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ROBERT L. EHRLICH, JR., Governor H.B. 1580
satisfactory evidence is presented, the Board shall certify this fact and the amount of
the matching fund to the State Treasurer, and the proceeds of the loan equal to the
amount of the matching fund shall be expended for the purposes provided in this Act.
Any amount of the loan in excess of the amount of the matching fund certified by the
Board of Public Works shall be canceled and be of no further effect.
(6) (a) Prior to the issuance of the bonds, the grantee shall grant and convey
to the Maryland Historical Trust a perpetual preservation easement to the extent of
its interest:
(i) On the land or such portion of the land acceptable to the Trust;
and
(ii) On the exterior and interior, where appropriate, of the historic
structures.
(b) The easement must be in form and substance acceptable to the Trust
and extent of the interest to be encumbered must be acceptable to the Trust.
(7) THE PROCEEDS OF THE LOAN MUST BE EXPENDED OR ENCUMBERED BY
THE BOARD OF PUBLIC WORKS FOR THE PURPOSES PROVIDED IN THIS ACT NO LATER
THAN JUNE 1, 2006. IF ANY FUNDS AUTHORIZED BY THIS ACT REMAIN UNEXPENDED
OR UNENCUMBERED AFTER JUNE 1, 2006, THE AMOUNT OF THE UNENCUMBERED OR
UNEXPENDED AUTHORIZATION SHALL BE CANCELED AND BE OF NO FURTHER
EFFECT. IF BONDS HAVE BEEN ISSUED FOR THE LOAN, THE AMOUNT OF
UNEXPENDED OR UNENCUMBERED BOND PROCEEDS SHALL BE DISPOSED OF AS
PROVIDED IN § 8-129 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2005.
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- 4499 -
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