|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 136
|
|
|
|
|
|
2000 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of 1996, as amended by Chapter 26 of the Acts of the General Assembly of 1998,
to extend the time by which the Board of Directors of the Patriots of Fort
McHenry, Inc. shall provide and expend a matching fund to June 1, 2002.
BY repealing and reenacting, with amendments,
Chapter 123 of the Acts of the General Assembly of 1996, as amended by
Chapter 26 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 123 of the Acts of 1996, as amended by Chapter 26 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 Fort
McHenry - Education and Visitors Center Loan of 1996 in a total principal amount
equal to the lesser of (i) $500,000 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 Patriots of
Fort McHenry, Inc. for the planning and design and construction of, and the provision
of capital equipment for, an education and visitors center at Fort McHenry.
(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, 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
|
|
|
|
|
|
|
|
|
|
- 808 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
