WILLIAM DONALD SCHAEFER, Governor Ch. 396

Hall Foundation, Inc. Loan of 1988 in the total principal amount of $250,000. 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: for the exterior repair of the mortar, foundation, pillars, and wood
of the Strathmore Hall located in Montgomery County.

(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 County Executive and County Council of
Montgomery County shall provide at least an equal and matching fund of $250,000. 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 County Executive and County Council of Montgomery County
have until June 1, 1990, 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, 1990, the proceeds of the loan shall be applied to the purposes authorized in §
8-129 of the State Finance and Procurement Article.

(6) The Strathmore Hall Foundation, Inc. AND THE COUNTY EXECUTIVE
AND COUNTY COUNCIL OF MONTGOMERY COUNTY shall grant and convey a
[perpetual] preservation easement on THE GRANTEE'S LEASEHOLD INTEREST
TO THE EXTENT OF THEIR RESPECTIVE INTERESTS IN the exterior and interior
of the structures, where appropriate, and on THE GRANTEE'S LEASEHOLD
INTEREST IN THE land to the Maryland Historical Trust in form and substance
acceptable to the Trust.

- 1317 -