In this subtitle the following words have the meanings indicated. “Authority” means the Maryland Stadium Authority. “Authority affiliate” means a for–profit or nonprofit entity in which the Authority directly or indirectly owns any membership interest or equity interest. “Baltimore City” means, as the context requires: the geographic area of the City of Baltimore; or the Mayor and City Council of Baltimore. “Baltimore City Board of School Commissioners” means the Baltimore City Board of School Commissioners of the Baltimore City Public School System established under § 3–108.1 of the Education Article. “Baltimore City Public School Construction Facilities Fund” means the Baltimore City Public School Construction Facilities Fund established under § 10–657 of this subtitle. “Baltimore City Public School Construction Financing Fund” means the Baltimore City Public School Construction Financing Fund established under § 10–656 of this subtitle. “Baltimore City public school facility” means a property primarily used for educational instruction that: is held in trust by Baltimore City or the Baltimore City Board of School Commissioners for the benefit of the Baltimore City Public School System; and is designated for improvement under the memorandum of understanding between the Authority, Baltimore City, the Baltimore City Board of School Commissioners, and the Interagency Commission on School Construction entered into in accordance with § 10–646 of this subtitle. “Baltimore City public school site” means the site of any Baltimore City public school facility. “Baltimore Convention facility” means: a convention center, trade show facility, meeting hall, or other structure in Baltimore City used to hold conventions, trade shows, meetings, displays, or similar events; and offices, parking lots or garages, access roads, hotels, restaurants, railroad sidings, and any other structures, improvements, equipment, furnishings, or other property functionally related to the facilities described in item (i) of this paragraph. “Baltimore Convention facility” includes the following, if used, useful, or usable in the future as, or in connection with, a Baltimore Convention facility: land, structures, equipment, property, property rights, property appurtenances, rights–of–way, franchises, easements, and other interests in land; land and facilities that are functionally related to a Baltimore Convention facility; and patents, licenses, and other rights necessary or useful to construct or operate a Baltimore Convention facility. “Baltimore Convention Fund” means the Baltimore Convention Financing Fund established under § 10–651 of this subtitle. “Baltimore Convention site” means all properties within the area bounded by the 200 and 300 blocks of South Charles Street on the east, the 100 and 200 blocks of Conway Street on the south, the 200 and 300 blocks of South Howard Street on the west, and the 100 and 200 blocks of West Pratt Street on the north. “Bond” includes a note, an interim certificate, a refunding bond, and any other evidence of obligation issued under this subtitle. “Camden Yards” means the area comprising approximately 85 acres in Baltimore City bounded by Camden Street on the north, Russell Street on the west, Ostend Street on the south, and Howard Street and Interstate 395 on the east. “Camden Yards Fund” means the Camden Yards Financing Fund established under § 10–652 of this subtitle. “Convention facility” means the Baltimore Convention facility, the Montgomery County Conference facility, and the Ocean City Convention facility. “County” means, as the context requires: the geographic area of the county; or the governing body of the county. “County” includes Baltimore City. “County board of education” means the board of education of a county and includes the Baltimore City Board of School Commissioners. “Facility” means: a structure or other improvement developed at Camden Yards; a convention facility; the Hippodrome Performing Arts facility; a sports facility; a Baltimore City public school facility; a racing facility; a training facility for thoroughbred horses; a public school facility; the Hagerstown Multi–Use Sports and Events Facility; a sports entertainment facility; or a Prince George’s County Blue Line Corridor facility. “Governmental unit” means a county, a municipal corporation, a unit of State or local government, or any other public body created under State or local law. “Hagerstown Multi–Use Sports and Events Facility” means the sports and events facility located in Hagerstown, Maryland, used for minor league baseball games, other events, and related activities. “Hagerstown Multi–Use Sports and Events Facility” includes: fields and field houses; offices; parking lots and garages; access roads; food service facilities; and other functionally related structures, improvements, furnishings, or equipment. “Hagerstown Multi–Use Sports and Events Facility Fund” means the Hagerstown Multi–Use Sports and Events Facility Fund established under § 10–657.4 of this subtitle. “Hagerstown Multi–Use Sports and Events Facility site” means the site of the Hagerstown Multi–Use Sports and Events Facility in Hagerstown, Maryland. “Hippodrome Performing Arts facility” means the performing arts center facility located at the Hippodrome Performing Arts site. “Hippodrome Performing Arts facility” includes, at the Hippodrome Performing Arts site: the Hippodrome theater and offices; food service facilities; and any other functionally related property, structures, improvements, furnishings, or equipment. “Hippodrome Performing Arts Fund” means the Hippodrome Performing Arts Financing Fund established under § 10–653 of this subtitle. “Hippodrome Performing Arts site” means the site of the France–Merrick Performing Arts Center located in Baltimore City at the address generally known as: 12 North Eutaw Street Building, identified in the State Department of Assessments and Taxation Real Property database as tax identification number Ward 04, Section 08, Block 0631, Lot 001; and 401 West Fayette Street, identified in the State Department of Assessments and Taxation Real Property database as tax identification number Ward 04, Section 08, Block 0631, Lot 013. “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair. “Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair. “MJC Entities” means the Maryland Jockey Club of Baltimore City, Inc., Laurel Racing Association Limited Partnership, Laurel Racing Association, Inc., and TSG Developments Investments, Inc. “MJC Entities” includes an affiliate, an assignee, a designee, a successor, or a transferee of an MJC Entity. “Montgomery County” includes the Montgomery County Revenue Authority. “Montgomery County Conference facility” means the Conference Center facility located at the Montgomery County Conference site used for conferences, trade shows, meetings, displays, or similar events. “Montgomery County Conference facility” includes, at the Montgomery County Conference site, offices, parking lots and garages, access roads, food service facilities, and other functionally related property, structures, improvements, furnishings, or equipment. “Montgomery County Conference facility” does not include the privately owned hotel adjacent to the Montgomery County Conference Center. “Montgomery County Conference Fund” means the Montgomery County Conference Financing Fund established under § 10–654 of this subtitle. “Montgomery County Conference site” means the site of the Montgomery County Conference Center located in Rockville at the address generally known as 5701 Marinelli Road, identified in the State Department of Assessments and Taxation Real Property database as tax identification number District 04, Account Number 03392987. “Ocean City Convention facility” means: a convention center, trade show facility, meeting hall, or other structure in Ocean City used to hold conventions, trade shows, meetings, displays, or similar events; and offices, parking lots or garages, access roads, food service facilities, and any other structures, improvements, equipment, furnishings, or other property functionally related to the facilities described in item (i) of this paragraph. “Ocean City Convention facility” includes the following, if used, useful, or usable in the future as, or in connection with, an Ocean City Convention facility: land, structures, equipment, property, property rights, property appurtenances, rights–of–way, franchises, easements, and other interests in land; land and facilities that are functionally related to an Ocean City Convention facility; and patents, licenses, and other rights necessary or useful to construct or operate an Ocean City Convention facility. “Ocean City Convention Fund” means the Ocean City Convention Financing Fund established under § 10–655 of this subtitle. “Ocean City Convention site” means the site of the Ocean City Convention Center located in Ocean City at the address generally known as 4001 Coastal Highway, identified in the State Department of Assessments and Taxation Real Property database as tax identification numbers District 10, Account Number 055237; District 10, Account Number 066301; District 10, Account Number 247942; and District 10, Account Number 280346. “Pimlico racing facility site” means the portion of the Pimlico site containing the racing facilities. “Pimlico racing facility site” includes the portion of the site designated to contain: the clubhouse and events center; the dirt, turf, or synthetic racetracks; the infield and immediately adjacent area surrounding the perimeter of the racetracks that is contained on the site; the stables, barns, and training facilities; the trackside aprons; and associated roadways, walkways, parking areas, green space, fencing, and related structures and areas as designated in the plans approved by the Authority. “Pimlico site” means the site in Baltimore City generally bounded by Northern Parkway, Park Heights Avenue, Belvedere Avenue, and Pimlico Road. “Prince George’s County Blue Line Corridor” means an area: the specific boundaries of which are designated by public local law, in central Prince George’s County in the intersections of Maryland Route 704, Maryland Route 214, and Maryland Route 202; or that is designated as an enterprise zone in Prince George’s County under § 5–704 of this article. “Prince George’s County Blue Line Corridor facility” means a facility located within the Prince George’s County Blue Line Corridor that is: a convention center; an arts and entertainment amphitheater; a market hall; a sports–related facility, including a sports stadium, practice field, or team headquarters; a mixed–use development; a technology innovation center; related to commercial development and revitalization; and any other functionally related structures, improvements, infrastructure, furnishings, or equipment of the facility, including parking garages. “Project entities” means each entity or entities or a joint venture entity or entities, that exists or is formed by any combination of MJC Entities, an entity owned by the City of Baltimore (the Baltimore City Entity), or the Maryland Thoroughbred Racetrack Operating Authority for: the MJC Entities’ conveyance of the Pimlico site; the operation of the Pimlico racing facility site and training facility site; and the construction, development, ownership, management, and operation of the racing and community development projects. “Program memorandum of understanding” means the memorandum of understanding between the Authority and the Interagency Commission on School Construction entered into in accordance with § 10–650 of this subtitle. “Project memorandum of understanding” means the memorandum of understanding between the Authority, the county, and the county board of education entered into in accordance with § 10–650 of this subtitle. “Public school facility” means a building, and may include a parking facility, an athletic facility, or any other facility related to educational instruction that: is held in trust by a county board of education, or the Mayor and City Council of Baltimore City, for the benefit of the county public school system; and is designated for improvement under a memorandum of understanding entered into in accordance with § 10–650 of this subtitle. “Public school site” means the site of any public school facility in the State. “Racing and Community Development Facilities Fund” means the Fund established under § 10–657.3 of this subtitle. “Racing and Community Development Financing Fund” means the Fund established under § 10–657.2 of this subtitle. “Racing and community development projects” means improvements to the Pimlico racing facility site, Pimlico site, and training facility site. “Racing and community development projects” includes: predesign and design work; architectural and engineering services; project consulting services; demolition, clean–up, site work, and grading and site drainage; landscaping; signage; parking, roadways, fencing, walkways, sidewalks, and green space; security systems; lighting, sound, video, and communication systems; pari–mutuel and tote systems; plumbing, electric, fiber, cable, utilities, and other infrastructure; water, sewer, and storm water management systems; construction and equipping of barns, clubhouses, dormitories or other housing, an equine diagnostic and health facility, a Pimlico thoroughbred racing museum, stables, tracks, training facilities, and other racing and community facilities; design and project contingencies, project allowances, and cost escalators and other specifications for the projects; and temporary or permanent improvements and facilities, including at on– or off–site locations, used to maintain year–round racing and training. “Racing and community development project costs” means costs and expenses associated with or that relate to the racing and community development projects. “Racing and community development project costs” includes transition costs and reimbursements and the recycling of project cost savings for the benefit of the racing and community development projects. “Racing facility” means the Pimlico site and the training facility site and any facilities or other improvements on the Pimlico site or the training facility site. “Sports entertainment facility” means a structure or other improvement in the State at which minor league games are played or other non–major league sporting events are held. “Sports entertainment facility” includes parking lots, garages, and any other property adjacent and directly related to a facility described under paragraph (1) of this subsection. “Sports entertainment facility” does not include: a facility located at Camden Yards; a sports facility; or a high school, collegiate, or recreational venue that does not generate positive incremental tax benefits to the State. “Sports Entertainment Facilities Financing Fund” means the Sports Entertainment Facilities Financing Fund established under § 10–657.5 of this subtitle. “Sports facility” means: a stadium primarily for professional football, major league professional baseball, or both, in the Baltimore metropolitan region, as defined in § 13–301 of this article; practice fields or other areas where professional football or major league professional baseball teams practice or perform; and offices for professional football and major league professional baseball teams or franchises. “Sports facility” includes parking lots, garages, and any other property adjacent and directly related to an item listed in paragraph (1) of this subsection. “Sports facility” does not include a sports entertainment facility. “Supplemental Facilities Fund” means the Supplemental Facilities Fund established under § 10–657.1 of this subtitle. “Supplemental facility” means a structure or other improvement developed in Baltimore City outside Camden Yards. “Supplemental facility” does not include the Baltimore Convention facility or the Hippodrome Performing Arts facility. “Supplemental facility site” means the site of any supplemental facility. “Supplemental Public School Construction Facilities Fund” means the Supplemental Public School Construction Facilities Fund established under § 10–658.1 of this subtitle. “Supplemental Public School Construction Financing Fund” means the Supplemental Public School Construction Financing Fund established under § 10–658 of this subtitle. “Tax supported debt” has the meaning stated in § 8–104 of the State Finance and Procurement Article. “Thoroughbred racetrack operator” means the Maryland Jockey Club, Inc., or a successor business entity designated by the Authority in accordance with § 10–646.1 of this subtitle. “Training facility site” means a site for training thoroughbred racehorses selected or acquired by the Authority.

