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PARRIS N. GLENDENING, Governor
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Ch. 417
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the [$56,000,000] $60,000,000 of total ACQUISITION AND 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)(l) of this subtitle;
2. The State of Maryland has deposited to the Hippodrome
Performing Arts Center Financing Fund, an aggregate amount of $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] $12,000,000 $17,400,000 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)(l) 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)(l) of this subtitle, to pay an additional [$15,500,000] $17,500,000
$12,100,000; and
B. Agree, by not later than the date of the Authority's bond
issuance as authorized under § 13-712(a)(l) of this subtitle, to pay all actual
ACQUISITION AND capital costs of construction of the Hippodrome Performing Arts
Center facility to the extent such costs are in excess of [$56,000,000] $60,000,000, AND
THAT ANY SAVINGS FROM ACQUISITION OR CAPITAL COSTS UPON COMPLETION OF
THE HIPPODROME PERFORMING ARTS CENTER SHALL BE PAID TO THE AUTHORITY;
(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:
1. To market, promote, and operate or contract, subject to the
approval of the Authority, for the marketing, promotion, and operation of the
Hippodrome Performing Arts Center facility;
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2. To maintain and repair or contract, subject to the approval
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- 3183 -
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