1278

LAWS OF MARYLAND

Ch. 314

(1)  The Board of Public Works may borrow money and incur
indebtedness on behalf of the State of Maryland through a State
loan to be known as the Glenbrook Day School Loan of 1986 in the
total principal amount of $500,000 $150,000. This loan shall be
evidenced by the issuance, sale, and delivery of State general
obligation bonds authorized by a resolution of the Board of
Public Works and issued, sold, and delivered in accordance with
§§ 8-117 through 8-124 of the State Finance and Procurement
Article and Article 31, § 22 of the Code.

(2)  The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 8-122 of the
State Finance and Procurement Article.

(3)  The cash proceeds of the sale of the bonds shall be
paid to the Treasurer and first shall be applied to the payment
of the expenses of issuing, selling, and delivering the bonds,
unless funds for this purpose are otherwise provided, and then
shall be credited on the books of the Comptroller and expended,
on approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: as a grant to the Glenbrook Day School for the
purpose of the planning, design, construction, reconstruction,
renovation, rehabilitation, repair, and improvements improvement
of the vacated building in Montgomery County, known as the
Georgetown Hill Elementary School, to be used as the central
educational and administrative facility of the Glenbrook Day
School, and including the costs of acquisition and installation
of furnishings and equipment for the facility and the costs of
capital improvements to the grounds surrounding the facility.

(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 on the bonds, as and when due and until
paid in full. The principal shall be discharged within 15 years
after 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
Glenbrook Day School shall provide at least an equal and matching
fund of $500,000 $150,000. 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 or in kind contributions.
The fund may consist of, 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 Glenbrook Day School has until June 1,
1988, 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