There is a Maryland Stadium Authority. The Authority is a body politic and corporate and is an instrumentality of the State. The Authority is an independent unit in the Executive Branch of State government. The exercise by the Authority of its powers under this subtitle is an essential governmental function. The Authority is a public body under Title 5, Subtitle 4 of this article, the Maryland Industrial Development Financing Authority Act, for purposes of applying for, receiving, and making agreements in connection with: a loan; a grant; insurance; or any other form of financial assistance.

The Authority consists of the following 11 members: seven members appointed by the Governor, with the advice and consent of the Senate; one member appointed by the President of the Senate; one member appointed by the Speaker of the House of Delegates; one member appointed by the Mayor of Baltimore City, with the advice and consent of the Senate; and one member appointed by the County Executive of Prince George’s County, with the advice and consent of the Senate. In making appointments, the Governor shall ensure that the geographic areas of the State are represented. The term of a member is 4 years. The terms of members are staggered as required by the terms provided for members on October 1, 2008. At the end of a term, a member continues to serve until a successor is appointed and qualifies. A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies. A member may be removed for incompetence, misconduct, or failure to perform the duties of the position by: the Governor, if appointed by the Governor; the President of the Senate, if appointed by the President; the Speaker of the House of Delegates, if appointed by the Speaker; the Mayor of Baltimore City, if appointed by the Mayor; or the County Executive of Prince George’s County, if appointed by the County Executive.

The Governor shall designate a chair from among the members of the Authority.

The Authority shall determine the times and places of its meetings. For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Authority if no organizational business is conducted. Six members of the Authority are a quorum. Action by the Authority requires the affirmative vote of at least six members. A member of the Authority: may not receive compensation as a member of the Authority; but is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.

The Authority is exempt: from taxation by the State and local government; except as provided in Title 12, Subtitle 4 and Title 14, Subtitle 3 of the State Finance and Procurement Article, from Division II of the State Finance and Procurement Article; from § 15–112 of the State Finance and Procurement Article; and from the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.

With the approval of the Governor, the Authority shall appoint an Executive Director. Subject to the concurrence of the Governor, the Executive Director serves at the pleasure of the Authority. The Executive Director is the chief administrative officer and secretary of the Authority and shall: direct and supervise the administrative affairs and activities of the Authority, in accordance with its regulations and policies; attend the meetings of the Authority; keep minutes of all proceedings of the Authority; approve all accounts for salaries, per diem payments, and all allowable expenses of the Authority, its employees, and its consultants; approve all expenses incidental to the operation of the Authority; report and make recommendations to the Authority on the merits and status of any proposed facility; and perform the other duties that the Authority requires to carry out this subtitle.

The Authority may employ or retain, either as employees or as independent contractors, consultants, engineers, architects, accountants, attorneys, financial experts, construction experts and personnel, superintendents, managers and other professional personnel, personnel, and agents as the Authority considers necessary, and set their compensation.

There is an office known as Maryland Sports in the Authority. Maryland Sports shall implement a program to bring regional, national, and international sporting events at all levels of competition to the State for the purposes of: utilizing sports facilities in the State; enhancing the economic development of the State; and promoting the State as a destination for amateur and professional sporting events. Maryland Sports shall act as the State’s sports commission for the purpose of the National Association of Sports Commissions. To carry out the purposes of this section, Maryland Sports may: notwithstanding any other provision of law, request any State or local government body to provide information and assistance; notwithstanding any other provision of law, accept a gift, bequest, or grant from a public or private source; spend funds made available in the State budget; act as the host committee for regional, national, and international sporting events to be held in whole or in part in the State; and perform any other act necessary. Maryland Sports is encouraged to promote private fund–raising by maintaining relationships with each affiliated foundation established under § 10–612 of this subtitle.

In this section the following words have the meanings indicated. “Major entertainment event” means, except as otherwise specified by the Authority, an indoor or outdoor event organized for the primary purpose of the entertainment or amusement of people with: an expected attendance of at least 20,000 people; a negotiated broadcasting deal with either live or delayed broadcasting; commercial sponsorship opportunities; or a demonstrated positive economic impact for the State. “Major entertainment event” includes: a parade; a carnival; a fair; a festival; a concert; an exhibition; and a show. “Major sporting event” means, except as otherwise specified by the Authority, a professional or an amateur sporting event that is sanctioned by a regional, national, or international organization or association with: an expected attendance of at least 20,000 people; a negotiated broadcasting deal with either live or delayed broadcasting; commercial sponsorship opportunities; or a demonstrated positive economic impact for the State. “Major sporting event” does not include: a professional football game, except for: the Super Bowl; or an exhibition or championship game for an organization other than the National Football League; a professional baseball game, except for: a Major League Baseball All–Star Game; or an exhibition or championship game for an organization other than Major League Baseball; or a professional basketball game. “Program” means the Major Sports and Entertainment Event Program. There is a Major Sports and Entertainment Event Program in the Authority. The purpose of the Program is to: attract major sporting events and major entertainment events to the State; attract fans, participants, and tourists to the State for major sporting events; generate positive media coverage for the State; and generate a positive economic impact for the State. Maryland Sports, established under § 10–611 of this subtitle, shall implement and administer the Program in accordance with this section. With approval from the Authority and to assist with the costs of attracting and organizing a major sporting event or major entertainment event, including expenses associated with advertising, promotions, and capital projects, funding may be awarded to: a nonprofit organization; a for–profit organization; a county; or a business entity.

In this section, “Fund” means the Major Sports and Entertainment Event Program Fund. There is a Major Sports and Entertainment Event Program Fund. The Major Sports and Entertainment Event Program Fund is a continuing, nonlapsing fund that shall be available to implement the Major Sports and Entertainment Event Program established under § 10–611.1 of this subtitle. The Authority shall: use the Fund as a revolving fund for carrying out the provisions of § 10–611.1 of this subtitle; and pay expenses from the Fund related to the Major Sports and Entertainment Event Program established under § 10–611.1 of this subtitle. The Authority may use the Fund to pay administrative and operating costs of the Program including costs to market and advertise the Program. The Fund consists of: money distributed to the Fund under § 9–120(b)(1)(ix) of the State Government Article; money appropriated in the State budget to the Fund; any interest earnings of the Fund; and any additional money made available from any public source for the purposes established for the Fund. The State Treasurer shall invest the money of the Fund in the same manner as other State funds. Any investment earnings shall be credited to the Fund. No part of the Fund may revert or be credited to the General Fund or any special fund of the State.

