§ 10-657.4

Maryland § 10-657.4

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 10

Text

(a) In this section, “Fund” means the Hagerstown Multi–Use Sports and Events Facility Fund.

(b) There is a Hagerstown Multi–Use Sports and Events Facility Fund.

(c) The purpose of the Fund is to enable the Authority to:

(1) use the Fund as a revolving fund for implementing this subtitle as it relates to the Hagerstown Multi–Use Sports and Events Facility; and

(2) pay any expenses incurred by the Authority that are related to the Hagerstown Multi–Use Sports and Events Facility.

(d) The Authority shall administer the Fund.

(e) (1) The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) (1) To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following relating to the Hagerstown Multi–Use Sports and Events Facility:

(i) payment of debt service on Authority bonds;

(ii) all reasonable charges and expenses related to the Authority’s borrowing; and

(iii) the management of Authority obligations.

(2) The pledge shall be effective as provided in § 10–634 of this subtitle.

(g) The Fund consists of:

(1) money appropriated for deposit in the Fund;

(2) revenues collected or received from any source under this subtitle concerning the Hagerstown Multi–Use Sports and Events Facility; and

(3) any additional money made available from any public or private source for the purposes established for the Fund.

(h) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any interest earnings of the Fund shall be paid into the Fund.