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PARRIS N. GLENDENING, Governor
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Ch. 568
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CHAPTER 568
(Senate Bill 892)
AN ACT concerning
Creation of a State Debt - Prince George's County - Spirit of Faith Christian
Center
FOR the purpose of authorizing the creation of a State Debt not to exceed $450,000
$400,000, the proceeds to be used as a grant to the Board of Directors of
Hosanna, 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; prohibiting use of the proceeds of the sale
of the bonds and the matching fund 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 Prince
George's County - Spirit of Faith Christian Center Loan of 2000 in a total principal
amount equal to the lesser of (i) $450,000 $400,000 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 Hosanna, Inc.
(referred to hereafter in this Act as "the grantee") for the acquisition of property for,
and for the planning, design, construction, and capital equipping of, a new facility for
the Spirit of Faith Christian Center, to be located in Prince George's County,
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.
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