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PARRIS N. GLENDENING, Governor
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Ch. 252
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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 Baltimore
City - Lyric Opera House Loan of 2000 in a total principal amount equal to the lesser
of (i) $2,000,000 $750,000 $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 Lyric
Foundation, Inc. (referred to hereafter in this Act as "the grantee") for the expansion
and capital equipping of the stage and the stage housing, the expansion of the freight
elevator, and the construction and capital equipping of dressing rooms, offices,
multiple use facilities, and a passenger elevator at the Lyric Opera House in
Baltimore City.
(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 or in kind
contributions. The fund may consist of 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, 2002, 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.
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- 1557 -
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