Ch. 139

1997 LAWS OF MARYLAND

University - Goodloe Property Loan of 1997 in a total principal amount equal to the
lesser of (i) $175,000 or (ii) the amount of the matching fund provided in accordance with
Section 1(5) below. This loan shall be evidenced by the issuance, sale, and delivery of
State general obligation bonds authorized by a resolution of the Board of Public Works
and issued, sold, and 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:
far use by Bowie State University in the acquisition and renovation of the home of the
first president of the University, the Don Speed Goodloe property, located across from
the University, the property to be used as a visitor's center for the University.

(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, Bowie State University and the
Maryland-National Capital Park and Planning Commission, as equal participants, shall
provide and expend a matching fund. No part of the 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. Bowie
State University and the Maryland-National Capital Park and Planning Commission have
until June 1, 1999, 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.

(6) (a) Prior to the issuance of the bonds, Bowie State University shall grant
and convey to the Maryland Historical Trust a perpetual preservation easement to the
extent of its interest:

(i) On the land or such portion of the land acceptable to the Trust;

and

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