HARRY HUGHES, Governor                                     1505

(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 Institute of Notre Dame Loan of 1986 in
the total principal amount of $250,000 $100,000. 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 Institute of Notre Dame, inc.,
for the purpose of repairing, restoring, renovating,
constructing, and expanding structures and facilities of the
Institute of Notre Dame located at 901 Aisquith Street in
Baltimore, Maryland.

(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
Institute of Notre Dame, Inc., shall provide at least an equal
and matching fund of $250,000 $100,000. 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 Institute of Notre Dame, Inc., 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
presented by June 1, 1988, the proceeds of the loan shall be
applied to the purposes authorized in § 8-129 of the State
Finance and Procurement Article.