Ch. 542

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
Mayor and City Council of Baltimore shall provide at least an
equal and matching fund of $1,000,000 $750,000. 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 Mayor and City Council of Baltimore 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.

(6) The Walters Art Gallery Museum of Asian Arts shall grant
and convey a perpetual preservation easement on the exterior and
interior of the structures, where appropriate, and on the land to
the Maryland Historical Trust in form and substance acceptable to
the Trust.                   

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

Approved May 14, 1987.

CHAPTER 542
(House Bill 1161)

AN ACT concerning

Emergency Regulations - Preliminary Fiscal

Impact Statement

FOR the purpose of requiring that any emergency regulation
submitted for approval to the Joint Committee on

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