The Authority may establish one or more affiliated foundations to work with Maryland Sports, established under § 10–611 of this subtitle. The purposes of an affiliated foundation are to: support the State in: sports bid development; sporting event recruitment and retention; economic analysis and research relating to sporting events; sponsorship of sporting events; and development of partnerships with public and private entities designed to sponsor sporting events; promote regional, national, and international sporting events to be held, in whole or in part, in the State; and recruit, market, promote, work to retain, and manage sporting events that have a positive economic or cultural impact, or otherwise enhance the quality of life of the State’s citizens. The Authority shall develop policies for the operation of each affiliated foundation the Authority establishes. The Attorney General shall review the policies the Authority develops under paragraph (1) of this subsection for form and legal sufficiency and, if appropriate, approve them to govern the affiliated foundation. The State Ethics Commission shall review the policies the Authority develops under paragraph (1) of this subsection that pertain to conflicts of interest and, if appropriate, approve them to govern an official or employee of the Authority also serving as a director or official of an affiliated foundation. An affiliated foundation may solicit and receive contributions from businesses, governmental entities, nonprofit organizations, and individuals interested in the promotion of sports in the State. An affiliated foundation established under this section may not be considered an agency or instrumentality of the State or a unit of the Executive Branch for any purpose. A financial obligation or liability of an affiliated foundation established and operated under this section may not be considered a debt or an obligation of the State, the Authority, or Maryland Sports. Sections 5–501 through 5–504 of the General Provisions Article do not prohibit an official or employee of the Authority from also becoming a director or an official of an affiliated foundation organized under this section. An official or employee of the Authority who serves as a director or official of an affiliated foundation organized under this section: may not be compensated, directly or indirectly, by the affiliated foundation; and may be reimbursed for bona fide expenses incurred in the performance of activities undertaken on behalf of the affiliated foundation as authorized by the board of directors of that affiliated foundation and by the Authority. The Authority shall notify the State Ethics Commission in writing whenever the Authority permits an official or employee of the Authority to serve as a director or official of an affiliated foundation. Within 30 days after receipt of the notice under subparagraph (i) of this paragraph, the State Ethics Commission shall notify the Authority of any objections or concerns pertaining to the joint service identified in the notice. On receipt of a notice from the State Ethics Commission under subparagraph (ii) of this paragraph, the Authority shall reexamine the matter. The Authority shall report annually to the Governor, the Legislative Policy Committee of the General Assembly, in accordance with § 2–1257 of the State Government Article, and the State Ethics Commission: the names of the officials and employees serving as a director or official of an affiliated foundation; and how the policies and procedures adopted under subsection (c) of this section have been implemented in the preceding year. An independent certified public accountant hired and paid by the Authority shall audit an affiliated foundation established under this section each year. In any fiscal year, after providing the budget committees of the General Assembly an opportunity for review and comment, the Authority may grant up to $500,000 of the Authority’s available nonbudgeted money to affiliated foundations established under this section.

In this section the following words have the meanings indicated. “Fund” means the Michael Erin Busch Sports Fund established under § 10–612.2 of this subtitle. “Program” means the Youth and Amateur Sports Grants Program. There is a Youth and Amateur Sports Grants Program. The purpose of the Program is to provide grants from the Fund to: bring new youth and amateur sporting events to the State; and attract sports fans, participants, and tourists. Maryland Sports shall implement and administer the Program in accordance with this section. Maryland Sports may award grants from the Fund to nonprofit organizations, counties, business entities, or individuals to assist with the costs of bringing youth and amateur sporting events to the State, including the costs of capital projects or maintenance. In awarding grants, Maryland Sports shall give priority to an applicant for a sporting event that: has demonstrated financial support from a county; or has provided assurance that a majority of the needed funding has been raised from private sources. To the extent practicable, Maryland Sports shall make awards to grantees that reflect: the geographic diversity of the State; sports programs that are gender–specific and nonspecific; and diverse types of sports. Unless the Authority expressly approves otherwise, the total amount of grants awarded to each nonprofit organization, county, business entity, or individual may not exceed $75,000 in a fiscal year. In accordance with a budget approved by the Authority, Maryland Sports may use money in the Fund to pay administrative and operating costs of the Program, including costs to market and advertise the Program. The Authority may adopt regulations to carry out this section.

** IN EFFECT UNTIL JULY 1, 2027 PER CHAPTER 376 OF 2026 ** In this section, “Fund” means the Michael Erin Busch Sports Fund. There is a Michael Erin Busch Sports Fund. The purpose of the Fund is to provide funding for the Youth and Amateur Sports Grants Program established under § 10–612.1 of this subtitle. The Authority shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: revenue distributed to the Fund under § 9–120(b)(1)(iv) of the State Government Article; money appropriated in the State budget to the Fund; interest earnings or other income earned from the investment of any money in the Fund; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only to: make grants under the Youth and Amateur Sports Grants Program; and pay the costs necessary to administer and operate the Youth and Amateur Sports Grants Program, including marketing and advertising costs. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any interest earnings of the Fund shall be credited to the Fund. Expenditures from the Fund may be made only in accordance with the State budget.

The Authority may: adopt a seal; sue and be sued; adopt bylaws and policies; adopt regulations to carry out this subtitle in accordance with the Administrative Procedure Act; have an office at the place the Authority designates; appoint advisory committees composed of local officials, business interests, representatives of the convention, hotel, and tourism business, and other experts as appropriate; subject to § 10–620 of this subtitle, acquire, lease as landlord or tenant, hold, encumber, or dispose of property; enter into contracts and execute the instruments necessary or convenient to carry out this subtitle to accomplish its purposes; determine the locations of, develop, establish, acquire, own, improve, operate, maintain, and contribute to the maintenance and operating costs of facilities as necessary to accomplish its purposes; regulate the use and operation of facilities developed under this subtitle; fix and collect rents, fees, and other charges for the use of facilities or for services rendered in connection with the facilities; subject to Parts IV and V of this subtitle, issue bonds; exercise the corporate powers of Maryland corporations under the Maryland General Corporation Law; with respect to site acquisition, construction, and development of the Hippodrome Performing Arts facility and the Hagerstown Multi–Use Sports and Events Facility, establish and participate in Authority affiliates; impose the admissions and amusement tax authorized under § 4–102 of the Tax – General Article; and do all things necessary or convenient to carry out the powers granted by this subtitle. The Authority may review and make recommendations on proposed convention center facilities, the Hippodrome Performing Arts facility, the Hagerstown Multi–Use Sports and Events Facility, and a Prince George’s County Blue Line Corridor facility, including the expansion and enhancement of the Baltimore City Convention Center and the Ocean City Convention Center and the development and construction of the Montgomery County Conference Center, the Hippodrome Performing Arts Center, the Hagerstown Multi–Use Sports and Events Facility, and a Prince George’s County Blue Line Corridor facility with respect to location, purpose, design, function, capacity, parking, costs, funding mechanisms, and revenue alternatives, with specific recommendations on: the level of support from the private sector; the type of support from the private sector; special taxing sources; projected revenues; bonding authority and the source of debt service; and the fiscal impact on the State of any revenue alternatives.

Subject to the approval of the Board of Public Works, the Authority may: borrow money from any source for any corporate purpose, including working capital for its operations, reserve funds, or interest; mortgage, pledge, or otherwise encumber the property or funds of the Authority; contract for the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers; and receive and accept from any public or private source contributions, gifts, or grants of money or property and invest the money or property as a whole or in part.

An Authority sports facility may not be used to conduct professional basketball games. The Authority may not construct or enter into a contract to construct a sports facility other than at Camden Yards unless specifically authorized by an enactment of the General Assembly.

Subject to the approval of the Board of Public Works and the Legislative Policy Committee, the Authority may develop any portion of Camden Yards to generate incidental revenues for the benefit of the Authority. The authority granted under subsection (a) of this section includes the power to develop, establish, acquire, own, lease, improve, operate as landlord, regulate, maintain, sell, transfer, or otherwise dispose of any portion of Camden Yards. Except for its condemnation power, the Authority may exercise all of its powers under this subtitle with respect to the development of portions of Camden Yards.

Notwithstanding any other law, a dome may be built or added on a stadium at Camden Yards only if specifically authorized by an enactment of the General Assembly. During any period in which major league professional baseball games are played at the baseball stadium at Camden Yards, a major league professional baseball team may not play major league professional baseball games on a regular basis at another professional sports stadium in the State that: is constructed in part with State funds; or benefits from or is supported by State-funded transportation or other infrastructure projects developed due to the construction of the stadium.

Except as provided in paragraph (2) of this subsection, contracts to acquire any facility site, to construct the facility, or for construction on the facility site require the prior approval of the Board of Public Works. Contracts to construct a public school facility or for construction on a public school site do not require the prior approval of the Board of Public Works. The Authority may: acquire by any of the means specified in § 10–620(a) of this subtitle: a site at Camden Yards for a facility; a Baltimore Convention site or an interest in the site; an Ocean City Convention site or an interest in the site; a Montgomery County Conference site or an interest in the site; a Hippodrome Performing Arts site or an interest in the site; a Hagerstown Multi–Use Sports and Events Facility site or an interest in the site; a sports entertainment facility site or an interest in the site; and a Prince George’s County Blue Line Corridor facility site or an interest in the site; and construct or enter into a contract to construct a facility on a site it acquires under this subsection.

Subject to the prior approval of the Board of Public Works, the Authority may: hold an ownership interest in or operate a professional football or major league professional baseball team or team franchise for up to 2 years during a transition to private ownership; and continue to hold, but not operate, an ownership interest in a professional football or major league professional baseball team during a transition of the team without a time limitation. If necessary, the Board of Public Works may renew its approval under subsection (a) of this section each year.

