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Maryland Code, State Finance and Procurement § 7-312

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

(a) There is a Maryland Stadium Facilities Fund.

(b) The Fund is:

(1) a special, nonlapsing fund that consists of money that may be appropriated, transferred, credited, or paid to it from any source; and

(2) not subject to § 7-302 of this subtitle.

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

(d)(1) The Fund shall be invested and reinvested in the same manner as other State funds.

(2) Any investment earnings shall be retained to the credit of the Fund.

(e) Money credited to the Maryland Stadium Facilities Fund may be used, in accordance with approved comprehensive financing plans, to:

(1) pay rent to the Maryland Stadium Authority;

(2) with the approval of the Board of Public Works, make grants or loans, not exceeding $1 million in any fiscal year, to the Authority for its corporate purposes;

(3) with the approval of the Board of Public Works, finance capital construction in lieu of issuing bonds; or

(4) financially support, through equity investment, loan, guarantee, or otherwise, full or partial private financing of any element of the facility.

(f)(1) At the end of the fiscal year, a transfer to the Dedicated Purpose Fund of the State Reserve Fund shall be made to the extent that the balance of revenues in the Fund exceeds:

(i) $24 million; and

(ii) the Debt Service Reserve Fund being held by or on behalf of the Maryland Stadium Authority for payment of debt service on revenue bonds issued by the Authority.

(2)(i) Any revenues transferred to the State Reserve Fund in accordance with paragraph (1) of this subsection shall be dedicated for use by the Maryland Stadium Authority and may be transferred from the State Reserve Fund by an appropriation in the budget bill or, with the approval of the Legislative Policy Committee, by budget amendment.

(ii) The unspent balance of any revenues for the Maryland Stadium Authority in the State Reserve Fund shall revert to the General Fund 2 years after the end of the fiscal year in which the transfer was made.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 7-312 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-7-312/

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