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Maryland Code, Economic Development § 10-657.6

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) In this section, “Fund” means the Prince George's County Blue Line Corridor Facility Fund.

(b) There is a Prince George's County Blue Line Corridor 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 a Prince George's County Blue Line Corridor facility; and

(2) pay any expenses incurred by the Authority that are related to a Prince George's County Blue Line Corridor 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 related to a Prince George's County Blue Line Corridor 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 the Authority's obligations.

(2) The pledge shall be effective in the same manner as provided in § 10-634 of this subtitle.

(g) The Fund consists of:

(1) money distributed to the Fund under § 9-120(b)(1)(xi) of the State Government Article;

(2) money appropriated for deposit in the Fund;

(3) proceeds from the sale of bonds concerning a Prince George's County Blue Line Corridor facility;

(4) revenues collected or received from any source under this subtitle related to a Prince George's County Blue Line Corridor facility;

(5) any interest earnings of the Fund; and

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

(h) The Authority shall pay from the Fund any and all expenses that are incurred by the Authority, or otherwise specifically approved by the Authority, relating to Prince George's County Blue Line Corridor facilities.

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

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

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-657.6 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-657-6/

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