Ch. 378                                  LAWS OF 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
County Executive and County Council of Baltimore County shall
provide a sum up to $700,000 $200,000 as a matching fund. 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 County Executive and County Council of Baltimore
County have until June 1, 1989, 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, 1989, the proceeds of
the loan shall be applied to the purposes authorized in § 8-129
of the State Finance and Procurement Article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1987.

Approved May 14, 1987.

CHAPTER 378

(Senate Bill 678)

AN ACT concerning

Real Property - Time-Share Bonds

FOR the purpose of requiring separate bonds as to each time-share
project which becomes registered with the Maryland Real
Estate Commission on or after a certain date; and generally
relating to laws for time-share projects.

BY repealing and reenacting, with amendments,

Article - Real Property
Section 11A-116(f)

- 1996 -