WILLIAM DONALD SCHAEFER, Governor                         Ch. 156

(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 Fell's Fells Point
Corner Theatre Loan of 1994 in a total principal amount equal to the lesser of (i)
$125,000 $75,000 $125,000 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.

(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 Board of Directors of Bristol Players, Inc. for the construction of a
community performing arts center on the first floor of the building at 251 S. Ann Street
in Baltimore City and the renovation of the building.

(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 1(3) above, the Board of Directors of Bristol Players, Inc.
shall provide and expend a matching fund. 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. In case of any
dispute as to the amount of the matching fund or 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 Board of Directors of Bristol Players, Inc. has until June 1, 1996, to
present evidence satisfactory to the Board of Public Works that a matching fund will be
provided. If satisfactory evidence is presented, the Board shall certify this fact and the
amount of the matching fund to the State Treasurer, and the proceeds of the loan equal
to the amount of the matching fund shall be expended for the purposes provided in this
Act. Any amount of the loan in excess of the amount of the matching fund certified by the
Board of Public Works shall be canceled and be of no further effect.

(6)     (a) Prior to the issuance of the bonds, the Board of Directors of Bristol
Players, Inc. shall grant and convey to the Maryland Historical Trust a perpetual
preservation easement to the extent of its interest:

(i) On the land or such portion of the land acceptable to the Trust;
and

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