MARVIN MANDEL,

Governor

1601

contingencies; and extending for two years the time
by which the Lyric Foundation, Inc., or the
University of Baltimore Educational Foundation,
Inc., or both, or their successor or successors in
interest, must present evidence satisfactory to the
Board of Public Works of the raising of a certain
sum as an equal and matching fund for this
project.]] contingent upon the provision by the
Lyric Foundation, Inc., or the University of
Baltimore Educational Foundation, Inc., or both, or
their successor or successors in interest, of a
certain sum as an equal and matching fund for this
project; extending for two years the time by which
the organizations must present evidence satisfactory
to the Board of Public Works of the raising of the
matching funds; defining what shall be considered as
part of the equal and matching funds required;
authorizing the Board of Public Works to determine
the value of the property pledged; and specifying
that any successor or successors in interest must be
a tax exempt organization.

BY repealing and reenacting, with amendments,

Section 7 of Chapter 351 of the Acts of the General
Assembly of 1974

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 7 of Chapter 351 of the Acts of
the General Assembly of 1974, be and it is hereby
repealed and reenacted, with amendments, to read as
follows:

Chapter 351

7.

(A) The payment of any funds under the provisions
of this Act for the purpose of assisting in construction,
renovation, restoration, improvement and equipping the
existing Lyric Theater located in the City of Baltimore,
Maryland, including the acquisition of land and the
payment of architects' and engineers' fees, shall be
contingent upon the provision by the Lyric Foundation,
Inc., OR THE UNIVERSITY OF BALTIMORE EDUCATIONAL
FOUNDATION, INC., OR BOTH, OR THEIR SUCCESSOR OF
SUCCESSORS IN INTEREST, of a sum up to Two Million Five
Hundred Thousand Dollars ($2,500,000) as an equal and
matching fund for this project from private and other
public sources. [[IN ADDITION, ANY FUNDS PROVIDED UNDER
THE PROVISIONS OF THIS ACT FOR THE PURPOSES LISTED ABOVE
SHALL BECOME AVAILABLE ONLY UPON THE EXECUTION OF A
WRITTEN AGREEMENT BETWEEN THE LYRIC FOUNDATION, INC., AND
THE UNIVERSITY OF BALTIMORE EDUCATIONAL FOUNDATION, INC.,
STATING WHETHER THE LYRIC FOUNDATION, INC. AND THE
UNIVERSITY OF BALTIMORE EDUCATIONAL FOUNDATION, INC. WILL
MERGE, AND SETTING FORTH THEIR OBLIGATIONS, JOINT AND