Ch. 267

1997 LAWS OF MARYLAND

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. The matching fund, including in kind contributions, may consist of
items that are necessary to the renovation of the ship, including but not limited to tools
and tooling, utilities, and the rental and repair of facilities. 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 $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, 2000.

(g) The grantee has until June 1, 2000, 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,
2000, 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
Secretary of the United States Navy to grant and convey to the Maryland Historical Trust
a perpetual preservation easement covenant to the extent of the interest of the United
States Navy on the historic vessel.

(b) The easement covenant must be in form and substance acceptable to the
Trust and the extent of the interest to be encumbered must be acceptable to the Trust.

SECTION 2. AND BE IT FURTHER ENACTED. That the Laws of Maryland
read as follows:

Chapter 287 of the Acts of 1995, as amended by Chapter 340 of the Acts of 1996

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1) The Board of Public Works may borrow money and incur indebtedness on
behalf of the State of Maryland through a State loan to be known as the U.S.S.
Constellation Loan of 1995 in a total principal amount equal to the lesser of (i) $500,000

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