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Maryland Code, Economic Development § 10-652.3

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this section, “Fund” means the Camden Yards Football Sports Facility Capital Works Fund.

(b) There is a Camden Yards Football Sports Facility Capital Works Fund.

(c) The purpose of the Fund is to enable the Authority to pay all expenses related to capital improvements and repairs at the Camden Yards football sports facility.

(d) The Authority shall administer the Fund.

(e)(1) The Fund is a special, nonlapsing fund that is not subject to § 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) The Fund consists of:

(1) money appropriated in the State budget to the Fund;

(2) to the extent considered appropriate by the Authority, proceeds from the sale of bonds concerning the Camden Yards football sports facility;

(3) interest earnings; and

(4) any other money from any other source accepted for the benefit of the Fund.

(g)(1) The Fund may be used only for:

(i) capital improvements or capital repairs at or for the benefit of the Camden Yards football sports facility; and

(ii) to the extent funds in the Camden Yards Football Sports Facility Emergency Repair Fund established under § 10-652.4 of this subtitle are insufficient, emergency repairs.

(2) The Fund may not be:

(i) pledged to or charged with Authority borrowing;

(ii) used for payment of debt service; or

(iii) used for the associated charges, expenses, or management of Authority obligations related to Authority bonds.

(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 credited to the Fund.

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

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-652.3 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-652-3/

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