Ch. 466                                     1993 LAWS OF MARYLAND

issuance and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1)     The Board of Public Works may borrow money and incur indebtedness on
behalf of the State of Maryland through a State loan to be known as the St. John's
College Loan of 1993 in the amount of $2,900,000 a total principal amount equal to the
lesser of (i) $2,900,000 or (ii) the amount of the matching fund provided in accordance
with Section 1(5) below. This loan shall be evidenced by the issuance, sale, 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 St. John's College to assist in the conversion of a building previously used as
the Maryland Hall of Records to a library, and for the conversion of the building that
currently serves as the library to a classroom, office, and multipurpose building, and for
the planning, design, repair, renovation, rehabilitation, reconstruction, alteration,
addition, construction, and equipping of the buildings necessary to effect the conversions.

(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 St. John's College shall provide and expend
a matching fund of $2,900,000. No part of an applicant's matching fund may be provided,
either directly or indirectly, in whole or in part, from funds of the State, whether
appropriated or unappropriated. No part of the fund may consist of real property or in
kind contributions. The fund may consist of funds expended for this project 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. St. John's College has until June
1, 1995, to present evidence satisfactory to the Board of Public Works of the sum that it
has raised as a matching fund for this purpose. Upon certification of suitable evidence
from the Board of Public Works on or before June 1, 1995, the proceeds of the loan shall
be expended in accordance with the provisions of this Act. The remaining proceeds of the
loan shall be applied to the purposes authorized in § 8-129 of the State Finance and
Procurement Article. Notwithstanding any other provision of law, if St. John's College
provides a matching fund of less than $2,900,000, the College may receive a portion of the

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