Ch. 267 1997 LAWS OF MARYLAND

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, [1997] 1998.

(g) The grantee has until June 1, [1997] 1998, 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,
[1997] 1998, 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 [United
States] Secretary of the UNITED STATES Navy to grant and convey to the Maryland
Historical Trust a perpetual preservation [easement] COVENANT to the extent of [its]
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-
Chapter 144 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 Baltimore City
- U.S.S. Constellation Loan of 1996 in a total principal amount equal to the lesser of (i)
$500,000 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:
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.

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