Ch. 396                                    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
Maryland-National Capital Park and Planning Commission shall
provide at least an equal and matching fund of $2,323,375
$700,000 $450,000. No part of an applicant's matching fund may be
provided, either directly or indirectly, from funds of the State,
whether appropriated or unappropriated. 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. Maryland-National Capital Park and Planning
Commission has 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 396

(Senate Bill 835)

AN ACT concerning

Insurance - Risk Retention Act

FOR the purpose of regulating the formation and operation of risk
retention groups in this State formed pursuant to the
provisions of the Federal Liability Risk Retention Act of
1986; providing that risk retention groups and purchasing
groups are subject to certain State laws; and generally
relating to risk retention groups and purchasing groups.

BY adding to

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