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PARRIS N. GLENDENING, Governor
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Ch. 543
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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 Port Tobacco
Players, Inc. (referred to hereafter in this Act as "the grantee") for the acquisition,
planning, design, construction, renovation, and capital equipping of the Port Tobacco
Players Theater, to be located in La Plata, Charles County, Maryland.
(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. No part of the funds 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.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2000.
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Approved May 18, 2000.
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- 2873 -
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