PARRIS N. GLENDENING, Governor

Ch. 340

(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 Board of Directors of Memorial Recreation Center, Inc. (referred to
hereafter in this Act as "the grantee") for the repair and renovation of the infrastructure
of the existing Memorial Recreation Center facility, located in Hagerstown, that is used
as an educational and recreation center for children.

(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 340
(House Bill 1426)

AN ACT concerning

U.S.S. Constellation Loan of 1995

FOR the purpose of amending Chapter 287 of the Acts of the General Assembly of 1995,
the U.S.S. Constellation Loan of 1995, to alter the method of providing the
matching fund and to make technical changes.

BY repealing and reenacting, with amendments,

Chapter 287 of the Acts of the General Assembly of 1995

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