Ch. 443                                     1993 LAWS OF MARYLAND

and delivery of 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 Board of Governors of the Chesapeake Bay Maritime Museum, Inc. for
the acquisition of real property at 100 North Street in St. Michael's and for the repair,
renovation, rehabilitation, reconstruction, construction, and equipping of a building on
the property for use by the Museum as a research library.

(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
issuance 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 Governors of the Chesapeake Bay
Maritime Museum, Inc. shall provide and expend a matching fund. 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, or¹ 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 Board of Governors of the Chesapeake Bay Maritime
Museum, Inc has until June 1, 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 May 27, 1993.                                                                                   

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