HARRY HUGHES, Governor                                 5055

Creation of a State Debt - Lyric Theater

FOR the purpose of authorizing the creation of a State Debt
in the amount of $2,000,000 $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
at least an equal and matching fund of a certain kind
for the same purpose 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 Theater Loan
of 1982 in the aggregate principal amount of $2,000,000
$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 1981 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 Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section