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Ch. 624
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2000 LAWS OF MARYLAND
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CHAPTER 624
(House Bill 626)
AN ACT concerning
Creation of a State Debt - Montgomery County - Silver Spring Innovation
Center
FOR the purpose of authorizing the creation of a State Debt in the amount of
$1,500,000 not to exceed $500,000, the proceeds to be used as a grant to the
County Executive and County Council of Montgomery 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 Montgomery
County - Silver Spring Innovation Center Loan of 2000 in the total principal amount
of $1,500,000 a total principal amount equal to the lesser of (i) $500,000 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 County Executive and County Council
of Montgomery County (referred to hereafter in this Act as "the grantee") for the
acquisition, planning, design, construction, capital equipping, and furnishing of, and
for professional services related to building design and tenant requirements for, the
Silver Spring Innovation Center, an incubator for information technology companies
and early-stage businesses, to be located in Silver Spring, 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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