PARRIS N. GLENDENING, Governor                             Ch. 407

AUTHORITY AND THE COUNTY DEEM APPROPRIATE TO ASSURE THE PROMPT AND
FULL REPAYMENT OF THE AUTHORITY'S BONDS CONTRIBUTE $10,196,000 FOR THE
CAPITAL COSTS OF CONSTRUCTION OF THE MONTGOMERY COUNTY CONFERENCE
CENTER NOT LATER THAN THE DATE OF THE AUTHORITY'S BOND ISSUANCE AS
AUTHORIZED UNDER § 13-712 (A)(1) OF THIS SUBTITLE;

2.       THE AUTHORITY AGREES TO ISSUE BONDS AS
AUTHORIZED UNDER § 13-712(A)(1) OF THIS SUBTITLE AND TO CONTRIBUTE
$17,304,000 OF THE PROCEEDS FROM THE SALE OF THE BONDS FOR THE CAPITAL
COSTS OF THE CONSTRUCTION OF THE MONTGOMERY COUNTY CONFERENCE
CENTER;

3.       MONTGOMERY COUNTY AND THE AUTHORITY AGREE
THAT IF THE ACTUAL CAPITAL COSTS FOR THE CONSTRUCTION OF THE
MONTGOMERY COUNTY CONFERENCE CENTER ARE LESS THAN $32,000,000 $27,500,000,
THE SAVINGS WILL BE ALLOCATED: IN PROPORTION TO THEIR RESPECTIVE
CONTRIBUTIONS; AND

A.      ONE-HALF TO THE AUTHORITY; AND

B.      ONE-HALF TO MONTGOMERY COUNTY;

4.       MONTGOMERY COUNTY AND THE AUTHORITY AGREE
THAT IF THE ACTUAL CAPITAL COSTS FOR THE CONSTRUCTION OF THE
MONTGOMERY COUNTY CONFERENCE CENTER ARE MORE THAN $27,500,000, THE
EXCESS WILL BE SHARED:

A. ONE-HALF BY THE AUTHORITY; AND

B. ONE-HALF BY MONTGOMERY COUNTY;

5.       MONTGOMERY COUNTY AGREES TO PURCHASE THE
LAND FOR THE MONTGOMERY COUNTY CONFERENCE CENTER SITE AS DEFINED IN
§ 13-701(O) OF THIS SUBTITLE, ON WHICH THE MONTGOMERY COUNTY CONFERENCE
CENTER WILL BE CONSTRUCTED; AND

4. 6. MONTGOMERY COUNTY AND THE AUTHORITY WILL
EACH OWN A 50% LEASEHOLD INTEREST AS TENANTS IN COMMON IN THE
MONTGOMERY COUNTY CONFERENCE CENTER FACILITY FOR THE DURATION OF
ANY BONDS ISSUED AS AUTHORIZED UNDER § 13-712(A)(1) OF THIS SUBTITLE, WITH
NEITHER MONTGOMERY COUNTY NOR THE AUTHORITY ENTITLED TO SELL, ASSIGN,
MORTGAGE, PLEDGE, OR ENCUMBER THE MONTGOMERY COUNTY CONFERENCE
CENTER FACILITY (OR ANY LEASEHOLD INTEREST THEREIN) WITHOUT THE PRIOR
CONSENT OF THE OTHER, EXCEPT FOR LIENS IN FAVOR OF THE AUTHORITY'S
RESPECTIVE BONDHOLDERS;

(II) A DEED, LEASE, OR WRITTEN AGREEMENT WITH
MONTGOMERY COUNTY PERMITTING THE AUTHORITY TO DESIGN, CONSTRUCT,
AND EQUIP, OR CONTRACT FOR THE DESIGN, CONSTRUCTION, AND EQUIPPING OF
THE MONTGOMERY COUNTY CONFERENCE CENTER FACILITY, AND TO PLEDGE THE
MONTGOMERY COUNTY CONFERENCE CENTER FACILITY AND THE MONTGOMERY

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