PARRIS N. GLENDENING, Governor

Ch. 340

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
THIS 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.

(C)     THE GRANTEE SHALL PRESENT EVIDENCE TO THE SATISFACTION OF
THE BOARD OF PUBLIC WORKS OF THE PROVISION AND EXPENDITURE OF THE
MATCHING FUND, AND THE BOARD OF PUBLIC WORKS SHALL DISBURSE THE
PROCEEDS OF THE GRANT UNDER THE PROVISIONS OF THIS ACT FOR THE
PURPOSES SET FORTH IN SECTION 1(3) ABOVE, BOTH TO BE DONE IN INSTALLMENTS.

(D)     AS THE GRANTEE PROVIDES AND EXPENDS AN INSTALLMENT OF
THE MATCHING FUND, THE BOARD OF PUBLIC WORKS SHALL DISBURSE AN
INSTALLMENT OF THE PROCEEDS OF THE GRANT EQUAL TO THE PORTION OF THE
MATCHING FUND PRESENTED AT THAT TIME BY THE GRANTEE.

(E)     EACH INSTALLMENT OF THE MATCHING FUND SHALL BE OF AT
LEAST $75,000 $250,000.

(F)     THIS METHOD OF PRESENTATION OF THE MATCHING FUND IN
INSTALLMENTS AND OF THE DISBURSEMENT OF THE PROCEEDS OF THE LOAN IN
INSTALLMENTS THAT ARE EQUAL TO EACH PRESENTATION OF THE MATCHING
FUND SHALL CONTINUE UNTIL THE FIRST TO OCCUR OF THE DISBURSEMENT OF
THE TOTAL AMOUNT OF THE GRANT OR JUNE 1, 1997.

(G)     THE GRANTEE HAS UNTIL JUNE 1, 1997, TO PRESENT THE FINAL
EVIDENCE SATISFACTORY TO THE BOARD OF PUBLIC WORKS THAT THE TOTAL
MATCHING FUND WILL BE PROVIDED. IF SATISFACTORY EVIDENCE IS PRESENTED,
THE BOARD SHALL CERTIFY THIS FACT, THE AMOUNT OF THE FINAL INSTALLMENT
OF THE MATCHING FUND, AND THE AMOUNT OF THE TOTAL MATCHING FUND TO
THE STATE TREASURER, AND THE FINAL PROCEEDS OF THE LOAN EQUAL TO THE
FINAL INSTALLMENT OF THE MATCHING FUND SHALL BE EXPENDED FOR THE
PURPOSES PROVIDED IN THIS ACT. AFTER JUNE 1, 1997, 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 grantee shall petition the United
States Secretary of the Navy to grant and convey to the Maryland Historical Trust a
perpetual preservation easement to the extent of its interest on the historic vessel.

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