Subject to annual appropriations and this subtitle, the Authority may acquire in its own name, by gift, purchase, or condemnation, any property or interest in property necessary or convenient to construct, improve, or operate a facility. When acquiring in its own name any property under paragraph (1) of this subsection, the Authority shall first attempt to acquire the property by negotiation and purchase. If the Authority is not able to acquire property by negotiation, the Authority may condemn private property under subsection (b) of this section. If the Authority determines that acting under paragraphs (2) and (3) of this subsection would be inappropriate, the Authority may condemn private property under subsection (c) of this section. The exercise of authority under this subsection is subject to subsection (a) of this section, the prior approval of the Board of Public Works, and review by the Legislative Policy Committee. The Authority may condemn any private property for any purpose of the Authority: in accordance with Title 12 of the Real Property Article; and only in Camden Yards, at the Hippodrome Performing Arts site, and at a Prince George’s County Blue Line Corridor facility site. The exercise of authority under this subsection is subject to subsection (a) of this section, the prior approval of the Board of Public Works, and review by the Legislative Policy Committee. The Authority may exercise quick take condemnation under Article III, § 40A of the Maryland Constitution to acquire in Baltimore City for the State private property for any purpose of the Authority: in accordance with §§ 8–334 through 8–339 of the Transportation Article and Title 12 of the Real Property Article; and only in Camden Yards and at the Hippodrome Performing Arts site. The exercise of authority under this subsection is subject to the prior approval of the Board of Public Works. On request of the Authority, the State, a unit of the State, or a political subdivision may lease, lend, grant, or otherwise convey to the Authority, property, including property devoted to public use, as necessary or convenient for the purposes of this subtitle. The State may lease or sublease a facility, or an interest in a facility, from or to the Authority, whether or not constructed or usable. Lease payments to the Authority appropriated by the State shall be transferred to: the Baltimore Convention Fund if appropriated for a Baltimore Convention facility; the Camden Yards Fund if appropriated for a sports facility or other facility at Camden Yards; the Hippodrome Performing Arts Fund if appropriated for a Hippodrome Performing Arts facility; the Montgomery County Conference Fund if appropriated for a Montgomery County Conference facility; the Ocean City Convention Fund if appropriated for an Ocean City Convention facility; the Hagerstown Multi–Use Sports and Events Facility Fund if appropriated for a Hagerstown Multi–Use Sports and Events Facility; the Sports Entertainment Facilities Financing Fund if appropriated for a sports entertainment facility; or the Prince George’s County Blue Line Corridor Facility Fund if appropriated for a Prince George’s County Blue Line Corridor facility. This subsection does not apply to the Camden Yards site, Baltimore Convention site, Ocean City Convention site, Hippodrome Performing Arts site, any Baltimore City public school site, any racing facility, the Hagerstown Multi–Use Sports and Events Facility site, any supplemental facility site, any public school site, a sports entertainment facility, or a Prince George’s County Blue Line Corridor facility site. The Authority and any Authority affiliate are subject to applicable planning, zoning, and development regulations to the same extent as a private commercial or industrial enterprise. The Authority shall: in cooperation with Baltimore City, appoint a task force that includes residents and business and institutional representatives from the area adjacent to Camden Yards to review the schematic, preliminary, and final plans for facilities at Camden Yards; submit schematic plans for development of Camden Yards and the Baltimore Convention site to Baltimore City for review and comment before acquiring any property; with respect to Camden Yards, the Baltimore Convention facility, and the Hippodrome Performing Arts facility, submit preliminary and final plans to Baltimore City for review and comment; with respect to Camden Yards, the Baltimore Convention facility, and the Hippodrome Performing Arts facility, participate in the design review processes of Baltimore City; with respect to a Baltimore City public school facility, perform the actions required under §§ 10–645, 10–646, 10–656, and 10–657 of this subtitle; and with respect to a public school facility, perform the actions required under §§ 10–649, 10–650, 10–658, and 10–658.1 of this subtitle. This section does not affect the right of the Authority to acquire an option or institute a condemnation proceeding for later acquisition of the property once the approval required by this section is obtained.

Except as provided in subsection (b) of this section, proceeds derived from the sale of permanent seat licenses at a professional sports stadium constructed in the State by the Authority for a professional sports team that relocates from another jurisdiction to the State may be used only for: amounts that are owed to a national sports league or association as a result of the costs of the relocation of a professional sports team from another jurisdiction to the State; the design and construction costs of necessary training facilities; the reasonable costs of moving and relocation, including: the physical movement of property; land and air travel costs; employee severance costs; and employee relocation costs; amounts owed to the other jurisdiction and other interested parties claiming rights because of the relocation of the professional sports team to the State, including any amounts paid to the other jurisdiction or interested parties to resolve the claims; the repayment of bonds or other indebtedness incurred by or for the benefit of the team in connection with facilities that the relocated professional sports team used or occupied in the other jurisdiction; payments to the Authority; or other reasonable costs and expenses incurred or losses sustained because of the relocation. Proceeds derived from the sale of personal seat licenses that exceed the costs described in subsection (a) of this section: may not accrue directly to the benefit of an individual or private entity; and shall be held by the Authority for stadium construction and maintenance of the professional sports stadium in the State the relocated professional sports team uses.

Subject to subsection (b) of this section, the Authority may prepare studies and may design and construct projects for units of the State, the University of Maryland Medical System, and political subdivisions. The studies may include site studies, architectural programs, budget estimates, value engineering, and project schedules. Before beginning work under subsection (a) of this section on behalf of a unit of the State, the University of Maryland Medical System, or a political subdivision, the Authority shall: notify the budget committees of the General Assembly in writing of the proposed project and its estimated costs and funding sources; and allow the budget committees 30 days to review and comment on the proposed work. The Authority may enter into contracts, retain consultants, and make recommendations relating to project activities under this section. For project activities under this section, the Authority shall use money that is: provided by the unit of the State, the University of Maryland Medical System, or local government; or otherwise appropriated for the particular purpose. In each fiscal year the Authority: may use up to $500,000 of its available nonbudgeted money for feasibility studies that are approved by the budget committees; but may not use this money for construction.

Subject to subsection (b) of this section, the Authority may prepare studies that relate to the development of supplemental facilities that directly or indirectly benefit the sports facilities at Camden Yards. The studies may include site studies, feasibility studies, architectural programs and design, budget estimates, value engineering, and estimated project schedules. The activities authorized under this section: are limited to sites within Baltimore City; and may be undertaken solely by the Authority or by the Authority in cooperation with Baltimore City, other units of the State, the professional football or major league baseball franchises at Camden Yards, or other entities. The Authority may enter into contracts, agreements, and memoranda, retain consultants, and make recommendations relating to activities authorized under this section. For activities authorized under this section, the Authority shall use money that is: appropriated for the particular purpose; provided by public or private entities; or with approval from the budget committees, up to $1,000,000 of the Authority’s available nonbudgeted money in each fiscal year.

Subject to the approval of the Board of Public Works and review by the Legislative Policy Committee, the Authority may develop supplemental facilities and supplemental facility sites to directly or indirectly benefit the sports facilities at Camden Yards. The authority granted under subsection (a) of this section includes the power to: develop, establish, acquire, own, lease, improve, operate as landlord, regulate, maintain, sell, transfer, or otherwise dispose of property acquired under this section; and enter into partnerships with Baltimore City, units of the State or local government, or private developers.

Subject to annual appropriations and this subtitle, the Authority may acquire in its own name, by gift or purchase, any property or interest in property necessary or convenient to develop supplemental facilities and supplemental facility sites to directly or indirectly benefit Camden Yards. The Authority shall notify Baltimore City of the Authority’s intent to acquire property under this section and provide Baltimore City at least 30 days in which to submit comments on the proposed acquisition.

A contract to acquire any property or demolish an existing structure that relates to the development of a supplemental facility site or a contract for the construction of a supplemental facility requires the prior approval of the Board of Public Works.

Except as allowed by § 10–639 of this subtitle, the Authority may issue bonds subject to §§ 10–628(a) and (c) and 10–629 through 10–636 of this subtitle to finance site acquisition for and construction of any portion of a supplemental facility. The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of a supplemental facility, including the effect of the financing plan on financing options for other segments of the supplemental facility. A bond issued to finance a supplemental facility: is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose; is not a debt, liability, or pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit. The issuance of a bond to finance a supplemental facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond. Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.

The Authority shall: submit the operating and capital program budget of the Authority each year to the Department of Budget and Management for inclusion in the State budget book for informational purposes; and keep records that are consistent with sound business practices and accounting records using generally accepted accounting principles.

The Authority shall: have an independent certified public accountant audit the accounts and transactions of the Authority at the end of each fiscal year; and be subject, at any reasonable time, to audit and examination of the accounts and transactions of the Authority by the Office of Legislative Audits of the Department of Legislative Services.

Except as provided in subsection (b) of this section, the Authority shall submit: an annual detailed report of the activities and financial status of the Authority to the Governor, and, in accordance with § 2–1257 of the State Government Article, the General Assembly; and annual reports on the additional tax revenues generated by each of the following facilities: the Baltimore Convention facility; the Hippodrome Performing Arts facility; the Montgomery County Conference facility; the Ocean City Convention facility; the Hagerstown Multi–Use Sports and Events Facility; a sports entertainment facility; and a Prince George’s County Blue Line Corridor facility site. The Authority is not required to submit the annual reports listed under subsection (a)(2) of this section for additional tax revenues generated by the facilities for fiscal year 2021.

