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Ch. 322
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1096
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LAWS OF MARYLAND
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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: for the renovation
of the Mount Royal Station including interior space, mechanical
systems, roof and site improvements located at Maryland
Institute, College of Art.
(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
Maryland Institute, College of Art shall provide at least an
equal and matching fund of $720,000. 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
Maryland Institute, College of Art has until June 1, 1985, 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 June 1, 1985, the proceeds of the loan shall be applied to the
purposes authorized in Article 78A, § 3 of the Code.
(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 Maryland Institute, College of
Art of a sum up to $720,000 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. No part of the
applicant's matching fund may consist of real property of 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. Maryland Institute, College of Art
shall have until June 1, 1985, to present evidence satisfactory
to the Board of Public Works of the sum that it has raised as a
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