PARRIS N. GLENDENING, Governor

Ch. 287

(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] EXCEPT FOR FEDERAL FUNDS ASSIGNED TO THE STATE STATE AID IN
LIEU OF FEDERAL FUNDS APPROPRIATED IN CONNECTION WITH THE GLENDALE
BRIDGE PROJECT, 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, 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. 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.

(6) The Maryland Department of Transportation shall provide a $500,000 grant
and a $500,000 interest-free loan to the grantee to support this project. The Department
of Natural Resources shall provide any technical or in kind assistance requested by the
grantee or the Maryland Department of Transportation for this project.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is an emergency
measure, is necessary for the immediate preservation of the public health and safety, has
been passed by a yea and nay vote supported by three-fifths of all the members elected to
each of the two Houses of the General Assembly, and shall take effect from the date it is
enacted.

Approved April 29, 1997.

CHAPTER 287
(House Bill 1260)

AN ACT concerning

Academic Facilities Bonding Authority

FOR the purpose of approving certain projects for the acquisition, development, and
improvement of certain academic facilities for the University of Maryland System;
and approving the issuance of bonds by the University of Maryland System for
financing the projects.

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