(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 in kind contributions or funds
expended prior to the effective date of this Act. The 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, 2001, 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,

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1999.

Approved April 27, 1999.

CHAPTER 235
(House Bill 444)

AN ACT concerning

Creation of a State Debt - Kent County - Schooner Sultana Project

FOR the purpose of authorizing the creation of a State Debt not to exceed $ 450,000
$100,000, the proceeds to be used as a grant to the Board of Directors of the
Chester River Craft and Art, Inc. for certain development or improvement
purposes; providing for disbursement of the loan proceeds, subject to a
requirement that the grantee provide and expend a matching fund; and
providing generally for the issuance and sale of bonds evidencing the loan.

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 Kent County
- Schooner Sultana Project Loan of 1999 in a total principal amount equal to the
lesser of (i) $450,000 $100,000, 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,