Except as provided in subsections (b) and (c) of this section and subject to the prior approval of the Board of Public Works, the Authority may issue bonds at any time for any corporate purpose of the Authority, including the establishment of reserves and the payment of interest. Unless authorized by the General Assembly, the Board of Public Works may not approve an issuance by the Authority of bonds for sports facilities at Camden Yards, whether taxable or tax exempt, that constitute tax supported debt if, after the issuance, there would be outstanding and unpaid $1,200,000,000 face amount of bonds for the purpose of financing the preparation, relocation, demolition and removal, construction, renovation, and related expenses for construction management, professional fees, and contingencies of sports facilities at Camden Yards. Subject to subparagraph (ii) of this paragraph, the limits on the issuance of bonds of the Authority, whether taxable or tax exempt, that constitute tax supported debt for the following purposes with respect to sports facilities at Camden Yards are: up to $600,000,000 face amount of bonds for demolition and removal, construction, renovation, and related expenses for construction management, professional fees, and contingencies for the football stadium and sports facilities directly related to the use or operation of the football stadium; and up to $600,000,000 face amount of bonds for demolition and removal, construction, renovation, and related expenses for construction management, professional fees, and contingencies for the baseball stadium and sports facilities directly related to the use or operation of the baseball stadium. The Authority may exceed the monetary limits on bond issuances provided for in subparagraph (i) of this paragraph if the Authority: obtains the authorization of the Board of Public Works; and notifies the Legislative Policy Committee with accompanying justification. The face amount of bonds authorized under subparagraph (i) of this paragraph shall be subject to § 10–644(b)(2) of this subtitle. Unless authorized by the General Assembly, the Board of Public Works may not approve an issuance by the Authority of bonds, whether taxable or tax exempt, that constitute tax supported debt or nontax supported debt if, after issuance, there would be outstanding and unpaid more than the following face amounts of the bonds for the purpose of financing acquisition, construction, renovation, and related expenses for construction management, professional fees, and contingencies in connection with: the Baltimore Convention facility – $55,000,000; the Hippodrome Performing Arts facility – $20,250,000; the Montgomery County Conference facility – $23,185,000; the Ocean City Convention facility – $24,500,000; Baltimore City public school facilities – $1,100,000,000; supplemental facilities – $25,000,000; racing facilities – $400,000,000; public school facilities in the State – $2,200,000,000; the Hagerstown Multi–Use Sports and Events Facility – $59,500,000; sports entertainment facilities – $220,000,000; and Prince George’s County Blue Line Corridor facilities – $425,000,000. The limitation under paragraph (1)(i) of this subsection applies to the aggregate principal amount of bonds outstanding as of June 30 of any year. Refunded bonds may not be included in the determination of an outstanding aggregate amount under this paragraph.

The Authority shall pay the bonds issued in accordance with this part only from the property or receipts of the Authority. Property and receipts of the Authority include: taxes, fees, charges, or other revenues payable to the Authority; payments in accordance with letters of credit, lines of credit, insurance policies, or purchase agreements; investment earnings from funds or accounts maintained in accordance with a bond resolution or trust agreement; the proceeds of refunding bonds; and any other source authorized by law.

The Authority shall authorize the issuance of bonds by resolution. The bonds may be secured by a trust agreement by and between the Authority and a corporate trustee. A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State. The bonds shall: be issued at, above, or below par value, and for cash or other valuable consideration; mature on a date or dates not exceeding 40 years from their respective dates of issue, whether or not the bonds are serial or term bonds; bear interest at the fixed rate or the variable rate provided in the resolution or trust agreement; be payable at a time or times and be in the denominations and form, either coupon or registered, as provided in the resolution or trust agreement; be subject to the registration provisions, have the privileges as to conversion, and be subject to the provisions for the replacement of mutilated, lost, or destroyed bonds as provided in the resolution or trust agreement; be a “security” within the meaning of § 8-102 of the Commercial Law Article, whether or not each bond is one of a class or series or is divisible by its terms into a class or series of instruments; be negotiable for all purposes although payable from a limited source, notwithstanding any other law; be payable in lawful money of the United States at a designated place; be subject to the terms of purchase, payment, redemption, refunding, or refinancing as provided in the resolution or trust agreement; subject to subsection (d) of this section, be executed by the manual or facsimile signatures of the officers of the Authority designated by the Authority; be sold in the manner and on the terms determined by the Authority, including competitive or negotiated sale; and are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article. An officer’s signature or facsimile signature on a bond of the Authority remains valid at delivery even if the officer leaves office before the bond is delivered.

A resolution of the Authority or a trust agreement between the Authority and a corporate trustee may contain provisions that shall be part of the contract between the Authority and the holders of the bonds as to: the pledging, assigning, or directing the use, investment, or disposition of receipts of the Authority or proceeds or benefits of any contract; and the conveying or otherwise securing of any property or property rights; debt service reserves, capitalized interest accounts, cost of issuance accounts, sinking funds, and the setting aside of deposits, and the regulation, investment, and disposition of the funds specified in this item; limitations on the use and investment of bond proceeds; restrictions on the investment of revenues or bond proceeds to government obligations the principal and interest of which are unconditionally guaranteed by the United States of America; limitations and conditions relating to the issuance of additional bonds, which may rank on a parity with, or be subordinate or superior to, other bonds; the refunding or refinancing of outstanding bonds; the procedures by which the terms of a contract with bondholders may be amended; and the amount of bonds the holders of which are needed to consent to an amendment under item (i) of this item and the manner of that consent; describing Authority defaults and the rights and remedies of bondholders; providing for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and any other matter relating to the bonds that the Authority determines appropriate.

Neither a member of the Authority nor any other person executing the bonds is subject to any personal liability because of the issuance of the bonds.

The Authority may enter into agreements for the purpose of enhancing the marketability of, or to provide security for, its bonds.

A pledge by the Authority of revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund as security for an issue of bonds is valid and binding from when the pledge is made. The revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund that are pledged are immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding against any person having a claim against the Authority in tort, contract, or otherwise, regardless of whether the person has notice of the lien. Notwithstanding any other provision of law, in order to perfect a lien on pledged revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund against a third person, it is not necessary to file or record any document adopted or entered into by the Authority in any public record other than in the records of the Authority.

Except to the extent restricted by an applicable resolution or trust agreement, a bondholder or a trustee acting under a trust agreement entered into under this subtitle, may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of the State or by any applicable resolution or trust agreement.

Subject to the prior approval of the Board of Public Works, the Authority may issue bonds to refund any of its outstanding bonds, including the payment of: any redemption premium; and any interest accrued or that will accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds. For the public purpose of achieving a savings in the effective costs of debt service or alleviating impending or actual default, the Authority may issue refunding bonds directly or through a debt restructuring. The bonds authorized by this subsection may be issued in one or more series and in an amount in excess of that of the bonds to be refunded.

This part governs the closing on the sale of bonds and other borrowing of money by the Authority in amounts exceeding $35,000 a year to finance any segment of a facility.

Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction, the Authority shall comply with this section. The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan. The Authority shall secure a lease or other written agreement with Baltimore City, as approved by the Board of Public Works, under which: Baltimore City agrees to pay $50,000,000 for the capital costs of the expansion of the Baltimore Convention Center not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle; Baltimore City and the Authority each own a 50% leasehold interest as tenants in common in the improvements comprising the existing Baltimore Convention Center and the Baltimore Convention Center expansion for the duration of any bonds issued as authorized under § 10-628 of this subtitle; and Baltimore City and the Authority agree not to sell, assign, mortgage, pledge, or encumber the Baltimore Convention facility, or any leasehold interest in the facility, without the prior consent of the other, except for liens in favor of their respective bondholders. The Authority shall secure a deed, lease, or written agreement with Baltimore City, as approved by the Board of Public Works, authorizing the Authority to: design and construct, or contract for the design and construction of, the Baltimore Convention facility; and pledge the Baltimore Convention facility and the Baltimore Convention site or the leasehold interest in the facility as security for the Authority’s bonds. The Authority shall secure a written agreement with Baltimore City, as approved by the Board of Public Works: in which Baltimore City agrees to: operate the Baltimore Convention facility in a manner that maximizes the facility’s economic return; and maintain and repair the facility so as to keep it in first class operating condition; and that includes provisions that: protect the respective investment of the Authority, the State, and Baltimore City in the Baltimore Convention facility; require: for the period beginning on the completion of the expanded and renovated Baltimore Convention facility and ending on December 31, 2029: the Authority to contribute two–thirds and Baltimore City to contribute one–third to annual operating deficits; and the Authority and Baltimore City each to contribute $200,000 each year to a capital improvement reserve fund; and Baltimore City to be solely responsible for all operating deficits and capital improvements: before the completion of the expanded and renovated Baltimore Convention facility; and after December 31, 2029; and provide for remedies on default, including the right of the Authority or the State, if a material default by Baltimore City is not corrected after a reasonable notice and cure period, to: immediately assume responsibility for maintenance and repairs of the Baltimore Convention facility; and offset the costs of the maintenance and repairs against other amounts owed by the Authority or the State to Baltimore City, whether under the operating agreement with Baltimore City or otherwise.

Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction of any segment of a Hippodrome Performing Arts facility, the Authority shall comply with this section. The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has attempted to maximize private investment in the Hippodrome Performing Arts facility proposed to be financed. The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan. The Authority shall secure one or more written agreements, as approved by the Board of Public Works: establishing commitments for payments to the Authority of amounts that shall be used by the Authority to fund $60,000,000 of total acquisition and capital costs of construction of the Hippodrome Performing Arts facility; and under which: Baltimore City agrees to pay $6,000,000: $2,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund by July 1, 2000; and $4,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund: by not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle; or in $2,000,000 increments, in each of the next 2 succeeding years, from the proceeds of bond issuances that have received voter approval by not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle; the State has deposited to the Hippodrome Performing Arts Fund an aggregate amount of $16,500,000 or a lesser amount as is available to the Authority and not subject to any budget contingencies; the Authority agrees to: issue bonds as authorized under § 10-628 of this subtitle; and use $17,400,000 of the proceeds from the sale of the bonds in the manner and for the purposes described in this section; and one or more private entities, which may include an Authority affiliate, as private funding sources: deposit to the Hippodrome Performing Arts Fund, not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle, at least $8,000,000; agree, not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle, to pay: an additional $12,100,000; and all actual acquisition and capital costs of construction of the Hippodrome Performing Arts facility to the extent the costs exceeded $60,000,000; and agree that any savings from acquisition or capital costs on completion of the Hippodrome Performing Arts facility shall be paid to the Authority. The Authority shall secure a written agreement with the University System of Maryland, as approved by the Board of Public Works, under which the University System of Maryland agrees to transfer to the Authority fee title to the property known as the Hippodrome Theatre, 12 North Eutaw Street, described in the Baltimore City land records in Liber S.E.B. 6259, Folio 38. The Authority shall secure a written agreement with an Authority affiliate, as approved by the Board of Public Works, by which the Authority affiliate agrees: to market, promote, and operate or contract, subject to the approval of the Authority, for the marketing, promotion, and operation of the Hippodrome Performing Arts facility; to maintain and repair or contract, subject to the approval of the Authority, for the maintenance and repair of the Hippodrome Performing Arts facility so as to keep the Hippodrome Performing Arts facility in first class operating condition; to pay to the Authority for the duration of any bonds issued as authorized under § 10-628 of this subtitle an amount equal to $2 per ticket sold for admission to the Hippodrome Performing Arts facility; and to be solely responsible for all expenditures relating to the operation, maintenance, and repair of the Hippodrome Performing Arts facility that may be incurred, including the amount by which expenditures exceed revenues.

Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction of any segment of a Montgomery County Conference facility, the Authority shall comply with this section. The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility including the effect of the financing plan on financing options for other segments of the facility. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan. The Authority shall secure a lease or other written agreement with Montgomery County, as approved by the Board of Public Works, under which: Montgomery County agrees to contribute $13,196,000 for the capital costs of construction of the Montgomery County Conference Center not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle; the Authority agrees to: issue bonds as authorized under § 10-628 of this subtitle; and contribute $20,304,000 of the proceeds from the sale of the bonds for the capital costs of the construction of the Montgomery County Conference Center; Montgomery County and the Authority agree that if the actual capital costs for the construction of the Montgomery County Conference Center are less than $33,500,000, the savings shall be allocated: one-half to the Authority; and one-half to Montgomery County; Montgomery County and the Authority agree that if the actual capital costs for the construction of the Montgomery County Conference Center are more than $33,500,000, the excess shall be shared: one-half by the Authority; and one-half by Montgomery County; Montgomery County agrees to purchase the land for the Montgomery County Conference site as defined in § 10-601 of this subtitle, on which the Montgomery County Conference Center will be constructed; Montgomery County and the Authority each own a 50% leasehold interest as tenants in common in the Montgomery County Conference facility for the duration of any bonds issued as authorized under § 10-628 of this subtitle; and Montgomery County and the Authority agree not to sell, assign, mortgage, pledge, or encumber the Montgomery County Conference facility, or any leasehold interest in the facility, without the prior consent of the other, except for liens in favor of the Authority’s bondholders. The Authority shall secure a deed, lease, or written agreement with Montgomery County, as approved by the Board of Public Works, authorizing the Authority to: design, construct, and equip, or contract for the design, construction, and equipping of, the Montgomery County Conference facility; and pledge the Montgomery County Conference facility and the Montgomery County Conference site or the leasehold interest in the facility as security for the Authority’s bonds. The Authority shall secure a written agreement with Montgomery County, as approved by the Board of Public Works: in which Montgomery County agrees: to market, promote, and operate or contract for the marketing, promotion, and operation of the Montgomery County Conference facility in a manner that maximizes the facility’s economic return to the community; and to maintain and repair or contract for the maintenance and repair of the Montgomery County Conference facility so as to keep the Montgomery County Conference facility in first class operating condition; and that includes provisions that: protect the respective investments of the Authority and Montgomery County in the Montgomery County Conference facility; require Montgomery County to contribute to a capital improvement reserve fund in an amount sufficient to keep the conference center in first class operating condition; require Montgomery County to be solely responsible for all expenditures relating to the operation of the Montgomery County Conference facilities that may be incurred, including the amount by which expenditures exceed revenues; allow Montgomery County to keep all operating profits resulting from the operation of the Montgomery County Conference facility each year; provide for remedies on default, including the right of the Authority, if a material default by Montgomery County is not corrected after a reasonable notice and cure period, to: immediately assume responsibility for maintenance and repairs of the Montgomery County Conference facility; and offset the costs of the maintenance and repairs against other amounts owed by the Authority to Montgomery County, whether under the operating agreement with Montgomery County or otherwise; authorize the Authority to select, through a cooperative procurement agreement, a contractor to develop, design, construct, operate, and manage the Montgomery County Conference facility during the period that the bonds issued by the Authority for the Montgomery County Conference facility are outstanding; allow for the establishment of a board of directors to manage the Montgomery County Conference facility; provide that the board of directors may include representatives of the Authority, Montgomery County, the private developer, and the community; and provide that, unless action is taken to create a legal entity, the board of directors is not a separate legal entity. The Authority shall secure an agreement among Montgomery County, the Authority, and a private developer, as approved by the Board of Public Works, that provides for: the acquisition, construction, and operation of a hotel adjacent to the Montgomery County Conference facility; and a capital commitment from the developer for the hotel and, as appropriate, shared facilities.

Except as allowed by § 10–639 of this subtitle, to finance site acquisition, construction, and renovation of any segment of an Ocean City Convention facility, the Authority shall comply with this section. The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan. The Authority shall secure a lease or other written agreement with Ocean City, as approved by the Board of Public Works, under which: Ocean City agrees to: issue bonds not later than the date of the Authority’s bond issuance as authorized under § 10–628 of this subtitle; and contribute $15,000,000 of the proceeds from the sale of the bonds for the capital costs of the expansion of the Ocean City Convention Center; the Authority agrees to: issue bonds as authorized under § 10–628 of this subtitle; and contribute the proceeds from the sale of the bonds after deduction of the cost of issuance, for the capital costs of the expansion of the Ocean City Convention Center; Ocean City and the Authority agree that if the actual capital costs of the expansion of the Ocean City Convention Center are less than $37,500,000, the percentage of savings shall be allocated in proportion to the capital costs contributions made in accordance with this subsection; Ocean City agrees to provide the Ocean City Convention site, as defined in § 10–601 of this subtitle, for the expansion and renovation of the Ocean City Convention facility; Ocean City and the Authority shall: each own a percentage of leasehold interest as tenants in common in the improvements comprising the existing Ocean City Convention Center and the Ocean City Convention Center expansion for the duration of any bonds issued as authorized under § 10–628 of this subtitle and for 20 years thereafter; and allocate the percentage of leasehold ownership interest under item (i) of this item as follows: 60% to the Authority; and 40% to Ocean City; or percentages as may be required for bonds issued under the authorization provided in § 10–628 of this subtitle; and Ocean City and the Authority agree not to sell, assign, mortgage, pledge, or encumber the Ocean City Convention facility, or any leasehold interest in the facility, without the prior consent of the other, except for liens in favor of their respective bondholders. The Authority shall secure a deed, lease, or written agreement with Ocean City, as approved by the Board of Public Works, authorizing the Authority to: design, construct, and equip, or contract for the design, construction, and equipping of the Ocean City Convention facility renovation and expansion; and pledge the Ocean City Convention facility and the Ocean City Convention site or the leasehold interest in the facility as security for the Authority’s bonds. The Authority shall secure a written agreement with Ocean City, as approved by the Board of Public Works: in which Ocean City agrees to: subject to paragraph (2) of this subsection, market, promote, and operate the Ocean City Convention facility in a manner that maximizes the facility’s economic return; maintain and repair the facility so as to keep it in first class operating condition; and be solely responsible for all operating deficits and capital improvements 20 years after the repayment of the Ocean City Convention facility bonds issued by the Authority; and that includes provisions that: protect the respective investment of the Authority and Ocean City; require: the Authority to contribute one–half and Ocean City to contribute one–half to operating deficits; and the Authority and Ocean City each to contribute $100,000 each year to a capital improvement reserve fund, for the period beginning on the completion of the expanded and renovated Ocean City Convention facility and continuing during the period that the Ocean City Convention facility bonds issued by the Authority are outstanding and for 20 years thereafter; and provide for remedies on default, including the right of the Authority, if a material default by Ocean City is not corrected after a reasonable notice and cure period, to: immediately assume responsibility for maintenance and repairs of the Ocean City Convention facility; and offset the costs of the maintenance and repairs against other amounts owed by the Authority to Ocean City, whether under the operating agreement with Ocean City or otherwise. Paragraph (1)(i)1 of this subsection may not be construed to require gambling activities in the Ocean City Convention facility.

Except as allowed by § 10-639 of this subtitle, to finance acquisition and construction of any segment of a sports facility, the Authority shall comply with this section. The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has: attempted to maximize private investment in the sports facility proposed to be financed; and with respect to a baseball or football stadium, negotiated a lease or a renewal or extension of a lease that will not terminate prior to the maturity date or payoff of any bonds issued for the stadium. The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the lease or a renewal or extension of a lease described under subsection (b)(2) of this section, and the financing plan.

