HARRY HUGHES, Governor

3351

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 2 years. 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.

(5) Prior to the payment of any funds under the
provisions of this Act for the purpose set forth in Section
1(3) above, the Lyric Foundation, Inc. shall provide at
least an equal and matching fund of $1,500,000 $1,000,000'
for this project. No part of the applicant's matching fund
may be provided from State funds either directly or
indirectly. No part of the fund may consist of real
property, in-kind contributions, or funds expended prior to
the effective date of this Act. In case of any dispute as
to what money or assets may qualify as matching funds, the
Board of Public Works shall determine the matter, and the
Board's decision is final. The Lyric Foundation, Inc. has
until June 1, 4984 1983 to present evidence satisfactory to
the Board of Public Works that the matching fund will be
provided. The Lyric Foundation, Inc. may provide a matching
fund in a maximum amount of $500,000 by June 1, 1982,
$500,000 by June 1, 1983, and $500,000 by June 1, 1984.
However, the amounts may be cumulative if the maximum
amounts are not provided for in the first 2 year. If
satisfactory evidence is presented, the Board shall certify
this fact to the State Treasurer and the proceeds of the
loan shall be expended for the purposes provided in this
Act. If this evidence is not presented by June 1, 4984 1983
the 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 and binding pledges of
cash, 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.