HARRY HUGHES, Governor

557

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Chapter 325 of the Acts of 1983

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 Loan of 1983 in the aggregate
principal amount of $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 1982 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.

(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, EXCEPT
FOR FUNDS ACQUIRED BUT NOT APPLIED AS MATCHING FUNDS FOR PREVIOUS
GRANTS. In case of any dispute as to what money or assets may
qualify as matching funds, the Board of Public Works shall