PARRIS N. GLENDENING, Governor                             Ch. 144

This loan shall bo 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 bo applied to the payment of the expenses of issuing, selling, and delivering
the bonds, unless funds for this purpose arc 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 [U.S.F.] Constellation Foundation, Inc. (referred to
hereafter in this Act as "the grantee") for the design, repair, restoration, improvement,
and preservation of the U.S.S. Constellation.

(4)     An annual State tax is imposed on all assessable property in the State in
rate and amount sufficient to pay the principal of an 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. The fund may include 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, 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.]

(5) (A) THE GRANTEE SHALL PROVIDE AND EXPEND A MATCHING FUND.

(B) 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. THE FUND MAY CONSIST OF IN KIND CONTRIBUTIONS MADE
AFTER JANUARY 1, 1993 OR FUNDS EXPENDED PRIOR TO THE EFFECTIVE DATE OF
TIBS ACT AND AFTER JANUARY 1, 1993. 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.

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