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2014 Watkins Mill High School Bond Bill

2014 Watkins Mill High School Bond Bill

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Bond bill for Watkins Mill High School
Bond bill for Watkins Mill High School

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02/08/2014

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EXPLANATION:
 
C
 APITALS INDICATE MATTER ADDED TO EXISTING LAW 
.
 
[
Brackets
]
 indicate matter deleted from existing law.
*hb0624*
 
HOUSE BILL 624
B2 4lr2561 CF SB 571 By:
Delegates S. Robinson, Barkley, Barve, Gilchrist, Reznik, and Simmons
 Introduced and read first time: January 30, 2014  Assigned to: Appropriations  A BILL ENTITLED  AN ACT concerning 1
Creation of a State Debt
 –
 Montgomery County
 –
 Watkins Mill High School
2
Stadium Renovation
3 FOR the purpose of authorizing the creation of a State Debt not to exceed $22,500, the 4 proceeds to be used as a grant to the Board of Education of Montgomery County 5 for certain development or improvement purposes; providing for disbursement 6 of the loan proceeds, subject to a requirement that the grantee provide and 7 expend a matching fund; establishing a deadline for the encumbrance or 8 expenditure of the loan proceeds; and providing generally for the issuance and 9 sale of bonds evidencing the loan. 10 SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF 11 MARYLAND, That: 12 (1) The Board of Public Works may borrow money and incur indebtedness on 13 behalf of the State of Maryland through a State loan to be known as the Montgomery 14 County
 – 
 Watkins Mill High School Stadium Renovation Loan of 2014 in a total 15 principal amount equal to the lesser of (i) $22,500 or (ii) the amount of the matching 16 fund provided in accordance with Section 1(5) below. This loan shall be evidenced by 17 the issuance, sale, and delivery of State general obligation bonds authorized by a 18 resolution of the Board of Public Works and issued, sold, and delivered in accordance 19 with §§ 8
 – 
117 through 8
 – 
124 and 8
 – 
131.2 of the State Finance and Procurement 20  Article. 21 (2) The bonds to evidence this loan or installments of this loan may be sold 22 as a single issue or may be consolidated and sold as part of a single issue of bonds 23 under § 8
 – 
122 of the State Finance and Procurement Article. 24 (3) The cash proceeds of the sale of the bonds shall be paid to the Treasurer 25 and first shall be applied to the payment of the expenses of issuing, selling, and 26 delivering the bonds, unless funds for this purpose are otherwise provided, and then 27

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