Ch. 494

LAWS OF MARYLAND

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(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 Maryland Institute, College of Art Loan
of 1987. in the total principal amount of $1,940,000 $1,500,000.
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 Maryland Institute, College of Art
to assist in the planning, design, renovation, alteration, and
equipping of the Main Building, the Main Building Annex, and the
Dolphin Building.

(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 Maryland Institute, College of
Art of a sum up to $1,940,000 $1,500,000 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. Maryland Institute, College of Art has until June 1,
1989, 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, 1989, the proceeds of
the loan shall be expended in accordance with the provisions of
this Act. To the extent that satisfactory evidence of the

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