MARVIN MANDEL, Governor                             2487

The issuance of these bonds shall, however, be

subject to the consummation of an agreement between the
Board of Public Works of the State of Maryland and the

Mayor and City Council of Baltimore City providing for

determination each year of the estimated actual

additional tax revenues based on the additional economic
activity generated by the creation of the facility;
providing further, that in any year in which the
additional tax revenues so determined, accumulated from
the first year of operation of the facility, added to any
additional amounts previously paid by the City to the
State pursuant to this section, are less than the
cumulative amount of anticipated revenues estimated in
the preceding paragraph, the City shall be obligated to
the State for payment of such deficiency; and providing
further, that any such agreement may provide for revision
of the foregoing schedule in accordance with any revision
in the tax structure of the State; and providing further,
that any obligation of the City for deficiency payments
hereunder shall cease when the total of additional tax
revenues as determined herein equals the total
amortization and interest required to retire the bonds
issued under this authorization.

(3)    Any unexpended funds remaining from the
proceeds of the bonds authorized to be issued under this
Act shall be applied to the reduction of the outstanding
indebtedness of the State.

(4)    There is hereby levied and imposed an annual
State tax 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, such principal to be discharged within fifteen
years of the date of issue of the bonds.

(5)    In the construction and administration of the
Convention Center, the City of Baltimore is obligated to
follow an equal employment policy designed to ensure that
employment of every race shall fairly represent the
proportion that each such race comprises of the general
adult population of the Baltimore Metropolitan area.

(6)    Notwithstanding any other provision of the
law, the State of Maryland may not authorize more than
$35,000,000 in bonds for the Baltimore Convention Center.

[[(5)]] (7) This Act shall take effect June 1, 1976.
Approved May 17, 1976.

CHAPTER 907
(House Bill 1504)