PARRIS N. GLENDENING, Governor

Ch. 272

CHAPTER 272
(House Bill 524)

AN ACT concerning

Creation of a State Debt - Lyric Opera House

FOR the purpose of authorizing the creation of a State Debt not to exceed $1,200,000
$1,000.000 $600,000, the proceeds to be used as a grant to the Lyric Foundation
Inc. in Baltimore City for certain development or improvement purposes; providing
for disbursement of the loan proceeds, subject to a requirement that the grantee
and the Mayor and City Council of Baltimore, as equal participants, provide and
expend a matching fund; requiring the grantee 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 Lyric Opera
House Loan of 1995 in a total principal amount equal to the lesser of (i) $1,200,000
$1,000,000 $600,000 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 Lyric Foundation, Inc. (known referred to hereafter in this Act as "the
grantee") for the expansion and equipping of the stage and construction and equipping of
dressing rooms, offices, multiple use facilities, and an elevator at the Lyric Opera House
in Baltimore City.

(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 grantee and the Mayor and City Council of
Baltimore, as equal participants, shall provide and expend a matching fund. No part of an

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