Except as agreed to in the memorandum of understanding under § 10–646 of this subtitle, the Authority shall comply with this section and § 5–303 of the Education Article to finance improvements to a Baltimore City public school facility. The Authority and the Baltimore City Board of School Commissioners, as agreed to in the memorandum of understanding under § 10–646 of this subtitle and subject to paragraph (1) of this subsection, shall be responsible for school facilities construction and improvements financed with the proceeds of bonds issued under this subtitle in accordance with the Baltimore City Public Schools’ 10–Year Plan approved by the Baltimore City Board of School Commissioners on January 8, 2013, which may be amended from time to time in accordance with parameters established for review and comment in the memorandum of understanding established under § 10–646 of this subtitle. Except as agreed to in the memorandum of understanding under § 10–646 of this subtitle and subject to subparagraph (ii) of this paragraph, a power granted to the Authority under this subtitle may not in any way interfere with the enumerated powers of the Baltimore City Board of School Commissioners under Title 4, Subtitle 3 of the Education Article. The powers of the Baltimore City Board of School Commissioners may not limit the ability of the Authority to carry out its obligations under this subtitle with respect to the improvement of Baltimore City public school facilities and the financing related to the improvements. The Authority may not use any of its own money, whether appropriated or nonbudgeted, to pay for any costs or expenses related to financing improvements to Baltimore City public school facilities. The sole source of payment for any costs or expenses related to financing improvements to Baltimore City public school facilities shall be the money on deposit in the Baltimore City Public School Construction Facilities Fund and the Baltimore City Public School Construction Financing Fund and bond proceeds held under a trust agreement. At least 45 days before seeking approval of the Board of Public Works for each Baltimore City public school facilities bond issue, the Authority shall provide to the fiscal committees of the General Assembly written notice of: the aggregate amount of funds needed for the relevant Baltimore City public school facilities, including a list of the facilities to be improved; the anticipated total debt service for the proposed bond issue; and the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for Baltimore City public school facilities. A bond issued to finance improvements to a Baltimore City public school facility: is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose; is not a debt, liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or other governmental unit; and may not give rise to any pecuniary liability of the State, the Authority, or other governmental unit. The issuance of a bond to finance improvements to a Baltimore City public school facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond. Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection. Before each issuance of bonds to finance improvements to a Baltimore City public school facility, the Authority shall obtain the approval of the Board of Public Works of the proposed bond issue. The total debt service for any bond issue, when added to all prior outstanding bond issues related to improvements to Baltimore City public school facilities, may not exceed the total amount of the funds provided under § 9–120(b)(1)(iii) of the State Government Article and the funds provided under subsections (g) and (h) of this section. Beginning on July 1, 2013, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, Baltimore City shall deposit into the Baltimore City Public School Construction Financing Fund: subject to annual appropriation, all revenues and receipts from the beverage container tax imposed by Baltimore City Ordinance No. 12–45, enacted June 26, 2012; the amounts paid by the State Comptroller to Baltimore City from the proceeds of table games at the video lottery facility located in Baltimore City that are dedicated to school construction in accordance with § 9–1A–27(d)(2)(i)1 of the State Government Article; subject to annual appropriation, 10% of the participation rent paid to Baltimore City by the operator of the video lottery facility located in Baltimore City; and any other revenues dedicated to or appropriated to the Baltimore City Public School Construction Financing Fund by Baltimore City. The money deposited into the Baltimore City Public School Construction Financing Fund in accordance with this subsection shall be at least: $4,000,000 by November 1, 2014; an additional $4,000,000 by May 1, 2015; an additional $4,000,000 by November 1, 2015; an additional $4,000,000 by May 1, 2016; and until the bonds are no longer outstanding and unpaid: an additional $10,000,000 by each November 1; and an additional $10,000,000 by each May 1. If the funds deposited into the Baltimore City Public School Construction Financing Fund are less than the amounts required under paragraph (2) of this subsection: the Authority shall transfer money held in reserve for Baltimore City in the Baltimore City Public School Construction Facilities Fund to the Baltimore City Public School Construction Financing Fund in an amount equal to the lesser of: the difference between the amount required to be paid under paragraph (2) of this subsection and the actual amount paid by Baltimore City; or the amount held in reserve for Baltimore City in the Baltimore City Public School Construction Facilities Fund; and if the amount transferred to the Baltimore City Public School Construction Financing Fund under subparagraph (i) of this paragraph is less than the difference between the amount required to be paid under paragraph (2) of this subsection and the actual amount paid by Baltimore City: the Authority shall direct the State Comptroller to withhold, under § 2–608 of the Tax – General Article, income tax revenue from Baltimore City in an amount equal to the difference between the amount transferred under subparagraph (i) of this paragraph and the amount required to be paid under paragraph (2) of this subsection; and the State Comptroller shall credit the withheld amount to the Baltimore City Public School Construction Financing Fund on behalf of Baltimore City on or before the 15th day of the following December or June, as applicable. Any money deposited by Baltimore City or on behalf of Baltimore City in accordance with this section in excess of the amount required in any semiannual period shall be transferred by the Authority to the Baltimore City Public School Construction Facilities Fund and held in reserve in accordance with paragraph (3) of this subsection and § 10–657 of this subtitle. Beginning on July 1, 2013, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, the State Comptroller shall withhold from any installment due the Baltimore City Board of School Commissioners from the General State School Fund money representing additional State funds received from recurring retiree health costs shifted from Baltimore City to the Baltimore City Board of School Commissioners and deposit into the Baltimore City Public School Construction Financing Fund $10,000,000 for fiscal year 2014 and each fiscal year thereafter, to be paid in equal bi–monthly payments. Beginning on July 1, 2015, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, in addition to the amount withheld under paragraph (1) of this subsection, the State Comptroller shall withhold from any installment due the Baltimore City Board of School Commissioners from the General State School Fund and deposit into the Baltimore City Public School Construction Financing Fund the following amounts, to be paid in equal bi–monthly payments: $10,000,000 for fiscal year 2016; and $10,000,000 for fiscal year 2017 and each fiscal year thereafter. If the money deposited in the Baltimore City Public School Construction Financing Fund in accordance with subsections (g) and (h) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Baltimore City Public School Construction Facilities Fund. If funds are needed for debt service or debt service reserves, the Authority may transfer money in the Baltimore City Public School Construction Facilities Fund to the Baltimore City Public School Construction Financing Fund. In connection with improvements to Baltimore City public school facilities, the Baltimore City Board of School Commissioners shall: deliver to the Authority buildable sites, ready for improvement and free from any restrictions, easements, impediments, hazards or conditions that would affect the Authority’s schedule or budget for the improvement to a Baltimore City public school facility; assume responsibility for the operation, maintenance, and repairs of each Baltimore City public school facility immediately before the occupancy of the Baltimore City public school facility or as agreed to in the memorandum of understanding under § 10–646 of this subtitle; and except for a transfer or assignment to the Baltimore City Board of School Commissioners, obtain the approval of the State Superintendent of Schools and the Board of Public Works before the sale, assignment, mortgage, pledge, or encumbrance of any Baltimore City public school facility, or any interest in the facility. Subject to subsection (b) of this section, before any bonds are issued to finance improvements to a Baltimore City public school facility, the Authority may pay for any costs of start–up, administration, overhead, and operations of the Authority or costs of engineering, architectural, and other design professionals. Any cost overruns, unbudgeted expenses, or unforeseen costs incurred in connection with an improvement to a Baltimore City public school facility shall be payable solely from the Baltimore City Public School Construction Facilities Fund. If any cost overruns, unbudgeted expenses, or unforeseen costs occur as described in subparagraph (i) of this paragraph, the Authority shall provide a detailed report explaining the reasons for the cost overruns, unbudgeted expenses, or unforeseen costs and a description of the actions taken by the Authority to control costs within the budget established for each improvement to a Baltimore City public school facility. On October 1, 2013, and each January 15 thereafter, the Authority, Baltimore City, the Baltimore City Board of School Commissioners, and the Interagency Commission on School Construction jointly shall report to the Governor, the Board of Public Works and, in accordance with § 2–1257 of the State Government Article, the fiscal committees of the General Assembly, on the progress of replacements, renovations, and maintenance of Baltimore City public school facilities, including actions: taken during the previous fiscal year; and planned for the current fiscal year. Notwithstanding any other provision of law, a demolition or partial demolition of a school building under the Baltimore City Public Schools’ 10–Year Plan shall be exempt from any required notice to the Baltimore City Council or the President of the Baltimore City Council. State funds from other sources, grants, or programs may be used in combination with funds provided under this section for a project.

