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PARRIS N GLENDENING, Governor
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Ch. 625
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(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 $750,000. 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 625
(House Bill 651)
AN ACT concerning
Creation of a State Debt - Prince George's County - Suitland Business
Incubator
FOR the purpose of authorizing the creation of a State Debt not to exceed $240,000,
the proceeds to be used as a grant to the Board of Directors of Suitland Family
and Life 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 - Suitland Business Incubator Loan of 2000 in a total principal
amount equal to the lesser of (i) $240,000 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.
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- 3263 -
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