Ch. 244

1993 LAWS OF MARYLAND

CHAPTER 244
(Senate Bill 494)

AN ACT concerning

Creation of a State Debt— Avalon Theatre Loan of 1990

FOR the purpose of authorizing the creation of a State Debt not to exceed $60,000, the
proceeds to be used as a grant to the Board of Trustees of the Avalon Theatre, Inc.
for the repair, renovation, rehabilitation, reconstruction, construction, and
equipping of the historic Avalon Theatre in Easton, subject to the requirement that
the Board of Trustees of the Avalon Theatre, Inc. provide and expend a matching
fund and present by a certain date evidence that a matching fund will be provided;
requiring the Board of Trustees of the Avalon Theatre, Inc. to grant and convoy a
certain easement to the Maryland Historical Trust; and providing generally for the
issuance and sale of bonds evidencing the loan, amending Chapter 258 of the Acts
of the General Assembly of 1990, the Mid-Shore Center for the Performing. Arts,
Inc. - Avalon Theatre Loan of 1990, to designate a new recipient of the proceeds
of the bonds issued for the project, to alter the purpose of the loan to include
repairing, rehabilitating, reconstructing, constructing, and equipping the historic
Avalon Theatre, located in Easton, in Talbot County, and to extend the time for the
new recipient, the Board of Trustees of the Avalon Theatre, Inc., to present certain
evidence of a matching fund to the Board of Public Works.

BY repealing and reenacting, with amendments,

Chapter 258 of the Acts of the General Assembly of 1990
Section 1

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

Chapter 258 of the Acts of 1990

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 Avalon Theatre
Loan of 1993 in a total principal amount equal to the lessor of (i) $60,000 or (ii) the
amount of the matching fund provided in accordance with Section 1(5) below. This loan
shall be evidenced by the issuance, sale, and delivery of State general obligation bonds
authorized by a resolution of the Board of Public Works and issued, sold, and delivered in
accordance 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.

- 1634 -