PARRIS N. GLENDENING, Governor

H.B. 937

1.       WHEREBY MONTGOMERY COUNTY AGREES:

A TO MARKET, PROMOTE, AND OPERATE OR CONTRACT
FOR THE MARKETING, PROMOTION, AND OPERATION OF THE MONTGOMERY
COUNTY CONFERENCE CENTER FACILITY IN A MANNER WHICH MAXIMIZES THE
MONTGOMERY COUNTY CONFERENCE CENTER'S ECONOMIC RETURN TO THE
COMMUNITY; AND

B. TO MAINTAIN AND REPAIR OR CONTRACT FOR THE
MAINTENANCE AND REPAIR OF THE MONTGOMERY COUNTY CONFERENCE CENTER
FACILITY SO AS TO KEEP THE MONTGOMERY COUNTY CONFERENCE CENTER
FACILITY IN FIRST CLASS OPERATING CONDITION; AND

2.       THAT INCLUDES PROVISIONS THAT:

A PROTECT THE AUTHORITY'S AND MONTGOMERY
COUNTY'S RESPECTIVE INVESTMENT IN THE MONTGOMERY COUNTY CONFERENCE
CENTER FACILITY;

B. REQUIRE THE AUTHORITY AND MONTGOMERY COUNTY
TO EACH CONTRIBUTE TO OPERATING DEFICITS AND A CAPITAL IMPROVEMENT
RESERVE FUND IN AN AMOUNT SUFFICIENT TO KEEP THE CONFERENCE CENTER IN
FIRST CLASS OPERATING CONDITION. FOR THE PERIOD BEGINNING UPON THE
COMPLETION OF THE MONTGOMERY COUNTY CONFERENCE CENTER FACILITY AND
CONTINUING DURING THE PERIOD THAT THE AUTHORITY'S MONTGOMERY
COUNTY CONFERENCE CENTER FACILITY BONDS THAT CONSTITUTE TAX
SUPPORTED DEBT OF THE STATE ARE OUTSTANDING, AS FOLLOWS:

I. THE AUTHORITY SHALL CONTRIBUTE TWO-THIRDS AND
MONTGOMERY COUNTY SHALL CONTRIBUTE ONE THIRD TO ANNUAL OPERATING
DEFICITS AND MONTGOMERY COUNTY SHALL BE ENTITLED TO OPERATING
PROFITS; AND

II. MONTGOMERY COUNTY SHALL BE SOLELY RESPONSIBLE
FOR ALL OPERATING DEFICITS AND CAPITAL IMPROVEMENTS AFTER THE
AUTHORITY'S REPAYMENT OF ITS BONDS FOR THE MONTGOMERY COUNTY
CONFERENCE CENTER FACILITY THAT CONSTITUTE TAX SUPPORTED DEBT OF THE
STATE;

C. I. REQUIRE MONTGOMERY COUNTY TO BE SOLELY
RESPONSIBLE FOR ALL EXPENDITURES RELATING TO THE OPERATION OF THE
CONFERENCE CENTER FACILITIES, INCLUDING NET OPERATING DEFICITS (THE
AMOUNT BY WHICH EXPENDITURES EXCEED REVENUES) THAT MAY BE INCURRED;
AND

II. ALLOW MONTGOMERY COUNTY TO KEEP ALL
OPERATING PROFITS RESULTING FROM THE OPERATION OF THE MONTGOMERY
COUNTY CONFERENCE CENTER FOR ALL YEARS: AND

C. D. PROVIDE FOR REMEDIES UPON DEFAULT WHICH
INCLUDE THE RIGHT OF THE AUTHORITY, IN THE EVENT OF A MATERIAL DEFAULT
BY MONTGOMERY COUNTY WHICH HAS NOT BEEN CORRECTED AFTER A

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