Ch. 611

1993 LAWS OF MARYLAND

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 the Mayor and Town Council of the Town of Kensington for the repair,
renovation, rehabilitation, reconstruction, and equipping of the Kensington Town
Hall/Armory Senior Community Center.

(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 Mayor and Town Council of the Town of
Kensington 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 in kind contributions
or funds expended prior to the effective date of this Act. The fund may consist of real
property. 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 Mayor and Town Council of the Town of
Kensington have 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.

(6)     (a) Prior to the issuance of the bonds, the Mayor and Town Council of the
Town of Kensington shall grant and convey to the Maryland Historical Trust a perpetual
preservation easement to the extent of its interest:

(i) On the land or such portion of the land acceptable to the Trust;
and

(ii) On the exterior and interior, where appropriate, of the historic
structures.

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