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PARRIS N. GLENDENING, Governor
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Ch. 417
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C. Provide for remedies upon default which include the right
of the Authority or the State, in the event of a material default by Baltimore City
which has not been corrected after a reasonable notice and cure period, to
immediately assume responsibility for maintenance and repairs of the Baltimore
Convention Center facility and offset the costs of such maintenance and repairs
against other amounts owed by the Authority or the State to Baltimore City, whether
under the operating agreement with Baltimore City or otherwise;
(6) With respect to site acquisition and construction of an Ocean City
Convention Center facility, has secured, as approved by the Board of Public Works:
(i) A lease or. other written agreement with Ocean City pursuant to
which:
1. Ocean City agrees to issue bonds not later than the date of
the Authority's bond issuance as authorized under § 13-712(a)(1) of this subtitle and
to contribute $14,700,000 of the proceeds from the sale of the bonds for the capital
costs of the expansion of the Ocean City Convention Center;
2. The Authority agrees to issue bonds as authorized under §
13-712(a)(l) of this subtitle and to contribute $14,700,000 of the proceeds from the
sale of the bonds for the capital costs of the expansion of the Ocean City Convention
Center;
3. Ocean City and the Authority agree that if the actual
capital costs of the expansion of the Ocean City Convention Center are less than
$29,400,000, the savings will be allocated:
A. One-half to the Authority; and
B. One-half to Ocean City;
4. Ocean City agrees to provide the Ocean City Convention
Center site, as defined in § 13-701(1) of this subtitle, for the expansion and renovation
of the Ocean City Convention Center; and
5. Ocean City and the Authority will each own a 50%
leasehold interest as tenants in common in the improvements comprising the existing
Ocean City Convention Center and the Ocean City Convention Center expansion for
the duration of any bonds issued as authorized under § 13-712(a)(l) of this subtitle,
with neither Ocean City nor the Authority entitled to sell, assign, mortgage, pledge, or
encumber the Ocean City Convention Center facility (or any leasehold interest
therein) without the prior consent of the other, except for liens in favor of Ocean City's
and the Authority's respective bondholders;
(ii) A deed, lease, or written agreement with Ocean City permitting
the Authority to design, construct, and equip, or contract for the design, construction,
and equipping of the Ocean City Convention Center facility expansion, and to pledge
the Ocean City Convention Center facility and the Ocean City Convention Center site
or the leasehold interest therein, as security for the Authority's bonds; and
(iii) A written agreement with Ocean City:
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- 3179 -
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