2564

LAWS OF MARYLAND

Ch. 914

[[(N)]] [[(M1)]] (M) Department of

Economic and Community Development;

(1) Maryland Historical Trust:

(a)   To provide funds for the
replenishment of the Capital
Revolving Fund for Historical
Preservation. Said funds shall
only be expended with the approv-
al of the Board of Public Works
and only for the following pur-
purposes: (1) Purchase, or other
acquisition or restoration, for
resale, subject to appropriate
covenants of properties intended
for preservation; (2) Loans to
nonprofit preservation founda-
tions and organizations for

the purpose of acquiring and
restoring properties worthy of
perpetuation, which will be
repaid in principal and interest.
Interest rates must be approved
by the Board of Public Works.
In addition, the proceeds from
the resale of any properties
acquired and restored and funds
received from the repayment of
the principal and interest of any
loans made for that purpose shall
be deposited in and returned to
the Capital Revolving Account,
to constitute a continuing re-
volving fund for the foregoing
purposes. The Maryland Historical
Trust shall present annually to
the Board of Public Works and to
the General Assembly a report on
the status of this fund and a
proposed program for the use of
the fund during the following
fiscal year................... 350,000

(b)   Grants to private, nonprofit
corporations, organizations,
foundations, or individuals:

Funds to Charles Carroll House
of Annapolis, Inc., for restora-
tion of the Charles Carroll
House of Annapolis, contingent
upon assurances by the nonprofit
corporation, Charles Carroll
House of Annapolis, Inc., to
the Board of Public Works that
the complete restoration can be