PARRIS N. GLENDENING, Governor

Ch. 291

(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 Anne Arundel
County - Historic Annapolis Foundation - Maynard-Burgess House Loan of 1997 in a
total principal amount equal to the lesser of (i) $200,000 $150,000 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 Historic Annapolis Foundation (referred to hereafter in this Act as "the
grantee") for the repair, renovation, and restoration of the Maynard-Burgess House,
located on Duke of Gloucester Street in Annapolis, and the stabilization of the building,
the infrastructure, and the surrounding land.

(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 Mayor and City Council of Annapolis shall
provide and expend a matching fund. 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 in kind contributions or funds
expended prior to the effective date of this Act. The matching fund may consist of real
property. 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, 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, the grantee Mayor and City Council
of Annapolis shall grant and convey to the Maryland Historical Trust a perpetual
preservation easement to the extent of its interest:

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