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Ch. 185
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PARRIS N. GLENDENING, Governor
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(I) ONE OR MORE WRITTEN AGREEMENTS ESTABLISHING
COMMITMENTS FOR PAYMENTS TO THE AUTHORITY OF AMOUNTS WHICH SHALL BE
USED BY THE AUTHORITY TO FUND THE $53,000,000 $56,000,000 OF TOTAL CAPITAL
COSTS OF CONSTRUCTION OF THE HIPPODROME PERFORMING ARTS CENTER
FACILITY AND PURSUANT TO WHICH:
1. BALTIMORE CITY AGREES TO PAY $6,000,000, $2,000,000 OF
WHICH SHALL BE DEPOSITED TO THE HIPPODROME PERFORMING ARTS CENTER
FINANCING FUND BY JULY 1, 2000, AND $4,000,000 OF WHICH EITHER SHALL BE
DEPOSITED TO THE HIPPODROME PERFORMING ARTS CENTER FINANCING FUND BY
NOT LATER THAN THE DATE OF THE AUTHORITY'S BOND ISSUANCE AS AUTHORIZED
UNDER § 13-712(A)(1) OF THIS SUBTITLE OR WHICH SHALL BE DEPOSITED TO THE
HIPPODROME PERFORMING ARTS CENTER FINANCING FUND IN $2,000,000
INCREMENTS IN EACH OF THE NEXT 2 SUCCEEDING YEARS FROM THE PROCEEDS OF
BOND ISSUANCES WHICH SHALL HAVE RECEIVED VOTER APPROVAL BY NOT LATER
THAN THE DATE OF THE AUTHORITY'S BOND ISSUANCE AS AUTHORIZED UNDER §
13-712(A)(1) OF THIS SUBTITLE;
2. THE STATE OF MARYLAND HAS DEPOSITED TO THE
HIPPODROME PERFORMING ARTS CENTER FINANCING FUND, AN AGGREGATE
AMOUNT OF $15,000,000 $16,500,000 OR SUCH LESSER AMOUNT AS IS AVAILABLE TO
THE AUTHORITY AND IS NOT SUBJECT TO ANY BUDGET CONTINGENCIES;
3. THE AUTHORITY AGREES TO ISSUE BONDS AS
AUTHORIZED UNDER § 13-712(A)(1) OF THIS SUBTITLE AND TO USE $10,000,000 OF THE
PROCEEDS FROM THE SALE OF SUCH BONDS IN THE MANNER AND FOR THE
PURPOSES DESCRIBED IN THIS SUBSECTION; AND
4. ONE OR MORE PRIVATE ENTITIES, WHICH MAY INCLUDE
AN AUTHORITY AFFILIATE ("PRIVATE FUNDING SOURCES"):
A. DEPOSIT TO THE HIPPODROME PERFORMING ARTS
CENTER FINANCING FUND, NOT LATER THAN THE DATE OF THE AUTHORITY'S BOND
ISSUANCE AS AUTHORIZED UNDER § 13-712(A)(1) OF THIS SUBTITLE, AT LEAST
$8,000,000, AND AGREE, NOT LATER THAN THE DATE OF THE AUTHORITY'S BOND
ISSUANCE AS AUTHORIZED UNDER § 13-712(A)(1) OF THIS SUBTITLE, TO PAY AN
ADDITIONAL $14,000,000 $15,500,000; AND
B. AGREE, BY NOT LATER THAN THE DATE OF THE
AUTHORITY'S BOND ISSUANCE AS AUTHORIZED UNDER § 13-712(A)(1) OF THIS
SUBTITLE, TO PAY ALL ACTUAL CAPITAL COSTS OF CONSTRUCTION OF THE
HIPPODROME PERFORMING ARTS CENTER FACILITY TO THE EXTENT SUCH COSTS
ARE IN EXCESS OF $53,000,000 $56,000,000;
(II) A WRITTEN AGREEMENT WITH THE UNIVERSITY SYSTEM OF
MARYLAND PURSUANT TO WHICH THE UNIVERSITY SYSTEM OF MARYLAND AGREES
TO TRANSFER TO THE AUTHORITY FEE TITLE TO THE PROPERTY DESCRIBED IN §
13-701(S)(3) OF THIS SUBTITLE; AND
(III) A WRITTEN AGREEMENT WITH AN AUTHORITY AFFILIATE
WHEREBY THE AUTHORITY AFFILIATE AGREES:
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- 917 -
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