Ch. 655                                          LAWS OF MARYLAND

and Planning Commission for the construction of the

infrastructure and structures located on the Prince George's

Equestrian Center Complex, subject to the requirement that
the County Executive and County Council of Prince George's

County 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 Prince George's Equestrian Center Complex
Loan of 1988 in the total principal amount of $5,000,000
$1,250,000 $1,000,000. 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 Maryland-National Capital
Park and Planning Commission for the construction of the
infrastructure and structures located on the Prince George's
Equestrian Center Complex.

(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
County Executive and County Council of Prince George's County
shall provide at least an equal and matching fund of $5,000,000
$1,250,000 $1,000,000. An No part of an applicant's matching fund
may be provided, either directly or indirectly, from funds of the

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