PARRIS N. GLENDENING, Governor

H.B. 256

to provide evidence of a matching fund to the Board of Public Works and to alter
the type of matching fund.

BY repealing and reenacting, with amendments,

Chapter 121 of the Acts of the General Assembly of 1994
Section 1

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Chapter 121 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 Greater
Baltimore Cultural Arts Foundation Loan of 1994 in a total principal amount equal to the
lesser of (i) $500,000 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 the Greater Baltimore Cultural Arts Foundation,
Inc. for the repair, renovation, rehabilitation, reconstruction, construction, and equipping
of the Pikes Theatre in Pikesville for use as a performing arts center.

(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 the Greater Baltimore
Cultural Arts Foundation, Inc. shall provide and expend a matching fund. No part of an
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. THE FUND MAY CONSIST OF IN KIND CONTRIBUTIONS. 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.

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