Ch. 579 1993 LAWS OF MARYLAND
(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 Rockville Town
Center Loan of 1993 in
the total principal amount of $6,000,000 a the total principal
not to exceed of $2,000,000. 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 Mayor and City Council of Rockville to assist in the redevelopment of
the Rockville Town 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 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 Mayor and City Council of Rockville shall
provide and expend a matching fund of
$6,000,000 $2,000,000, and the County Executive
and County Council of Montgomery County shall also provide and expend a matching
fund of $2,000,000. 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 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 Mayor and
City Council of Rockville and the County Executive and County Council of Montgomery
County have until June 1, 1995, 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 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. 1995, the proceeds of the loan shall be applied to the purposes authorized in § 8 129 of
the State Finance and Procurement Article.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1993.
Approved May 27, 1993.
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