CHAPTER 220
(House Bill 266)

AN ACT concerning

Montgomery County - Bethesda Academy of the Performing Arts Loan of

1997

FOR the purpose of amending Chapter 289 of the Acts of the General Assembly of
1997, the Bethesda Academy of the Performing Arts Loan of 1997, to extend the
time by which the recipient shall provide the matching funds and to alter the
purposes for which the proceeds of the bonds shall be used. 

BY repealing and reenacting, with amendments,

Chapter 289 of the Acts of the General Assembly of 1997
Section 1

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

Chapter 289 of the Acts of 1997

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 Montgomery
County - Bethesda Academy of the Performing Arts Loan of 1997 in a total principal
amount equal to the lesser of (i) $75,000 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 Bethesda
Academy of the Performing Arts, Inc. (referred to hereafter in this Act as "the
grantee") for the [repair, renovation, and capital equipping of a small performing arts
theater, to be located in a former storefront in the White Flint Mall in Montgomery
County] PLANNING, DESIGN, CONSTRUCTION, RECONSTRUCTION, AND CAPITAL