ROBERT L. EHRLICH, JR., Governor

Ch. 153

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 ... (name of
project) Loan of... (year) equal to the lesser of (i) $... or (ii) the amount of the matching
fund provided in accordance with Section 1(5) below. (For an enabling act that

requires an equal matching fund)/ in the total principal amount of $..... (for an

enabling act that requires no matching fund or a lesser matching fund). This loan
shall be evidenced by the issuance, sale, and delivery of State general obligation
bonds authorized by a resolution of the Board of Public Works and issued, sold, and
delivered in accordance with §§ 8-117 through 8-124 of the State Finance and
Procurement Article and Article 31, § 22 of the Code.

(2)     The bonds to evidence this loan or installments of this loan may be sold as
a single issue or may be consolidated and sold as part of a single issue of bonds under
§ 8-122 of the State Finance and Procurement Article.

(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 ..... (name of grantee) (referred to

hereafter in this act as "the grantee") (for an enabling act that requires a matching
fund) for (here state the purpose or purposes to which the proceeds of the bonds are to
be applied).

(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 issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, .... (year)".

(d) (1) If an enabling act requires an equal matching fund, the fifth
paragraph is as follows:

"(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, ... (2 years from the effective
date of the Act), to present evidence satisfactory to the Board of Public Works that a

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