HARRY HUGHES, Governor

2505

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 19, 1981.

CHAPTER 650

(House Bill 831)

AN ACT concerning

Creation of a State Debt - Lyric Theater

FOR the purpose of authorizing the creation of a State Debt
in the amount of $3,000,000 $1,000,000, the proceeds to
be used as a grant to the Lyric Foundation, Inc. to
assist the Lyric Foundation, Inc. in the continuation
of the modernization of the Lyric Theater, subject to
the requirement that the Lyric Foundation, Inc. provide
up to a certain matching fund at least an equal and
matching fund of a certain kind for the same purpose by
a certain dates date; providing that guaranteed loans
shall be considered as part of the required matching

funds; authorizing the Board of Public Works to

determine if a loan is guaranteed; and providing
generally for the issue and sale of bonds evidencing
the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1)  The Board of Public Works may borrow money and
incur indebtedness on behalf of the State of Maryland
through a State loan to be known as the Lyric Foundation,
Inc. Loan of 1981 in the aggregate principal amount of
$3,000,000 $1,000,000. This loan shall be evidenced by the
issuance and sale of State general obligation bonds
authorized by a resolution of the Board of Public Works and
issued, sold and delivered in accordance with the provisions
of §§ 19 to 23 of Article 31 of the Annotated Code of
Maryland (1976 Replacement Volume and 1980 Supplement, as
amended from time to time).

(2)  The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolidated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.

(3)  The actual cash proceeds of the sale of the bonds
shall be paid to the Treasurer and shall be first applied to
the payment of the expenses of issuing and delivering the
bonds unless funds for this purpose are otherwise provided