PARRIS N. GLENDENING, Governor                             S.B. 448

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 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:

(a)     As a grant in the amount equal to the lesser of (i) $240,000 or (ii) the
amount of the matching fund provided in accordance with Section 1(5) below, to the
Board of Directors of Sailwinds Park, Inc., a nonprofit development and management
entity, for the planning, design, and construction of, and for the provision of capital
equipment for, a 4.5 ACRE beach and stage area at Sailwinds Park in Cambridge,
Maryland THAT INCLUDES, BUT IS NOT LIMITED TO, A PERFORMANCE VENUE, A
CHILDREN'S PLAYGROUND, VOLLEYBALL COURTS, A PAVILION, AND A
BOARDWALK; and

(b)     As a grant in the amount of $240,000, to the Board of Directors of
Sailwinds Park, Inc., a nonprofit development and management entity, for the planning,
design, and construction of bulkheading, riprapping, and other measures to protect the
shoreline of Sailwinds Park in Cambridge, 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)(a) above, the Board of Directors of Sailwinds Park,
Inc., a nonprofit development and management entity, shall provide and expend a
matching fund. No part of an applicant's matching fund may be provided, either directly
or indirectly, from funds of the State, whether appropriated or unappropriated. [No part
of the] 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 Board of
Directors of Sailwinds Park, Inc., a nonprofit development and management entity, has
until June 1, [1996] 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.

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