delaplaine Visual Arts Education Center Loan of 2000 in a total principal
amount equal to the lesser of (i) $75,000 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 The Frederick
Arts Center Foundation, Inc. (referred to hereafter in this Act as "the grantee") for the
repair, renovation, and reconstruction of the Delaplaine Visual Arts Education
Center, located on South Carroll Street in Frederick, Maryland.
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