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S.B. 873
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VETOES
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2001; and generally relating to Chapter 189 of the Acts of the General Assembly
of 1998.
BY repealing and reenacting, with amendments,
Chapter 189 of the Acts of the General Assembly of 1998
Section 1
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 189 of the Acts of 1998
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 Harford
County - Senator William Amoss Agricultural Education Project Loan of 1998 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.
(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 Directors of the Maryland
Agricultural Education Foundation, Inc. (referred to hereafter in this Act as "the
grantee") for the planning, design, repair, renovation, reconstruction, construction,
and capital equipping of classroom and office facilities [at Swan Harbor Farm in
Havre de Grace] IN HARFORD COUNTY to be named in memory of the late Senator
William Amoss.
(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. 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 or in kind
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- 4206 -
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