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2000 LAWS OF MARYLAND
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Ch. 72
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Section 1
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 186 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 Anne Arundel
County - Stanton Center Loan of 1998 in a total principal amount equal to the lesser
of (i) $150,000 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
architects' and engineers' fees: as a grant to the Mayor and City Council of the City of
Annapolis (referred to hereafter in this Act as "the grantee") for the planning, design,
repair, renovation, restoration, expansion, and capital equipping and furnishing of
the Stanton Center on [Clay Street] WEST WASHINGTON STREET in Annapolis, a
building used by the Health Department, the Annapolis Youth Services Bureau, and
other community organizations that are vital to the [Clay Street] WEST
WASHINGTON STREET area and to the City of Annapolis.
(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 in kind contributions or funds
expended prior to the effective date of this Act. The matching fund may consist of real
property. 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, 2000 2001,
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
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- 614 -
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