Ch. 339                                        LAWS OF MARYLAND                               

(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 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 $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.[, or funds
expended prior to the effective date of this Act] ANY PART OF THE
FUND MAY CONSIST OF 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 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.

(6)   The Glenbrook Day School shall demonstrate to the Board
of Public Works that the Glenbrook Day School has adopted a
policy to accept all students on a first come, first served basis

         - 1920 -