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1106
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Ch. 325
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LAWS OF MARYLAND
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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 The
Lyric.
(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) 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. No part of an applicant's matching
fund may be provided, either directly or indirectly, from funds
of the State, whether appropriated or unappropriated. 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. Lyric Foundation, Inc. has until
June 1, 1985, to present evidence satisfactory to the Board of
Public Works that the matching fund will be provided. 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, 1985, the proceeds of the loan shall
be applied to the purposes authorized in Article 78A, § 3 of the
Code. Furthermore, the Lyric Foundation, Inc., shall grant and
convey a perpetual preservation easement on the exterior and
interior of the structures, where appropriate, and on the land to
the Maryland Historical Trust, in form and substance acceptable
to the Trust.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1983.
Approved May 24, 1983.
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CHAPTER 326
(Senate Bill 331)
AN ACT concerning
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