Ch. 341 LAWS OF MARYLAND

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 Ward
Foundation Complex Loan of 1990 in the total principal amount of $2,000,000
$1,000,000 $500,000. 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 Ward Foundation for the planning, design,
construction, and equipping of the Ward Foundation Headquarters and the North
American Wild Fowl-Art Museum to be located on a site in Salisbury, Maryland.

(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 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 Ward Foundation shall provide at least an
equal and matching fund of $2,000,000 $1,000,000 $500,000. 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 Ward Foundation has until June 1, 1992, 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, 1992, 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, 1990.

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