WILLIAM DONALD SCHAEFER, Governor Ch. 242

(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 Hood College to assist in the
planning, design, construction, and equipping of a
library/information technology center.

(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)  The payment of any funds under the provisions of this
Act for the purposes set forth in Section 1(3) above, shall be
contingent upon the provision by Hood College of a sum up to
$3,600,000 as a matching fund for this project. No part of an
applicant's matching fund may be provided from State funds either
directly or indirectly, in whole or in part. No part of the fund
may consist of real property or in kind contributions. 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. Hood College has until June 1,
1991, to present evidence satisfactory to the Board of Public
Works of the sum that it has raised as a matching fund for this
purpose. Upon a certification of suitable evidence from the
Board of Public Works on or before June 1, 1991, the proceeds of
the loan shall be expended in accordance with the provisions of
this Act. To the extent that satisfactory evidence of the
raising of a sum up to $3,600,000 as a matching fund for this
project is not presented to the Board of Public Works on or
before June 1, 1991, no funds under the provisions of this Act
shall thereafter be paid over to or expended for the purposes set
forth in Section 1(3) above, and the remaining 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, 1989.

Approved May 5, 1989.

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