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S.B. 902
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VETOES
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Loan of 1998, to extend the date by which the grantees must provide and expend
a matching fund to June 1, 2002.
BY repealing and reenacting, with amendments,
Chapter 203 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 203 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 Dorchester
County - Stanley Institute: Rock School House Restoration Loan of 1998 in a total
principal amount equal to the lesser of (i) $50,000 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 joint grant to the Board of Directors of The Harriet
Tubman Organization, Inc. and The Friends of Stanley Institute (referred to hereafter
in this Act as "the grantees") for the planning, design, repair, renovation, restoration,
reconstruction, construction, and capital equipping and furnishing of the historic
Stanley Institute: Rock School House, in Dorchester County, an African American
one-room schoolhouse built in 1865 and in use until 1966.
(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 grantees jointly shall provide and expend
a matching fund. No part of the grantees' 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
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- 4208 -
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