2540

LAWS OF MARYLAND

Ch. 662

(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 and modification of a central heating
distribution system on the campus of Washington College.

(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, Washington College shall provide at least an
equal and matching fund of [$210,000] $560,000 for this
project. No part of the applicant's matching fund may be
provided from State funds either directly or indirectly. No
part of the fund may consist of real property or in-kind
contributions. In case of any dispute as to what money or
assets may qualify as matching funds, the Board of Public
Works shall determine the matter and the Board's decision is
final. Washington College shall have until June 1, [1980]
1983 to present evidence satisfactory to the Board of Public
Works that this fund will be provided. Upon receiving from
the Board of Public Works on or before June 1, [1980] 1983,
a certification of suitable evidence, 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,
[1980] 1983, the proceeds of the loan shall be [transferred
to the Annuity Bond Fund and applied to the debt service
requirements of the State] DISPOSED OF IN ACCORDANCE WITH
THE PROVISIONS IN ARTICLE 78A, SECTION 3 OF THE ANNOTATED
CODE OF MARYLAND (1976 REPLACEMENT VOLUME AND 1977
SUPPLEMENT 1980 REPLACEMENT VOLUME, AS AMENDED FROM TIME TO
TIME).

(6) If any funds provided by this Act are not

encumbered within [three] TWO 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
[three] TWO years from the effective date of this Act, the
amount specified in this Act for the abandoned fund 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
three years from the effective date of this Act, the total
issuable bonds authorized by this Act shall be reduced by