Ch. 120

1996 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 grantee shall provide and expend a matching
fund. No part of the grantee'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 grantee has until June 1,
1998, 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, 1996.

Approved April 30, 1996.

CHAPTER 120

(Senate Bill 271)

AN ACT concerning

Creation of a State Debt - Baltimore County - Hannah More School

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,500,000
$500.000, the proceeds to be used as a grant to the Hannah More School for certain
acquisition, development, or improvement purposes; providing for disbursement of
the loan proceeds, subject to a requirement that the grantee provide and expend a
matching fund; requiring the grantee 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 Baltimore
County - Hannah More School Loan of 1996 in a total principal amount equal to the
lesser of (i) $1,500,000 $500.000 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,

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