S.B. 257                                                   VETOES

repair, renovation, rehabilitation, and reconstruction of a building on Main Street in
Laurel and for the excavation and grading of the land on which the house building
is located, the property to be used as the Laurel Historical Museum, subject to the
requirement that the Mayor and City Council of Laurel provide and expend a
matching fund and present by a certain date evidence that a matching fund will be
provided; requiring the Mayor and City Council of Laurel to grant and convey a
certain easement to the Maryland Historical Trust; and providing generally for the
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 Laurel Historical
Museum Loan of 1993 in a total principal amount equal to the lesser of (i) $150,000 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 the Mayor and City Council of Laurel for the repair, renovation,
rehabilitation, and reconstruction of a building on Main Street in Laurel and for the
excavation and grading of the land on which the house building is located, the property to
be used as the Laurel Historical Museum.

(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 City Council of Laurel 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,
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
Mayor and City Council of Laurel have until June 1, 1995, to present evidence satisfactory
to the Board of Public Works that a matching fund will be provided. If satisfactory

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