3350

VETOES

matching funds; authorizing the Board of Public Works
to determine if a loan is guaranteed; and providing
generally for the at least an equal and matching fund
of a certain kind by a certain date; 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 $1,500,000 $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
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