Sincerely,

William Donald Schaefer

Governor

House Bill No. 299

AN ACT concerning

Creation of a State Debt - The OIney Theatre

FOR the purpose of authorizing the creation of a State Debt in the amount of
$1,500,000 $625,000 the proceeds to be used as a grant to the Olney Theatre
Corporation for the renovation and repair of the Olney Theatre, subject to the
requirement that the Olney Theatre Corporation provide at least an equal and
matching fund of a certain kind for the same purpose by a certain date; and
providing generally for the issue 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 Olney Theatre
Loan of 1990 in the total principal amount of $1,500,000 $625,000. 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 the Olney Theatre Corporation for the renovation and
repair of the Olney Theatre.

(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.

(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 Piney Theatre Corporation shall provide
at least an equal and matching fund of $625,000. No part of an applicant'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

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