2506

LAWS OF MARYLAND

Ch. 650

and thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of
Public Works, for the following public purposes, including
any applicable architects' and engineers' fees: As a grant
to the Lyric Foundation, Inc. to assist the Lyric
Foundation, Inc. in the continuation of the modernization of
the Lyric Theater.

(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) The payment of any funds under the provisions of
this Act for the purpose set forth in Section 1(3), above,

shall be contingent upon the provision by the Lyric

Foundation, Inc. of a sum up to $3,000,000 as a matching
fund for this project from private and other public sources.
The Lyric Foundation, Inc. shall have until June 1, 1984 to
present evidence satisfactory to the Board of Public Works
of the sum that it has raised as a matching fund for this
purpose. The Lyric Foundation, Inc. may provide a matching
fund in a maximum amount of $1,000,000 by June 1, 1982,
$1,000,000 by June 1, 1983, and $1,000,000 by June 1, 1984.
However, the amounts may be cumulative if the maximum
amounts are not provided for in the first or second year.
Upon a certification of suitable evidence from the Board of
Public Works on or before June 1, 1984, the proceeds of the
loan shall be expended in accordance with the provisions of
this Act. To the extent that satisfactory evidence of the
raising of the sum up to $3,000,000 as a matching fund of
this project is not presented to the Board of Public Works
on or before June 1, 1984, no funds under the provisions of
this Act shall thereafter be paid over to or expended for
the purposes set forth in Section 1(3), above, and the
remaining proceeds of the loan shall be transferred to the

Annuity Bond Fund and applied to the debt service

requirements of the State.

(6) The value of bona fide and binding pledges of
case, guaranteed loans, and bona fide gifts of real property

or buildings, including real property and buildings

condemned and donated by public authority, that are acquired
or donated for this project, shall be considered as part of
the matching funds required to be provided by the Lyric
Foundation, Inc. The Board of Public Works shall determine
and establish the value of any property, and shall determine
if any pledge of cash is bona fide and binding or any loan
is guaranteed so as to meet the requirements necessary to be
considered as part of the matching funds.

(5) Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1 (3) above, the Lyric Foundation, Inc. shall provide at
least an equal and matching fund of $1,000,000 for this