Ch. 601                                       LAWS OF MARYLAND

(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 St. Mary's County for the planning, design, construction, and
equipping of the St. Mary's County Regional Park to be located at
the St. Mary's County Watershed.

(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 St. Mary's County shall provide
at least an equal and matching fund of $500,000 $250,000. 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 St. Mary's County
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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1989.

Approved May 25, 1989.

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