ROBERT L. EHRLICH, JR., Governor

Ch. 432

(4)     An annual 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.

(5)     (a) Prior to the payment of any matching grant funds under the
provisions of Section 1(3), Items ZA00 through ZB02 ZC01 above, grantees shall
provide and expend matching funds as specified. No part of a grantee's matching fund
may be provided, either directly or indirectly, from funds of the State, whether
appropriated or unappropriated. Except as otherwise provided, 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 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. Grantees have until June 1, 2006, to present evidence
satisfactory to the Board of Public Works that the matching fund will be provided. If
satisfactory evidence is presented, the Board shall certify this fact to the State
Treasurer and the proceeds of the loan shall be expended for the purposes provided in
this Act. If this evidence is not presented by June 1, 2006, the proceeds of the loan
shall be applied to the purposes authorized in Section 8-129 of the State Finance and
Procurement Article.

(b) It is further provided that when an equal and matching fund is
specified in Section 1(3), Items ZA00 through ZB02 ZC01 above, grantees shall
provide a matching fund equal to the lesser of (i) the authorized amount of the State
grant or (ii) the amount of the matching fund certified by the Board of Public Works.
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 the Act.
If this evidence is not presented by June 1, 2006, the proceeds of the loan shall be
applied to the purposes authorized in Section 8-129 of the State Finance and
Procurement Article. The proceeds of any amount of the loan in excess of the
matching fund certified by the Board of Public Works shall also be applied to the
purposes authorized in Section 8-129 of the State Finance and Procurement Article.

(6)     The proceeds of the loan must be expended or encumbered by the Board of
Public Works for the purposes provided in this Act no later than June 1, 2011. If any
funds authorized by this Act remain unexpended or unencumbered after June 1, 2011,
the amount of the unexpended or unencumbered authorization shall be canceled and
be of no further force and effect. If bonds have been issued for the loan, the amount of
unexpended or unencumbered bond proceeds shall be disposed of as provided in
Section 8-129 of the State Finance and Procurement Article.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Chapter 286 of the Acts of 1974, as amended by Chapter 125 of

the Acts of 1996

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Board of Public Works is hereby authorized and empowered to

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