§ 10-657.5

Maryland § 10-657.5

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

Text

(a) In this section, “Fund” means the Sports Entertainment Facilities Financing Fund.

(b) There is a Sports Entertainment Facilities Financing Fund.

(c) (1) The Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning sports entertainment facilities.

(2) The Authority shall:

(i) use the Fund as a revolving fund for carrying out this subtitle concerning sports entertainment facilities; and

(ii) pay any and all expenses from the Fund that are incurred by the Authority related to any sports entertainment facility.

(d) To the extent considered appropriate by the Authority, the money on deposit in the Fund shall be pledged to and used to pay the following related to sports entertainment facilities:

(1) debt service on Authority bonds;

(2) debt service reserves under a trust agreement;

(3) all reasonable charges and expenses related to Authority borrowing; and

(4) all reasonable charges and expenses related to the Authority’s administration of the Fund and management of the Authority’s obligations.

(e) The Fund consists of:

(1) money deposited into the Fund;

(2) to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning sports entertainment facilities;

(3) revenues collected or received from any source under this subtitle related to sports entertainment facility projects;

(4) any interest earnings of the Fund; and

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

(f) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State funds.

(2) Any investment earnings shall be credited to the Fund.

(3) No part of the Fund may revert or be credited to the General Fund or any special fund of the State.