HARRY HUGHES, Governor

5229

(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: to assist in
the planning, design, construction, and equipping equipment
of the Resource Management Facility located at Hood 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 purpose set forth in Section
1(3), above, Hood College shall provide at least an equal
and matching fund of $200,000 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 shall be final. Hood
College shall have until June 1, 1984 to present evidence
satisfactory to the Board of Public Works that this fund
will be provided. If satisfactory evidence of the raising
of at least an equal and matching fund for this project is
presented to the Board of Public Works on or before June 1,
1984, 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, 1984, the
proceeds of the loan shall be applied to the purposes
authorized in Article 78A, § 3 of the Code.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1982.

June 1, 1982
The Honorable Benjamin L. Cardin
Speaker of the House of Delegates
State House
Annapolis, Maryland 21404