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Ch. 246
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2000 LAWS OF MARYLAND
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(5) (a) The grantee shall provide and expend a matching fund.
(b) 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. The fund may
consist of in kind contributions made after January 1, 1993 or funds expended prior to
the effective date of this Act and after January 1, 1993. The matching fund, including
in kind contributions, may consist of items that are necessary to the renovation of the
ship, including but not limited to tools and tooling, utilities, and the rental and repair
of facilities. 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.
(c) The grantee shall present evidence to the satisfaction of the Board of
Public Works of the provision and expenditure of the matching fund, and the Board of
Public Works shall disburse the proceeds of the grant under the provisions of this Act
for the purposes set forth in Section 1(3) above, both to be done in installments.
(d) As the grantee provides and expends an installment of the matching
fund, which shall be equal to at least 25% of the grant amount authorized in Section
1(1) above, the Board of Public Works shall disburse an installment of the proceeds of
the grant equal to the portion of the matching fund presented at that time by the
grantee.
(e) This method of presentation of the matching fund in installments and
of the disbursement of the proceeds of the loan in installments that are equal to each
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, 2002.
(f) The grantee has until June 1, 2002, 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, 2002, 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, 2000.
Approved May 11, 2000.
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- 1540 -
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