2302

LAWS OF MARYLAND

Ch. 350

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
Mayor and City Council of Baltimore for the purpose of
renovating, equipping, improving, expanding and constructing the
Baltimore Museum 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
Mayor and City Council of Baltimore shall provide at least an
equal and matching fund of $1,600,000. 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
Mayor and City Council of Baltimore have until June 1, 1986, 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, 1986, the proceeds of the loan shall be applied to the
purposes authorized in Article 78A, § 3 of the Code.
Furthermore, the Mayor and City Council of Baltimore shall grant
and convey a perpetual easement on the exterior and interior of
the structures, where appropriate, and on the land to the
Maryland Historical Trust, in form and substance acceptable to
the Trust.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 15, 1984.