Ch. 568

LAWS OF MARYLAND

equipping of the Somerset County Agricultural and Civic
Center, Inc. subject to the requirement that Somerset County
Agricultural and Civic Center, Inc. provide at least an
equal and matching fund of a certain kind for the same
purpose by a certain date; and providing generally for the
issue and sale of bonds evidencing the loan.

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 Somerset County Agricultural and Civic
Center, Inc. Loan of 1987 in the total principal amount of
$280,000 $190,000. 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 the Somerset County Agricultural
and Civic Center, Inc. for the design, construction, renovation,
and equipping of the Somerset County Agricultural and Civic
Center, Inc.

(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
Somerset County Agricultural and Civic Center, Inc. shall provide
at least an equal and matching fund of $280,000 $190,000. 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

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