Ch. 242                                    1995 LAWS OF 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 County Executive and County Council of
Montgomery County grantee shall provide and expend a matching fund. No part of the
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 grantee has until June 1, 1997, 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, 1995.

Approved May 9, 1995.

CHAPTER 242
(House Bill 290)

AN ACT concerning

Creation of a State Debt - Montgomery County - Gaithersburg Center for the Cultural

Arts

FOR the purpose of authorizing the creation of a State Debt not to exceed $3,300,000
$690,000 $350,000, the proceeds to be used as a grant to the Gaithersburg Center
for the Cultural Arts Mayor and City Council of the City of Gaithersburg for certain
development or improvement purposes; providing for disbursement of the loan
proceeds, subject to a requirement that the grantee provide and expend a matching
fund; excluding a certain use of the proceeds; 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:

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