Annapolis for the design, planning, repair, renovation, reconstruction, and
landscaping of, for the provision of capital equipment for, and for the burial of
utilities on, Main Street, which is located in the Historic District of Annapolis,
Maryland, subject to the requirement that the Mayor and City Council of Annapolis
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 Annapolis
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 Annapolis
Historic District - Main Street Reconstruction Loan of 1994 in a total principal amount
equal to the lesser of (i) $2,500,000 $1,250,000 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 Annapolis for the design, planning, repair,
renovation, reconstruction, and landscaping of, for the provision of capital equipment for,
and for the burial of utilities on, Main Street, which is located in the Historic District of
Annapolis, Maryland.                                                                             

(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 Annapolis 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 Annapolis have until June 1, 1996, to present evidence

Ch. 204

1994 LAWS OF MARYLAND

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