WILLIAM DONALD SCHAEFER, Governor Ch. 186

with §§ 8-117 through 8-124 of the State Finance and Procurement
Article and Article 31, § 22 of the Code.

(2)  The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 8-122 of the
State Finance and Procurement Article.

(3)  The cash proceeds of the sale of the bonds shall be
paid to the Treasurer and first shall be applied to the payment
of the expenses of issuing, selling, and delivering the bonds,
unless funds for this purpose are otherwise provided, and then
shall be credited on the books of the Comptroller and expended,
on approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: as a grant to the Center Stage Associates, Inc.
for the purpose of the planning, design, construction,
reconstruction, renovation, restoration, rehabilitation,
improvement, furnishing, and equipping of Center Stage, the State
Theatre, in Baltimore City, and including the costs of conversion
and relocation.

(4)  An annual State tax is imposed 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. The principal shall be discharged within 15 years
after 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
Center Stage Associates, 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 or in kind contributions.
The fund may consist of 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 Center Stage Associates, Inc. has until June 1, 1991, 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, 1991, the proceeds of the loan shall be applied to the
purposes authorized in § 8-129 of the State Finance and
Procurement Article.

(6)  The Center Stage Associates, Inc. shall grant and
convey a perpetual preservation easement on the exterior and
interior of the structures, where appropriate, and on the land to

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