Ch. 400                     .                1993 LAWS OF MARYLAND                                   

public purposes: for deposit in the Baltimore Convention Center Financing Fund as
established under § 13-716 of the Financial Institutions Article and to be used by the
Maryland Stadium Authority for the expansion and renovation of the Baltimore Convention
Center.

(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 issuance
of the bonds.

(5)     Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 2(3) above:

(a) The Maryland Stadium Authority shall, with respect to the site
acquisition and construction of a convention center facility, secure, as approved by the Board
of Public Works:

(i) A lease or other written agreement with Baltimore City pursuant to
which:                                                                                                           

1. Baltimore City agrees to pay $50,000,000 for the capital costs of
the expansion of the Baltimore Convention Center not later than the date the Authority's bond
issuance as authorized under § 13-712(a)(1) of the Financial Institutions Article; and

2. Baltimore City and the Authority will each own a 50% leasehold
interest as tenants in common in the improvements comprising the existing Baltimore
Convention Center and the Convention Center expansion for the duration of any bonds issued
as authorized under § 13-712(a)(1) of this Article, with neither Baltimore City nor the
Authority entitled to sell, assign, mortgage, pledge, or encumber the Baltimore Convention
Center Facility (or any leasehold interest therein) without the prior consent of the other, except
for liens in favor of Baltimore City's and the Authority's respective bondholders;

(ii) A deed, lease, or other written agreement with Baltimore City
permitting the Maryland Stadium Authority to design and construct, or contract for the design
and construction of, the Convention Center Facility; and

(iii) An agreement with Baltimore City whereby Baltimore City agrees to
operate the Convention Center Facility in a manner which maximizes the Convention Center's
economic return and to maintain and repair the Convention Center Facility so as to keep the
Convention Center Facility in first class operating condition. The agreement shall include
provisions that:

1. Protect the Authority's, State's, and Baltimore City's respective
investment in the Convention Center Facility;

2. Require the Authority and Baltimore City to each contribute to
operating deficits and a capital improvement reserve fund, for the period beginning upon the
completion of the expanded and renovated Convention Center Facility and ending on June 30,
2008, as follows:

A. The Authority shall contribute two-thirds and Baltimore City
shall contribute one-third to annual operating deficits;

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