2764

LAWS OF MARYLAND

Ch. 949

1(3) above, The Baltimore Symphony Orchestra Association
shall provide $2,500,000 $5,000,000 and Baltimore City
shall provide $2,500,000 for this project. The Baltimore
Symphony Orchestra Association and Baltimore City shall have
until June 1, 1980 to present evidence satisfactory to the
Board of Public Works that these funds will be provided and
that no further State funds are necessary. Upon receiving
from the Board of Public Works on or before June 1, 1980, a
certification of suitable evidence, the Treasurer of the
State shall expend the proceeds of the loan the proceeds of
the loan shall be expended in accordance with the provisions
of this Act. If satisfactory evidence of the raising of at
least an equal and the matching fund funds for this project
is not presented to the Board of Public Works on or before
June 1, 1980, the proceeds of the loan shall be transferred
to the Annuity Bond Fund and applied to the debt service
requirements of the State.

(5)    No portion of the proceeds of the loan or any of

the matching funds may be used for any purposes other than

the purposes set forth in Section 1, (3) above, except that
the matching funds may be used for equipping of the project.

(6)    The payment of funds under the provisions of this
Act shall be made by the Board of Public Works upon receipt
of information as requested and subject to terms and
conditions established by the Board of Public Works. No
State funds will be used for current or future operation and
maintenance costs.

(5) (7) There is hereby levied and imposed an
annual State tax 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, such principal to be discharged within fifteen years
of the date of issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1978.

Approved May 29, 1978.

CHAPTER 950

(House Bill 1697)

AN ACT concerning

Transportation - Excise Tax Exemptions for
Nonprofit Organizations

FOR the purpose of exempting from the excise tax provisions
vehicles used for transporting people to programs of
private, nonprofit organizations. owned by certain