Section 10-652 - Camden Yards Financing Fund. - Maryland Statutes

§ 10-652. Camden Yards Financing Fund.
 

(a)  Established.- There is a Camden Yards Financing Fund. 

(b)  Purpose.- The Authority shall: 

(1) use the Camden Yards Fund as a nonlapsing, revolving fund for implementing this subtitle concerning sports facilities and other facilities at Camden Yards; 

(2) pay all expenses and make all expenditures related to Camden Yards facilities from the Camden Yards Fund; and 

(3) transfer the sum of $24,000,000 to the Public School Construction Fund established under § 7-326 of the State Finance and Procurement Article by making an annual payment of $2,400,000 beginning in fiscal year 2001 and ending in fiscal year 2010. 

(c)  Funds receipts pledged.-  

(1) To the extent considered appropriate by the Authority, the receipts of the Camden Yards Fund shall be pledged to and charged with the following relating to sports facilities: 

(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)  Composition.- The Camden Yards Fund consists of: 

(1) proceeds from the sale of bonds related to sports facilities; 

(2) revenues collected or received from any source under this subtitle related to Camden Yards facilities; 

(3) any other revenues related to Camden Yards facilities, under the jurisdiction of the Authority; 

(4) admissions and amusement tax revenues distributed to the Authority under the Tax - General Article; 

(5) any additional revenue, gift, donation, or other funding source authorized by law related to Camden Yards facilities; and 

(6) payments by Baltimore City under subsection (f) of this section. 

(e)  Investments and earnings.-  

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

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

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

(f)  Required contribution.- Baltimore City shall pay $1,000,000 each year into the Camden Yards Fund for the purposes of debt service and other forms of obligation by the Authority. 
 

[FI §§ 13-715 to 13-715.2; 2008, ch. 306, § 2.]