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PARRIS N. GLENDENING, Governor Ch. 622
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SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
Approved May 18, 2000.
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CHAPTER 622
(House Bill 613)
AN ACT concerning
Creation of a State Debt - Caroline County - Adkins Arboretum
FOR the purpose of authorizing the creation of a State Debt in the amount of not to
exceed $400,000 $300,000 $200,000. the proceeds to be used as a grant to the
Board of Trustees of Adkins Arboretum, Ltd. 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 Caroline
County - Adkins Arboretum Loan of 2000 in the total principal amount of a total
principal amount equal to the lesser of (i) $200,000 or (ii) the amount of the matching
fund provided in accordance with Section 1(5) below $400,000 $300,000. 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 Trustees of Adkins
Arboretum, Ltd. (referred to hereafter in this Act as "the grantee") for the planning,
construction, replanting, restoration, and expansion of Adkins Arboretum, Maryland's
only State-owned arboretum dedicated to the conservation of the native flora of the
region.
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