1364

LAWS OF MARYLAND

Ch. 349

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 Loyola College to assist in the
planning, design, alteration, addition, and equipping of Donnelly
Science Center.

(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)  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 Loyola College of a sum up to
$2,400,000 $2,000,000 as a matching fund for this project. No
part of an applicant's matching fund may be provided from State
funds either directly or indirectly, in whole or in part. No
part of the fund may consist of real property or in kind
contributions. 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. Loyola
College has until June 1, 1988, 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,
1988, 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 $2,400,000 $2,000,000 as a
matching fund for this project is not presented to the Board of
Public Works on or before June 1, 1988, 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 § 8-129 of the State Finance and
Procurement Article.

(6)  No portion of the proceeds of the loan or any of the
matching funds may be used for the furtherance of sectarian
religious instruction, or in connection with the design,
acquisition, or construction of any building used or to be used
as a place of sectarian religious worship or instruction, or in
connection with any program or department of divinity for any
religious denomination. Upon the request of the Board of Public
Works, Loyola College shall submit evidence satisfactory to the
Board that none of the proceeds of this loan or any matching