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Ch. 105
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2007 Laws of Maryland
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(2005 Replacement Volume and 2006 Supplement)
BY repealing and reenacting, with amendments,
Chapter 482 of the Acts of the General Assembly of 2001, as amended by
Chapter 181 of the Acts of the General Assembly of 2003
Section 1(5)
BY repealing and reenacting, with amendments,
Chapter 46 of the Acts of the General Assembly of 2006
Section 1(3) Item ZA00 (V)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 482 of the Acts of 2001
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 Worcester
County - Worcester County Development Center Loan of 2001 in a total principal
amount equal to the lesser of (i) $300,000 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 County Commissioners of
Worcester County (referred to hereafter in this Act as "the grantee") for the planning,
design, construction, and capital equipping of a new building in [Berlin] NEWARK,
Maryland for the Worcester County Development Center.
(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
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- 998 -
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