1602

LAWS OF MARYLAND

Ch. 602

SEVERAL, TO PROVIDE MATCHING FUNDS FOR THIS PROJECT.]]
The said Lyric Foundation, Inc., OR THE UNIVERSITY OF
BALTIMORE EDUCATIONAL FOUNDATION, INC., OR BOTH, OR THEIR
SUCCESSOR OR SUCCESSORS IN INTEREST shall have until June
1, [1976] 1978, to present evidence satisfactory to the
Board of Public Works of the sum that it has raised as an
equal and matching fund 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. Upon
receiving from the Board of Public Works a certification
of such suitable evidence on or before June 1, [1976]
1978, the Treasurer of the State is hereby authorized,
empowered and directed to proceed to spend the proceeds
of said loan, or any portion thereof equal and matching
the sun raised by the Lyric Foundation, Inc., OR THE
UNIVERSITY OF BALTIMORE EDUCATIONAL FOUNDATION, INC., OR
BOTH, OR THEIR SUCCESSOR OR SUCCESSORS IN INTEREST in
accordance with the other provisions of this Act. If
such satisfactory evidence of the raising of a sum up to
Two Million Five Hundred Thousand Dollars ($2,500,000) as
an equal and matching fund for this project is not
presented to the Board of Public Works on or before June
1 [1976] 1978, no funds under the provisions of this Act
shall thereafter be paid over to or expended 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.

(B)    (1) FOR THE PURPOSE OF THIS SECTION, THE
VALUE OF BONA FIDE AND BINDING PLEDGES OF CASH AND BONA
FIDE GIFTS OF REAL PROPERTY AND/OR BUILDINGS, INCLUDING
REAL PROPERTY AND BUILDINGS CONDEMNED AND DONATED BY
PUBLIC AUTHORITY, WHICH PLEDGES AND GIFTS ARE ACQUIRED OR
DONATED FOR THIS PROJECT, SHALL BE CONSIDERED AS PART OF
THE EQUAL AND MATCHING FUNDS REQUIRED TO BE PROVIDED BY
THE LYRIC FOUNDATION, INC., OR UNIVERSITY OF BALTIMORE
EDUCATIONAL FOUNDATION, INC., OR BOTH, OR THEIR SUCCESSOR
OR SUCCESSORS IN INTEREST, UNDER THE TERMS OF THIS
SECTION.

(2) THE BOARD OF PUBLIC WORKS SHALL
DETERMINE AND ESTABLISH THE VALUE OF ANY PROPERTY, OTHER
THAN CASH, AND SHALL ALSO DETERMINE WHETHER OR NOT ANY
PLEDGE OF CASH IS BONA FIDE AND BINDING SO AS TO MEET THE
REQUIREMENTS NECESSARY TO BE CONSIDERED AS PART OF THE
EQUAL AND HATCHING FUNDS.

(C)    FOR THE PURPOSE OF THIS SECTION, ANY SUCCESSOR
OR SUCCESSORS IN INTEREST MUST BE A TAX EXEMPT
ORGANIZATION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1976.