Ch. 585 LAWS OF MARYLAND

(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 Baltimore's International Culinary College for the
renovation and restoration of a facility located at 200 South Central Avenue in
Baltimore City.

(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, Baltimore's International Culinary College
shall provide at least an equal and matching fund of $700,000 $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. 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.
Baltimore's International Culinary College 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.

(6) (a) Baltimore's International Culinary College 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, where appropriate, of the historic structures.

(b) The easement must be in form and substance acceptable to the Trust
and the extent of the interest to be encumbered must be acceptable to the Trust.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1990.

Approved May 29, 1990.

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