Ch. 322

1994 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 the County Executive and County Council of Montgomery County for the
planning, design, and construction of, and the provision of capital equipment for, a
regional cultural center to be located in Takoma Park.

(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 County Executive and County Council of
Montgomery County 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 County Executive and County Council of Montgomery
County have until June .1, 1996, 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1994.

Approved May 2, 1994.

CHAPTER 322
(House Bill 993)

AN ACT concerning

Creation of a State Debt - Baltimore Museum of Art

FOR the purpose of authorizing the creation of a State Debt not to exceed $500,000, the
proceeds to be used as a grant to the Mayor and City Council of Baltimore for the
repair, renovation, rehabilitation, reconstruction, expansion, and improving of, and
the provision of capital equipment for, the Baltimore Museum of Art, subject to the
requirement that the Board of Directors of the Baltimore Museum of Art, Inc.

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