2496

LAWS OF MARYLAND

Ch. 643

Loyola College, Baltimore.

(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)  The payment of any funds under the provisions of
this Act for the purpose set forth in Section 1(3), above,
shall be contingent upon the provision by Loyola College of
a sum up to $1,500,000 as a matching fund for this project.
No part of the applicant's matching fund may be provided
from State funds either directly or indirectly, in whole or
in part. No part of the applicant's matching fund may
consist of real property or in-kind contributions. In case
of any dispute as to what money or assets may qualify as the
applicant's matching fund, the Board of Public Works shall
determine the matter and the Board's decision is final.
Loyola College shall have until June 1, 1983, to present
evidence satisfactory to the Board of Public Works of the
sum that it has raised as a matching fund for this purpose.
Upon a certification of suitable evidence from the Board of
Public Works on or before June 1, 1983, the proceeds of the
loan shall be expended in accordance with the provisions of
this Act. To the extent that satisfactory evidence of the
raising of a sum up to $1,500,000 as a matching fund for
this project is not presented to the Board of Public Works
on or before June 1, 1983, no funds under the provisions of
this Act 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)  No portion of the proceeds of the loan or any of
the matching funds may be used for the furtherance of
sectarian religious instruction, or in connection with the
design, acquisition, or construction of any building used or
to be used as a place of sectarian religious worship or used
or to be used as a place for sectarian religious
instruction, or in connection with any part of any program
or department of divinity for any religious denomination.
Upon request of the Board of Public Works, Loyola College
shall submit evidence satisfactory to the Board that none of
the proceeds of this loan have been or are being used for a
purpose prohibited by this Act.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1981.

Approved May 19, 1981.