Foundation, Inc. for certain development or improvement purposes; providing
for disbursement of the loan proceeds, subject to a requirement that the grantee
provide and expend a matching fund; requiring the grantee to grant and convey
a certain easement to the Maryland Historical Trust; and providing generally for
the issuance and sale of bonds evidencing the loan.

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

Chapter 258 of the Acts of 1999, as amended by Chapter 244 of the Acts of 1993

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 bo known as the Avalon
Theatre Loan of 1999 in the total principal amount of $85,000. 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, § 32 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 Trustees of the Avalon
[Theatre] FOUNDATION, Inc. (REFERRED TO HEREINAFTER IN THIS ACT AS "THE
GRANTEE") for the purpose of restoring, renovating, repairing, rehabilitating,
reconstructing, constructing and equipping the historic Avalon Theatre FACILITIES in
Easton, located in Talbot County.

(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 issue 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 Trustees of the Avalon Theatre,
Inc. shall provide at least an equal and matching fund of $85,000. 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. In case of any dispute as to what money or assets may qualify as matching
funds, the Board of Public Works shall determine the matter, and the Board's decision