PARRIS N. GLENDENING, Governor

Ch. 603

III. OCEAN CITY SHALL BE SOLELY RESPONSIBLE FOR ALL
OPERATING DEFICITS AND CAPITAL IMPROVEMENTS PRIOR TO THE COMPLETION
OF THE EXPANDED AND RENOVATED OCEAN CITY CONVENTION CENTER FACILITY
AND AFTER THE REPAYMENT OF THE AUTHORITY'S OCEAN CITY CONVENTION
CENTER FACILITY BONDS; AND, AS FOLLOWS:

I. FOR THE PERIOD PRIOR TO THE COMPLETION OF THE
EXPANDED AND RENOVATED OCEAN CITY CONVENTION CENTER FACILITY, OCEAN
CITY SHALL BE SOLELY RESPONSIBLE FOR ALL OPERATING DEFICITS;

II. FOR THE 5 YEAR PERIOD BEGINNING UPON THE
COMPLETION OF THE EXPANDED AND RENOVATED OCEAN CITY CONVENTION
CENTER FACILITY, THE AUTHORITY SHALL CONTRIBUTE ONE HALF AND OCEAN
CITY SHALL CONTRIBUTE ONE HALF TO ANNUAL OPERATING DEFICITS; AND

III. AFTER THE 5-YEAR PERIOD DESCRIBED IN SUBITEM II OF
THIS ITEM EXPIRES, THE AUTHORITY SHALL NOT CONTRIBUTE TO ANNUAL
OPERATING DEFICITS AND OCEAN CITY SHALL BE SOLELY RESPONSIBLE FOR ALL
OPERATING DEFICITS;

C. REQUIRE THE AUTHORITY AND OCEAN CITY TO EACH
CONTRIBUTE FOR CAPITAL IMPROVEMENTS, AS FOLLOWS?

I. FOR THE PERIOD PRIOR TO THE COMPLETION OF THE
EXPANDED AND RENOVATED OCEAN CITY CONVENTION CENTER FACILITY, OCEAN
CITY SHALL BE SOLELY RESPONSIBLE FOR ALL CAPITAL IMPROVEMENTS;

II. FOR THE PERIOD BEGINNING UPON THE COMPLETION OF
THE EXPANDED AND RENOVATED OCEAN CITY CONVENTION CENTER FACILITY
AND CONTINUING DURING THE PERIOD THAT THE AUTHORITY'S OCEAN CITY
CONVENTION CENTER FACILITY BONDS ARE OUTSTANDING, THE AUTHORITY AND
OCEAN CITY SHALL EACH ANNUALLY CONTRIBUTE $50,000 TO A CAPITAL
IMPROVEMENT RESERVE FUND; AND AND A CAPITAL IMPROVEMENT RESERVE FUND,
FOR THE PERIOD BEGINNING UPON THE COMPLETION OF THE EXPANDED AND
RENOVATED OCEAN CITY CONVENTION CENTER FACILITY AND CONTINUING DURING
THE PERIOD THAT THE AUTHORITY'S OCEAN CITY CONVENTION CENTER FACILITY
BONDS ARE OUTSTANDING, AS FOLLOWS:

I. THE AUTHORITY SHALL CONTRIBUTE ONE-HALF AND
OCEAN CITY SHALL CONTRIBUTE ONE-HALF TO ANNUAL OPERATING DEFICITS;

II. THE AUTHORITY AND OCEAN CITY SHALL EACH ANNUALLY
CONTRIBUTE $50,000 TO AN APPROPRIATE CAPITAL IMPROVEMENT RESERVE FUND; AND

III. OCEAN CITY SHALL BE SOLELY RESPONSIBLE FOR ALL
OPERATING DEFICITS AND CAPITAL IMPROVEMENTS PRIOR TO THE COMPLETION OF
THE EXPANDED AND RENOVATED OCEAN CITY CONVENTION CENTER FACILITY AND
AFTER THE REPAYMENT OF THE AUTHORITY'S OCEAN CITY CONVENTION CENTER
FACILITY BONDS; AND

C. D. C. PROVIDE FOR REMEDIES UPON DEFAULT WHICH
INCLUDE THE RIGHT OF THE AUTHORITY, IN THE EVENT OF A MATERIAL DEFAULT

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