2604

LAWS OF MARYLAND

Ch. 506

(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
Capitol Institute of Technology shall provide at least an equal

and matching fund of $1,500,000. 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

Capitol Institute of Technology has until June 1, 1987, 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, 1987, 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 purposes set forth in Section 1(3) above, shall be
contingent upon the provision by Capitol Institute of Technology
of a sum up to $1,500,000 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, 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 is final. Capitol Institute of Technology
has until June 1, 1987 to present evidence satisfactory to the
Board of Public Works of the sum that it has raised as a matching
fund for this purpose. Upon a certification of suitable evidence
from the Board of Public Works on or before June 1, 1987, the
proceeds of the loan shall be expended in accordance with the
provisions of this Act. To the extent that satisfactory evidence
of the raising of a sum up to $1,500,000 as a matching fund for
this project is not presented to the Board of Public Works on or
before June 1, 1987, no funds under the provisions of this Act
shall thereafter be paid over to or expended for the purposes set
forth in Section 1(3) above, and the remaining 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, 1985.