HARRY HUGHES, Governor

2611

(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 of three buildings and various utility systems,
not including site development or central energy monitoring
systems.

(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, Mt. St. Mary's College shall provide at least an
equal and matching fund of $800,000 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
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. Mt. St. Mary's College
shall have until June 1, 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, 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 raising at least an equal and
matching fund for this project is presented to the Board of
Public Works on or before June 1, 1983, the Board of Public
Works shall so certify to the Treasurer of the State and 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, 1983, the proceeds of the loan shall be
disposed of in accordance with 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 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 two years from
the effective date of this Act, the amount specified in this
Act for the abandoned funds shall be disbursed of in