Ch. 625

LAWS OF MARYLAND

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 Mayor and City Council of
Baltimore for the construction, development, expansion,
improvement and equipping of the main gate, other entrances, and
parking at the Baltimore Zoo, located in Druid Hill Park in
Baltimore City.

(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
Maryland Zoological Society shall provide at least an equal and
matching fund of $1,250,000 $250,000 $300,000. 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 Maryland Zoological Society 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 Maryland Zoological Society shall grant and convey
a perpetual preservation easement on the exterior and interior of
the improvements, where appropriate, and on the land 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.

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