WILLIAM DONALD SCHAEFER, Governor Ch. 267

(1) THE OPERATION OF THE PEABODY INSTITUTE AS A MUSIC
CONSERVATORY;

£21 THE PERMANENT FUNDING OF THE OPERATING DEFICIT
OF THE PEABODY INSTITUTE;

(3) THE IMPLEMENTATION OF RECOMMENDATIONS MADE BY
THE COMMITTEE UNDER § 7-319(E)(l) OF THIS ARTICLE;

(4) THE PERMANENT PROHIBITION OF THE USE OF THE
PRINCIPAL IN THE ENDOWMENT FUND FOR OPERATING EXPENSES OF
THE PEABODY INSTITUTE;

(5) THE DEVELOPMENT OF A PLAN PRIOR TO JULY 1. 1996, TO
RAISE AN ADDITIONAL $30.000,000 IN PRIVATE DONATIONS TO BE PLACED
IN THE ENDOWMENT FUND; AND

(6) ANY OTHER TERMS AND CONDITIONS DEEMED
APPROPRIATE BY THE PARTIES.

7-322.

(A) THROUGH JUNE 30, 1996, THE STATE SHALL APPROPRIATE
FUNDS TO ASSIST IN OFFSETTING OPERATING DEFICITS INCURRED AT
THE PEABODY INSTITUTE, SUBJECT TO COMPLIANCE WITH THE TERMS
AND CONDITIONS SPECIFIED IN § 7-321 OF THIS SUBTITLE.

(B) FUNDS APPROPRIATED UNDER THIS SECTION SHALL BE
DISBURSED SEMIANNUALLY TO THE PEABODY INSTITUTE BY THE
BOARD OF PUBLIC WORKS UPON THE RECOMMENDATION OF THE
COMMITTEE AS REQUIRED UNDER § 7-319 OF THIS SUBTITLE.

7-323.

(A) THE BOARD OF PUBLIC WORKS SHALL HAVE THE FOLLOWING
POWERS WITH REGARD TO THE PEABODY INSTITUTE OF THE CITY OF
BALTIMORE AND THE JOHNS HOPKINS UNIVERSITY. THE BOARD SHALL:

(1) REPRESENT THE STATE IN REGARD TO ANY TRANSFER
PROVIDED UNDER § 7-320 OF THIS SUBTITLE; AND

(2) DETERMINE THE LEVEL AND DATES OF PAYMENT OF
SEMIANNUAL DISBURSEMENTS TO THE PEABODY INSTITUTE.

(B) (1) UPON A DETERMINATION THAT THE PROVISIONS OF § 7-321
OF THIS ARTICLE HAVE BEEN MET BY JUNE 30, 1996, THE BOARD OF
PUBLIC WORKS SHALL INITIATE THE TRANSFER PROVIDED UNDER §
7-320(A) OF THIS SUBTITLE.

(21 IF THE TRANSFER PROVIDED UNDER § 7-320(A) OF THIS
SUBTITLE OCCURS, THE BOARD O? PUBLIC WORKS SHALL OVERSEE THE
PAYMENT OF MONEYS IN THE FUND TO THE ENDOWMENT FUND AND

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