Ch. 415

1997 LAWS OF MARYLAND

(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 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,
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) No portion of the proceeds of the loan or any of the matching funds may be
used for the furtherance of sectarian religious instruction, in connection with the design,
acquisition, or construction of any building used or to be used as a place of sectarian
religious worship or instruction, or in connection with any program or department of
divinity for any religious denomination. Upon the request of the Board of Public Works,
the grantee shall submit evidence satisfactory to the Board that none of the proceeds of
the loan or any matching funds has been or is being used for a purpose prohibited by this
Act.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1997.

Approved May 8, 1997.

CHAPTER 415
(House Bill 192)

AN ACT concerning

Howard County - Property Tax Credit - Commercial or Industrial Businesses

Ho. Co. 12-97

FOR the purpose of altering the circumstances under which Howard County may grant a
property tax credit to extend it to real property owned or occupied by a commercial
or industrial business; requiring that the benefit of the tax credit be passed on to a
commercial or industrial business under certain circumstances; placing a limit on
the term of the tax credit under certain circumstances; and generally relating to a

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