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Ch. 417
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2002 LAWS OF MARYLAND
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1. Whereby Ocean City agrees to market, promote, and
operate the Ocean City Convention Center facility in a manner which maximizes the
Ocean City Convention Center's economic return (which shall not be construed to
require gambling activities in the Ocean City Convention Center), and to maintain
and repair the Ocean City Convention Center facility so as to keep the Ocean City
Convention Center facility in first class operating condition; and
2. That includes provisions that:
A. Protect the Authority's and Ocean City's respective
investment in the Ocean City Convention Center facility;
B. Require the Authority and Ocean City to each contribute
to operating deficits and a capital improvement reserve fund, for the period beginning
upon the completion of the expanded and renovated Ocean City Convention Center
facility and continuing during the period that the Authority's Ocean City Convention
Center facility bonds are outstanding, as follows:
I. The Authority shall contribute one-half and Ocean City
shall contribute one-half to annual operating deficits;
II. The Authority and Ocean City shall each annually
contribute $50,000 to an appropriate Capital Improvement Reserve Fund; and
III. Ocean City shall be solely responsible for all operating
deficits and capital improvements prior to the completion of the expanded and
renovated Ocean City Convention Center facility and after the repayment of the
Authority's Ocean City Convention Center facility bonds; and
C. Provide for remedies upon default which include the right
of the Authority, in the event of a material default by Ocean City which has not been
corrected after a reasonable notice and cure period, to immediately assume
responsibility for maintenance and repairs of the Ocean City Convention Center
facility and offset the costs of such maintenance and repairs against other amounts
owed by the Authority to Ocean City, whether under the operating agreement with
Ocean City or otherwise;
(7) With respect to site acquisition and construction of the Montgomery
County Conference Center facility, has secured, as approved by the Board of Public
Works:
(i) A lease or other written agreement with Montgomery County
pursuant to which:
1. Montgomery County agrees to contribute $13,196,000 for
the capital costs of construction of the Montgomery County Conference Center not
later than the date of the Authority's bond issuance as authorized under § 13-712
(a)(1) of this subtitle;
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- 3180 -
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