HARRY HUGHES, Governor

1305

(3)    The actual cash proceeds of the sale of the bonds
shall be paid to the Treasurer and shall be first applied to
the payment of the expenses of issuing and delivering the
bonds unless funds for this purpose are otherwise provided
and thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of
Public Works, for the following public purposes, including
any applicable architects' and engineers' fees: for the
renovation, restoration, repair, and equipping of the former
Cannon Shoe Company Building for use as instructional
studios, and for the renovation, restoration, repair, and
equipping of studio classrooms in the historic 1907 Main
Building at 1300 West Mount Royal Avenue in Baltimore City.

(4)    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.

(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 Maryland Institute, College of Art shall
provide at least an equal and matching fund of $625,000 for
this project. The Maryland Institute, College of Art shall
have until June 1, 1981, to present evidence satisfactory to
the Board of Public Works that this fund will be provided.
Upon a certification of suitable evidence from the Board of
Public Works on or before June 1, 19 81, 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 matching fund for this project is not
presented to the Board of Public Works on or before June 1,
1981, no funds shall thereafter be paid over to or expended
for the purposes set forth in Section 1(3), above, and the
remaining proceeds of the loan shall be transferred to the
Annuity Bond Fund and applied to the debt service
requirements of the State.

(6)    If any funds provided by this Act are not
encumbered within 2 years from the effective date of this
Act, the funds shall be deemed abandoned. If the total loan
authorized by this Act has been issued within 2 years from
the effective date of this Act, the amount specified in this
Act for the abandoned funds shall be transferred to the
Annuity Bond Fund and applied to the debt service
requirements of the State. If, however, the total loan
authorized by this Act has not been issued within 2 years
from the effective date of this Act, the total issuable
bonds authorized by this Act shall be reduced by the amount
specified in this Act for abandoned funds. For the purposes
of this Act, funds are encumbered when a project is approved
for a grant under this program for a specific amount, by
action of the Board of Public Works.