Ch. 325                     .            1994 LAWS OF MARYLAND

(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 Johns Hopkins
University - G.W.C. Whiting School of Engineering - Krieger Hall and Maryland Hall
Loan of 1994 in a total principal amount equal to the lesser of (i) $2,700,000 $2,500,000
$2,600,000 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 Johns Hopkins University for the planning, design, repair, renovation,
rehabilitation, reconstruction, conversion, alteration, expansion, and construction of, the
addition to, and the provision of capital equipment for, Krieger Hall and Maryland Hall,
both of the G.W.C. Whiting School of Engineering.

(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 Johns Hopkins University 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 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. The Johns Hopkins University has 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.

(6)     (a) Prior to the issuance of the bonds, The Johns Hopkins University shall
grant and convey to the Maryland Historical Trust a perpetual preservation easement to
the extent of its interest:

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