WILLIAM DONALD SCHAEFER, Governor Ch. 543
(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: for a grant to the Mayor and City Council of
Baltimore for the purpose of developing, improving, expanding,
constructing, and equipping the National Aquarium in Baltimore.
(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
National Aquarium in Baltimore, Inc. and the Mayor and City
Council of Baltimore shall jointly provide at least an equal and
matching fund of $3,500,000 $2,000,000. 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 National Aquarium in Baltimore, Inc. and 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.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1987.
Approved May 14, 1987.
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