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Ch. 431 2005 LAWS OF MARYLAND
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Program of the Interagency Committee on School Construction, as provided under §
5-303 of the Education Article of the Annotated Code of Maryland.
(4) An annual State tax is imposed on all assessable property in the State in
rate and amount sufficient to pay the principal of and interest, if any, on the bonds as
and when due and until paid in full. The principal shall be discharged within 15 years
after the date of issuance of the bonds.
(5) (a) The grantee shall document the provision of a matching fund as
provided in this paragraph.
(b) No part of the 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. The fund shall consist of private business
contributions, which may consist of funds or in kind contributions, as required under
§ 1397E(d)(2) of the Internal Revenue Code, as amended. 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.
(c) The grantee shall present evidence to the satisfaction of the Board of
Public Works of the provision and documentation of the matching fund, and the Board
of Public Works shall authorize the disbursement of the proceeds of the grant under
the provisions of this Act for the purposes set forth in Section 1(3) above.
(d) As the grantee documents the provision of the matching fund and
meets other requirements of § 1397E of the Internal Revenue Code, as amended, the
Board of Public Works shall authorize the disbursement of an installment of the
proceeds of the grant in proportion to the matching fund documented at that time by
the grantee.
(e) This method of documentation of the matching fund shall continue
until the first to occur of the disbursement of the total amount of the grant or June 1,
2007.
(f) The grantee has until June 1, 2007, to present the final evidence
satisfactory to the Board of Public Works that the total matching fund will be
provided and documented. If satisfactory evidence is presented, the Board shall
certify this fact to the State Treasurer, and the final proceeds of the loan proportional
to the final installment of the matching fund shall be expended for the purposes
provided in this Act. After June 1, 2007, any amount of the loan that has not been
authorized by the Board of Public Works for disbursement shall be canceled and be of
no further effect.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2005.
Approved May 10, 2005.
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