PARRIS N. GLENDENING, Governor

Ch. 293

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 Baltimore Symphony Orchestra, Inc. (referred
to hereafter in this Act as "the grantee") for the planning, design, renovation, and repair
of, and for the provision of capital equipment and furnishings for, the Joseph Meyerhoff
Symphony Hall, the renovations to include acoustic modifications and nonacoustic
alterations to the building building, and associated site improvements.

(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 grantee shall provide and expend a matching
fund. No part of the grantee'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 grantee has until June 1,
1999, 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1997.

Approved April 29, 1997.

CHAPTER 293
(House Bill 1318)

AN ACT concerning

Insurance Regulation - Domestic Mutual Companies and Stock Companies

FOR the purpose of eliminating the maximum interest rate allowed for certain loans to
mutual companies under certain circumstances; repealing a certain prohibition
against a commission or promotion expense being paid in connection with a loan or
advance to a stock insurer or mutual insurer under certain circumstances; altering a
certain requirement that agreements involving mergers or consolidations of certain
domestic mutual insurers be submitted to members and subject to a certain vote by
members; authorizing a domestic mutual insurance company to acquire or form a
subsidiary holding company under certain circumstances; making this Act an

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