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Ch. 696
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2000 LAWS OF MARYLAND
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matching fund. No part of the grantee's matching fund may be provided, either
directly or indirectly, from funds of the State, whether appropriated or
unappropriated. No part of 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 696
(House Bill 1359)
AN ACT concerning
Creation of a State Debt - Cecil County - The Boys and Girls Clubs of Cecil
County, Inc.
FOR the purpose of authorizing the creation of a State Debt not to exceed $100,000,
the proceeds to be used as a grant to the Board of Directors of The Boys and
Girls Clubs of Cecil County, 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; and
generally providing 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 Cecil County
- The Boys and Girls Clubs of Cecil County, Inc. Loan of 2000 in a total principal
amount equal to the lesser of (i) $100,000 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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- 3544 -
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