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Ch. 563
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2000 LAWS OF MARYLAND
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(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 $412,500. 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, 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 18, 2000.
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CHAPTER 563
(Senate Bill 839)
AN ACT concerning
Creation of a State Debt - Prince George's County - St. Paul Community
Centre
FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$500,000 $400,000, the proceeds to be used as a grant to the Board of Directors
of the Saint Paul Community Development Corporation 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 Prince
George's County - St. Paul Community Centre Loan of 2000 in a total principal
amount equal to the lesser of (i) $1,000,000 $500,000 $400,000 or (ii) the amount of
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- 2990 -
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