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Ch. 575
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PARRIS N. GLENDENING, Governor
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(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 Board of Directors of Chester River
Craft and Art, Inc. (referred to hereafter in this Act as "the grantee") for the planning,
design, construction, and capital equipping of a reproduction of the 1767 schooner
"Sultana", for use as a "hands on" classroom for the teaching of colonial history,
environmental science, and vocational skills.
(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. The fund may
consist of 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, 2002, 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, 2000.
Approved May 18, 2000.
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CHAPTER 575
(House Bill 152)
AN ACT concerning
Higher Education - Repayment Obligations
FOR the purpose of requiring payment of interest at a certain rate on repayment
obligations for certain programs administered by the Maryland Higher
Education Commission; requiring repayment obligations to commence at a
certain time; altering the method for computing the interest rate to be paid on
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- 3035 -
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