3688

LAWS OF MARYLAND

Ch. 675

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1)  The Board of Public Works may borrow money and
incur indebtedness on behalf of the State of Maryland
through a State loan to be known as the Havre De Grace Shore
Erosion Control Loan of 1982 in the aggregate principal
amount of $50,000. This loan shall be evidenced by the
issuance and sale of State general obligation bonds
authorized by a resolution of the Board of Public Works and
issued, sold and delivered in accordance with the provisions
of §§ 19 to 23 of Article 31 of the Annotated Code of
Maryland (1976 Replacement Volume and 1981 Supplement, as
amended from time to time).

(2)  The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolidated and sold as part of a single- issue of bonds
under § 2B of Article 31 of the Code.

(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: as a grant
to the City of Havre de Grace for shore erosion control.

(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 City of Havre de Grace shall provide at
least an equal and matching fund of $50,000. No part of an
applicant's matching fund may be provided, either directly
or indirectly, from funds of the State, whether appropriated
or unappropriated. No part of the fund may consist of real
property, in kind contributions, or funds expended prior to
the effective date of this Act. 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. The City of Havre de Grace has
until June 1, 1984 to present evidence satisfactory to the
Board of Public Works that the matching fund will be
provided. If satisfactory evidence is presented, the Board
shall certify this fact to the State Treasurer and the
proceeds of the loan shall be expended for the purposes
provided in this Act. If this evidence is not presented by