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Ch. 623
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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 $200,000. 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 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 623
(House Bill 614)
AN ACT concerning
Creation of a State Debt - St. Mary's County - Lexington Park Family
Support and Head Start Center
FOR the purpose of authorizing the creation of a State Debt not to exceed $342,000
$250,000, the proceeds to be used as a grant to the Board of Commissioners of
St. Mary's County 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 St. Mary's
County - Lexington Park Family Support and Head Start Center Loan of 2000 in a
total principal amount equal to the lesser of (i) $342,000 $250,000 or (ii) the amount
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- 3260 -
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