Ch. 467                                          LAWS OF MARYLAND

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 Board of County Commissioners
of Garrett County for the purpose of planning, design, and
construction of a replacement bridge for the Glendale Bridge over
Deep Creek Lake, including the costs of land acquisition and
utility relocation associated with the Glendale Bridge project.

(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
Board of County Commissioners of Garrett County shall provide at
least an equal and matching fund of $200,000. 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 Board of County Commissioners of Garrett County
has until June 1, [1988] 1990, 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, [1988] 1990, 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, 1988.

Approved May 17, 1988.

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