490                              LAWS OF MARYLAND                      [CH. 230

Sec. 5. And be it further enacted, That the actual cash proceeds
of the sale of the Certificates of Indebtedness to the issued under this
Act shall be paid to the Treasurer of the State upon the warrant of
the Comptroller and such proceeds shall be used exclusively for the
following purposes, to wit:

The Comptroller shall immediately upon the sale of and payment
for said certificates, first return to and credit the Treasury for a sum
equivalent to the amount expended as provided for in Section 4 of
this Act; the remainder of the proceeds of said loan shall be credited
on the books of the State Treasury Department, to be expended as
needed by the State, upon approval by the Board of Public Works,
and as further provided in this Act, for the purpose of aiding in the
construction of a new library building (including facilities and site
preparation) and a new addition to the Men's Gymnasium on the
campus of Washington College in Chestertown.

Sec. 6. And be it further enacted, That, after first deducting any
Federal funds that are or may become available for the purpose of
aiding in the construction of a new library building and a new ad-
dition to the Men's Gymnasium on the campus of Washington Col-
lege in Chestertown, the payment of any funds under the provisions
of this Act for these purposes is contingent upon the provision that
Washington College shall obtain at least an equal and matching sum
from other sources. The said college shall have until January 1,1968,
to present evidence satisfactory to the Board of Public Works that
it has obtained at least this equal and matching fund for the purpose
of aiding in the construction of a new Library Building (including
facilities and site preparation) and a new addition to the Men's Gym-
nasium on the campus of Washington College in Chestertown. Upon
receiving from the Board of Public Works a certification of such
suitable evidence on or before January 1, 1968, the Treasurer of the
State is hereby authorized, empowered and directed to proceed to
spend the proceeds of said loan agreeable to the other provisions of
this Act. If such satisfactory evidence of the obtaining of at least
an equal and matching fund is not presented to the Board of Public
Works on or before January 1, 1968, no funds under the provision
of this Act shall thereafter be paid over to or expended for the pur-
pose of aiding in the construction of a new Library Building (includ-
ing facilities and site preparation) and a new addition to the Men's
Gymnasium on the campus of Washington College in Chestertown.

Sec. 7. And be it further enacted, That until all of the interest
on and principal of any certificates issued under this Act have been
paid in full, there is hereby levied and imposed an annual State tax
on each $100 of assessable property at the rate to be determined in
the following manner: on or before May 1, 1967, and/on or before
May 1 in each taxable year thereafter, the Board of Public Works
shall certify to the governing bodies of each of the Counties and
Baltimore City the rate of State tax on each $100 of assessable prop-
erty necessary to produce revenues to meet all interest and principal
which will be payable to the close of the next ensuing taxable year
on all certificates theretofore issued or theretofore authorized by
resolution of the Board of Public Works to be issued, and the govern-
ing bodies of each of the Counties and Baltimore City shall forthwith
levy and collect such tax rate at such rate.