Ch. 265 LAWS OF MARYLAND

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 Olney 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
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. The Olney
Theatre Corporation has until June 1, 1992, 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, 1992, the proceeds of the loan shall be applied to the purposes
authorized in § 8-129 of the State Finance and Procurement Article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1990.

Approved May 2, 1990.

CHAPTER 265
(Senate Bill 339)

AN ACT concerning

Property Tax - Liability for Transferred Property

FOR the purpose of making the transferor and transferee of certain personal property

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