PARRIS N. GLENDENING, Governor Ch. 267

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:
as a grant to the Board of Directors of the Constellation Foundation, Inc. (referred to
hereafter in this Act as "the grantee") for the design, repair, restoration, improvement,
and preservation of the U.S.S. Constellation.

(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) (a) The grantee shall provide and expend a matching fund.

(b) 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. 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

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