PARRIS N. GLENDENING, Governor

Ch. 76

(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 of $40,000. 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, 1997.

Approved April 8, 1997.

CHAPTER 76
(Senate Bill 797)

AN ACT concerning

Frederick County - Public Facilities Bonds

FOR the purpose of authorizing and empowering the County Commissioners of Frederick
County, from time to time, to borrow not more than $40,500,000 in order to finance
the cost of certain public facilities in Frederick County, as herein defined, and to
effect such borrowing by the issuance and sale at public or private sale of its general
obligation bonds in like par amount; empowering the County to fix and determine,
by resolution, the form, tenor, interest rate or rates or method of determining the
same, terms, conditions, maturities, and all other details incident to the issuance
and sale of the bonds; empowering the County to issue refunding bonds for the
purchase or redemption of bonds in advance of maturity; empowering and directing
the County to levy, impose, and collect, annually, ad valorem taxes in rate and
amount sufficient to provide funds for the payment of the maturing principal of and
interest on the bonds; exempting the bonds and refunding bonds and the interest
thereon and any income derived therefrom from all State, county, municipal, and
other taxation in the State of Maryland; providing that nothing in this Act shall
prevent the County from authorizing the issuance and sale of bonds the interest on

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