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2007 Vetoed Bills and Messages
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S.B. 1006
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This loan shall be evidenced by the issuance and sale of State general obligation bonds
authorized by a resolution of the Board of Public Works and issued, sold and delivered
in accordance with the provisions of §§ 19 to 23 of Article 31 of the Annotated Code of
Maryland (1983 Replacement Volume, as amended from time to time).
(2) The bonds issued to evidence this loan or installments thereof may be
sold as a single issue, or may be consolidated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.
(3) The actual cash proceeds of the sale of the bonds shall be paid to the
Treasurer and shall be first applied to the payment of the expenses of issuing and
delivering the bonds unless funds for this purpose are otherwise provided and
thereafter shall be credited on the books of the State Comptroller and expended, upon
approval by the Board of Public Works, for the following public purposes, including
any applicable architects' and engineers' fees: as a grant to the County Executive and
County Council of Baltimore County for the purpose of the reconstruction,
rehabilitation, renovation, reequipping, restoration, and improvement of the
stormwater systems along Redhouse Run in Baltimore County.
(4) There is hereby levied and imposed an annual State tax 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, such principal to be discharged
within fifteen years of the date of issue 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 County Executive and County Council of
Baltimore County shall provide at least an equal and matching fund of $3,000,000. No
part of an applicant'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 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 County Executive and County Council of Baltimore
County have until June 1, 1987, to present evidence satisfactory to the Board of Public
Works that the matching fund will be provided. If satisfactory evidence is presented,
the Board shall certify this fact to the State Treasurer and the proceeds of the loan
shall be expended for the purposes provided in this Act. If this evidence is not
presented by June 1, 1987, the proceeds of the loan shall be applied to the purposes
authorized in Article 78A, § 3 of the Code.
(6) The proceeds of the loan must be encumbered by the Board of Public
Works or expended for the purposes provided in this Act no later than June 1, [2007]
2009.
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- 4530 -
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