Ch. 452                                     1993 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 Western Maryland College TO ASSIST IN THE PLANNING, DESIGN,
RENOVATION, REPAIR, REHABILITATION, RECONSTRUCTION, CONSTRUCTION, AND
EQUIPPING OF EXISTING ACADEMIC FACILITIES, INCLUDING LEWIS HALL OF
SCIENCE, AND to assist in the planning, design, construction, and equipping of a new
wing to Lewis Hall of Science.

(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 Western Maryland
College of a sum up to $1,900,000 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. THE FUND MAY CONSIST OF 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. Western Maryland College has until June 1, 1993 1994, to
present evidence satisfactory to the Board of Public Works of the sum that if 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, [1993] 1994. The , 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 $1,900,000 as a matching fund for this
project is not presented to the Board of Public Works on or before June 1, [1993] 1994,
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, 1993.

Approved May 27, 1993.

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