PARRIS N. GLENDENING, Governor

Ch. 79

(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;
as a grant to the County Executive and County Council of Anne Arundel County
(referred to hereafter in this Act as "the grantee") for the planning, design, construction,
and development of infrastructure improvements to a parcel of land located at Crain and
Ritchie Highways in Anne Arundel County, known as [Site 8] THE GLEN BURNIE TOWN
CENTER of the Glen Burnie Urban Renewal District, to be a centrally located mixed use
area for the Glen Burnie area that will contain residences, offices, recreation facilities,
and other community facilities.

(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[,] OR in kind contributions [, or] THE MATCHING
FUND MAY CONSIST OF 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1997.

Approved April 8, 1997.

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