Ch. 323

1994 LAWS OF MARYLAND

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.

SECTION 2. AND BE IT FURTHER ENACTED, That the Board of Directors of the
Baltimore Museum of Art, Inc. shall make any necessary repairs or renovations to the roof of
the Baltimore Museum of Art before expending funds provided by this Act for any other
purpose.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1,1994.

Approved May 2, 1994.

CHAPTER 323
(House Bill 1038)

AN ACT concerning

Creation of a State Debt - Silver Theater

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,000,000
$150,000 $400,000, the proceeds to be used as a grant to the County Executive and
County Council of Montgomery County for the renovation of the Silver Theater in
Silver Spring, Maryland, subject to the requirement that the County Executive and
County Council of Montgomery County provide and expend a matching fund and
present by a certain date evidence that a matching fund will be provided; requiring
the County Executive and County Council of Montgomery County to grant and
convey a certain easement to the Maryland Historical Trust; and providing generally
for the issuance and sale of bonds evidencing the loan.

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 Silver Theater
Loan of 1994 in a total principal amount equal to the lesser of (i) $1,000,000 $150,000
$400,000 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, arid 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.

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