WILLIAM DONALD SCHAEFER, Governor                         Ch. 194

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 President and Commissioners of the Town of North East to be used for
the completion of the construction of the Police Administration Building in the Town of
North East.

(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 President and Commissioners of the Town of
North East shall provide a matching fund. No part of an applicant's matching fund may be
provided, either directly or indirectly, from funds of the State. Part of the fund may
consist of real property. No part of the fund may consist of in kind contributions or funds
expended prior to the effective date of this Act. In case of any dispute as to the amount
of the matching fund or 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
President and Commissioners of the Town of North East have until June 1, [1993] 1995,
to present evidence satisfactory to the Board of Public Works that a matching fund will be
provided. If satisfactory evidence is presented, the Board shall certify this fact and the
amount of the matching fund to the State Treasurer, and the proceeds of the loan equal
to the amount of the matching fund shall be expended for the purposes provided in this
Act. Any amount of the loan in excess of the amount of the matching fund certified by the
Board of Public Works shall be canceled and be of no further effect.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1993.

Approved April 26, 1993.

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