WILLIAM DONALD SCHAEFER, Governor Ch. 121

(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 Project Liberty Ship for the
reactivation, renovation, reconstruction, repair, and
preservation of the historic Liberty Ship John W. Brown to be
used as a memorial to merchant marines and naval armed guards.

(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,
Project Liberty Ship shall provide at least an equal and matching
fund of $300,000 $250,000 $225,000. 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. Project
Liberty Ship has until June 1, 1991, 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, 1991,
the proceeds of the loan shall be applied to the purposes
authorized in § 8-129 of the State Finance and Procurement
Article.

(6)  The Project Liberty Ship shall grant and convey a
perpetual preservation easement or covenant on the exterior and
interior of the improvements, where appropriate, and on the land
vessel 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, 1989.

Approved May 5, 1989.

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