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HARRY HUGHES, Governor 1509
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: for a State grant to
the Mayor and City Council of Baltimore for planning, designing
and constructing expanded seating capacity and other improvements
to Memorial Stadium on 33rd Street in the City of Baltimore.
(5) (a) In each of fifteen consecutive years commencing on
the first July 1 following each authorization by the Board of
Public Works of an expenditure pursuant to this Act, the
comptroller of the Treasury shall deduct the amount determined in
subsection (b) from amounts due to Baltimore City from the
Admissions and Amusement Tax in equal quarterly installments,
which amounts shall be transferred to the Annuity Bond Fund for
partial payment of the principal of and interest on the Loan. In
the event that the professional sports team known as the
Baltimore Orioles or its successor moves to a location within
Maryland that is outside the corporate limits of Baltimore City,
the deduction from Baltimore City shall be reduced by one-half.
The balance of the amount determined by subsection (b) shall be
deducted by the Comptroller from the amounts due to the county or
municipality in which the Baltimore Orioles relocate from the
Admissions and Amusement Tax or from amounts due to the county or
municipality from the__Local Income Tax, in__equal quarterly
installments. That balance also shall be transferred to the
Annuity Bond Fund for partial payment of the principal and
interest on the Loan.
(B) THE AMOUNT TO BE DEDUCTED IN ANY YEAR PURSUANT TO
SUBSECTION (A) SHALL BE AN AMOUNT SUFFICIENT TO PAY 50 PERCENT OF
THE PRINCIPAL AND INTEREST DUE DURING THAT YEAR ON ANY BONDS
ISSUED PURSUANT TO THIS ACT.
(6) Prior to the payment of any funds under the provisions
of the Act for the purposes set forth in Section 1(3) above, (a)
the Mayor and City Council of Baltimore, or one of its agencies,
shall enter into a valid and binding agreement satisfactory to
the State of Maryland, acting through the Board of Public Works,
with the corporation known generally as the Baltimore Colts or
its successor (the "Colts") that the professional sports team
owned and operated by it will continue to make full and regular
use of Memorial Stadium until at least January 1, [1996] 1989,
and (b) the Colts shall enter into an agreement with the State of
Maryland, acting through the Board of Public Works, acceptable to
the Board, that provides that, if the [Colt's] COLTS' team or any
successor franchise team of the National Football League does not
make full and regular use of Memorial Stadium until at least
January 1, [1996] 1989, the Colts will pay annually to the State
of Maryland an amount equal to 50 PERCENT OF the amount of the
outstanding principal of the interest THEN due on the Loan, less
50 PERCENT OF the ANNUAL amount described in Section 1(5) above,
until the principal of AND INTEREST DUE ON the Loan has been
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