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PARRIS N. GLENDENING, Governor
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Ch. 322
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hereafter in this Act as "the grantee") for the allocation to eligible school systems
under the Aging School Program for the renovation, repair, and' capital equipping
improvements of qualified zone academies, as defined in § 1397E(d)(4)(A) of the
Internal Revenue Code, as amended, and in accordance with the Aging Schools School
Program of the Interagency Committee on School Construction, as provided under §
5-303 of the Education Article of the Annotated Code 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, if any, 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) (a) The grantee shall provide and expend document the provision of a
matching fund as provided in this paragraph.
(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 shall
consist of private business contributions, which may consist of funds or in kind
contributions, as required under § 1397E(d)(2) of the Internal Revenue Code, as
amended. 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 documentation of the matching fund,
and the Board of Public Works shall authorize the disbursement of the proceeds of the
grant under the provisions of this Act for the purposes set forth in Section 1(3) above.
(d) As the grantee provides and expends documents the provision of the
matching fund and meets other requirements of § 1397E of the Internal Revenue
Code, as amended, the Board of Public Works shall authorize the disbursement of an
installment of the proceeds of the grant in proportion to the matching fund presented
documented at that time by the grantee.
(e) This method of presentation documentation 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 and documented. If satisfactory evidence is presented, the Board shall
certify this fact, the amount of tho 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 proportional 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 that has not been authorized by the Board of Public Works for disbursement
shall be canceled and be of no further effect.
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- 1919 -
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