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(a) There is a Supplemental Facilities Fund.
(b)(1) The Supplemental Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning supplemental facilities.
(2) The Authority shall:
(i) use the Supplemental Facilities Fund as a revolving fund for carrying out the provisions of this subtitle concerning supplemental facilities; and
(ii) pay any and all expenses from the Supplemental Facilities Fund that are incurred by the Authority related to a supplemental facility.
(c)(1) To the extent considered appropriate by the Authority, the receipts of a supplemental facility shall be pledged to and charged with the following relating to the supplemental facility:
(i) the payment of debt service on Authority bonds;
(ii) all reasonable charges and expenses related to Authority borrowing; and
(iii) the management of Authority obligations.
(2) The pledge shall be effective as provided in § 10-634 of this subtitle and any applicable Authority resolution.
(d) The Supplemental Facilities Fund consists of:
(1) funds appropriated for deposit to the Supplemental Facilities Fund;
(2) proceeds from the sale of bonds concerning supplemental facilities;
(3) revenues collected or received from any source under this subtitle related to supplemental facilities; and
(4) any additional money made available from any public or private source for the purposes established for the Supplemental Facilities Fund.
(e)(1) The State Treasurer shall invest the money of the Supplemental Facilities Fund in the same manner as other State funds.
(2) Any investment earnings shall be credited to the Supplemental Facilities Fund.
(3) No part of the Supplemental Facilities Fund may revert or be credited to the General Fund or any special fund of the State.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-657.1 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-657-1/
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