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ROBERT L. EHRLICH, JR., Governor
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Ch. 46
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(4) An annual 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 issue of the bonds.
(5) (a) Prior to the payment of any matching grant funds under the
provisions of Section 1(3), Items ZA00 through ZB02 above, grantees shall provide
and expend matching funds as specified. No part of a grantee's matching fund may be
provided, either directly or indirectly, from funds of the State, whether appropriated
or unappropriated. Except as otherwise provided, 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. Grantees have until June 1, 2008, 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, 2008, the proceeds of the loan shall be applied to
the purposes authorized in Section 8-129 of the State Finance and Procurement
Article.
(b) It is further provided that when an equal and matching fund is
specified in Section 1(3), Items ZA00 through ZB02 above, grantees shall provide a
matching fund equal to the lesser of (i) the authorized amount of the State grant or
(ii) the amount of the matching fund certified by the Board of Public Works. If
satisfactory evidence is presented, the Board shall certify this fact and the amount of
the matching fund to the State Treasurer and the proceeds of the loan equal to the
amount of the matching fund shall be expended for the purposes provided in this Act.
If this evidence is not presented by June 1, 2008, the proceeds of the loan shall be
applied to the purposes authorized in Section 8-129 of the State Finance and
Procurement Article. The proceeds of any amount of the loan in excess of the
matching fund certified by the Board of Public Works shall also be applied to the
purposes authorized in Section 8-129 of the State Finance and Procurement Article.
(6) When an historical easement is specified in Section 1(3) of this Act:
(a) Prior to the issuance of the bonds, the grantee shall grant and convey
to the Maryland Historical Trust a perpetual preservation easement to the extent of
its interest:
(i) On the land or such portion of the land acceptable to the Trust;
and
(ii) On the exterior and interior, where appropriate, of the historic
structures.
(b) If the grantee or beneficiary of the grant holds a lease on the land
and structures, the Trust may accept an easement on the leasehold interest.
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- 335 -
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