Ch. 126

1996 LAWS OF MARYLAND

Chapter 156 of the Acts of 1994

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 Fells Point
Corner Theatre Loan of 1994 in a total principal amount equal to the lesser of (i)
$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 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 the 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]
1997 1998, 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.

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