Before any bonds are issued to finance improvements to a Baltimore City public school facility: a four–party memorandum of understanding that meets the requirements of this section shall be entered into and signed by the Authority, Baltimore City, the Baltimore City Board of School Commissioners, and the Interagency Commission on School Construction; and the Baltimore City Board of School Commissioners shall submit a long–term educational facilities master plan to the Joint Audit and Evaluation Committee and the budget committees, in accordance with § 2–1257 of the State Government Article. In the case of a dispute between the parties relating to the provisions to be included in the memorandum of understanding, the State Superintendent of Schools shall facilitate resolution of the items in dispute. The memorandum of understanding shall be agreed to by the parties on or before October 1, 2013, and may not go into effect until it is approved by the Board of Public Works. The memorandum of understanding shall authorize the Authority to design and improve, or contract for the design and improvement of, a Baltimore City public school facility. The authority granted to the Authority under paragraph (1) of this subsection is subject to the rights and responsibilities of the Interagency Commission on School Construction for the design and construction of a Baltimore City public school facility. The memorandum of understanding shall require: specific parameters regarding the roles, rights, and responsibilities of each party with respect to the process for and management of program development, scheduling, budgeting, procurement, design, construction administration, capital equipping, and maintenance of improvements to a Baltimore City public school facility; specific parameters regarding the authority of the Baltimore City Board of School Commissioners over educational programs and issues relating to the Baltimore City Public Schools’ 10–Year Plan, including educational specifications, feasibility studies, and design elements of educational buildings, which shall provide that at the completion of schematic design, all parties shall agree to project scope, schedule, and budget; specific parameters for a review and comment period for any proposed amendments to the Baltimore City Public Schools’ 10–Year Plan, as referenced in § 10–645(a) of this subtitle; specific procedures related to the role of the Interagency Commission on School Construction related to improvements to a Baltimore City public school facility financed under this subtitle, which shall provide for efficiencies in cost, schedules, and processes; a process for determining which planned projects for improvements to Baltimore City public school facilities will proceed as planned or will be postponed or canceled; a pledge by Baltimore City, subject to annual appropriation, to deposit the following into the Baltimore City Public School Construction Financing Fund: all revenues and receipts from the beverage container tax imposed by Baltimore City Ordinance No. 12–45, enacted June 26, 2012; and 10% of the participation rent paid to Baltimore City by the operator of the video lottery facility located in Baltimore City; a partnership between the Baltimore City Board of School Commissioners, the Baltimore City Department of Planning, Housing, Recreation, and Parks, and the Mayor of Baltimore City to coordinate new investment in Baltimore City public school facilities with the community development goals of Baltimore City; a plan for any new or substantially renovated Baltimore City public school facilities to be available for recreational opportunities for the community; a plan to present all architectural plans for all major renovation and new public school construction buildings and sites to the Baltimore City Planning Department’s Urban Design and Architectural Review Panel for schematic and final design review; a process developed and agreed to by Baltimore City and the Baltimore City Board of School Commissioners to expedite the closure of public school buildings as provided in the Baltimore City Public Schools’ 10–Year Plan approved on January 8, 2013, and to arrange for the productive use of the closed buildings through the surplus process; a plan developed by the Baltimore City Board of School Commissioners and approved by the Interagency Commission on School Construction for preventative and ongoing maintenance for existing, new, and renovated Baltimore City public school facilities, including funding sufficient to implement the plan; a plan developed by the Baltimore City Board of School Commissioners and approved by the Interagency Commission on School Construction providing for minimum school utilization standards; the creation of a “Stat” program for the Baltimore City Public Schools’ 10–Year Plan; specific parameters for Baltimore City public school facilities financed under this subtitle regarding: property management, maintenance plans and standards, annual inspections, and property insurance; and any claims, losses, or damages arising from the Authority’s improvement of any Baltimore City public school facility; a process to resolve disputes and revise the memorandum of understanding, if necessary; and an allocation of the public school improvements to be undertaken by the Authority and the Baltimore City Board of School Commissioners, respectively.

Except as allowed by § 10–639 of this subtitle, to finance the planning, design, and construction of any segment of a racing facility, the Authority shall comply with this section. At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide, in accordance with § 2–1257 of the State Government Article, to the fiscal committees of the General Assembly a comprehensive financing plan for the relevant racing facility that includes: the aggregate amount of funds needed for the racing facility to be financed with the proposed bonds; a description of the racing facility to be constructed or renovated; the anticipated total debt service for the proposed bond issue; the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for racing facilities; anticipated project costs of at least $250,000,000 for the Pimlico racing facility and $110,000,000 for the training facility site; and a joint plan between the Maryland Thoroughbred Racetrack Operating Authority and the Department of Housing and Community Development that includes the following investments in and around the Pimlico racing facility site: racetrack workforce housing; community commercial revitalization; community safety; community workforce development and job training; affordable housing; homeownership and home preservation; redevelopment of vacant and blighted housing; and community beautification. A bond issued to finance planning, design, and construction or renovations of or improvements to a racing facility: is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose; is not a debt, liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit. The issuance of a bond to finance the planning, design, and construction or renovations of or improvements to a racing facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or make any appropriation to pay the bond. Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection. In this subsection, “long–term agreement” includes a lease, operating, joint venture, or management agreement with a minimum term established by the Authority. The Authority shall ensure that the following agreements are executed: subject to paragraph (3) of this subsection, a long–term agreement regarding management and operations of the Pimlico racing facility site; and agreements between the Authority and project entities for the planning, design, and construction of a racing facility. Subject to subparagraph (ii) of this paragraph, the long–term agreement required under paragraph (2)(i) of this subsection shall: ensure the continuity of the Preakness Stakes at the Pimlico racing facility site after reconstruction by the Authority; and establish: the right of the thoroughbred racetrack operator to manage and operate the Pimlico racing facility site; the obligation of the thoroughbred racetrack operator to operate, maintain as a first–class facility, in good condition, repair, and secure the Pimlico racing facility site during periods identified in the long–term agreement; and the obligation of the thoroughbred racetrack operator to cooperate with respect to the provision of adequate parking and efficient transportation plans around the Pimlico racing facility site. If thoroughbred racing is no longer a lawful activity, or is otherwise rendered not commercially viable as a result of a change in law or regulation, the parties to the long–term agreement shall notify the Board of Public Works at least 180 days before the expiration or termination of the long–term agreement. The notice required under subsubparagraph 1 of this subparagraph shall contain a plan for alternative uses for the Pimlico racing facility site that provide a necessary or beneficial public purpose and a process for community input that is facilitated by the Pimlico Community Advisory Board. The long–term agreement required under paragraph (2)(i) of this subsection shall provide that if there is a dispute among the parties regarding the existence of the conditions described in subsubparagraph 1 of this subparagraph or the contents of the plan for alternative uses, the Authority is authorized to adjudicate the dispute as a contested case under Title 10, Subtitle 2 of the State Government Article, including authorization to delegate all or a portion of the adjudication to the Office of Administrative Hearings as determined in the sole discretion of the Authority. The Authority may enter into agreements with project entities or local entities for planning, design, and construction of the racing and community development projects at a racing facility site. For fiscal year 2022 and each fiscal year thereafter, until the bonds that have been issued to finance racing facilities are no longer outstanding and unpaid, the Comptroller shall deposit into the Racing and Community Development Financing Fund at least $17,000,000 from the State Lottery Fund under § 9–120(b)(1)(iv) of the State Government Article. If the money deposited in the Racing and Community Development Financing Fund in accordance with subsection (f) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Racing and Community Development Facilities Fund. If funds are needed for debt service or debt service reserves, the Authority may transfer money in the Racing and Community Development Facilities Fund to the Racing and Community Development Financing Fund. For the purpose of the planning, design, construction, and ownership of a racing and community development project under this subtitle, the Authority is the successor entity to the Maryland Thoroughbred Racetrack Operating Authority. For the purpose of the operation of a racing and community development project under this subtitle, the Authority is the successor entity to the Maryland Thoroughbred Racetrack Operating Authority. The Authority may enter into any agreements necessary to carry out the provisions of this section. The thoroughbred racetrack operator: shall be a nonstock corporation formed under the laws of the State and not operated for profit; may not be construed to be an agency or instrumentality of the State or a unit of the Executive Branch for any purpose; may be replaced with another business entity designated by the Authority in accordance with the terms of the long–term agreement; and shall reimburse the Authority for the cost of a full–time auditor responsible for overseeing the financial transactions and records relating to racing and community project costs and ongoing operations. The thoroughbred racetrack operator shall prepare accrual basis financial statements at the close of each fiscal year and provide a copy of those financial statements to the Authority annually. The accrual basis financial statements required under paragraph (1) of this subsection shall describe the current financial conditions of the thoroughbred racetrack operator and include a statement of operating profit or loss. Subject to subparagraph (ii) of this paragraph, beginning with the first full fiscal year of thoroughbred racing operations at the reconstructed Pimlico racing facility, 10% of the annual net income of the thoroughbred racetrack operator shall be distributed each year to the Pimlico Community Development Authority to be distributed to designated community development organizations assigned to the impacted communities for community development activities outlined in the adopted Pimlico Area Joint Plan. Before calculating the amount to be distributed under subparagraph (i) of this paragraph, the annual net income of the thoroughbred racetrack operator shall be reduced by contributions from any thoroughbred purse account and the cumulative operating losses carried forward, if any, from the prior years of operation.

Except as authorized by § 10–639 of this subtitle, to finance site acquisition, design, and construction of any segment of the Hagerstown Multi–Use Sports and Events Facility, the Authority shall comply with this section. At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide to the fiscal committees of the General Assembly, in accordance with § 2–1257 of the State Government Article, a comprehensive financing plan for the relevant segment of the facility. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan. For fiscal year 2023 and each fiscal year thereafter, until the bonds that have been issued to finance the Hagerstown Multi–Use Sports and Events Facility are no longer outstanding and unpaid, the Governor shall include in the annual budget bill an appropriation of $3,750,000 to the Hagerstown Multi–Use Sports and Events Facility Fund. The Authority may not issue bonds to finance the Hagerstown Multi–Use Sports and Events Facility until the Authority and The Hagerstown Multi–Use Sports and Events Facility, Inc., secure a written operating agreement. The Authority shall secure a written agreement to transfer ownership of the Hagerstown Multi–Use Sports and Events Facility from the Authority to The Hagerstown Multi–Use Sports and Events Facility, Inc., as approved by the Board of Public Works: in which The Hagerstown Multi–Use Sports and Events Facility, Inc., agrees to: own, market, promote, and operate or contract for the marketing, promotion, and operation of the Hagerstown Multi–Use Sports and Events Facility in a manner that maximizes the Facility’s economic return; and to maintain and repair or contract for the maintenance and repair of the Hagerstown Multi–Use Sports and Events Facility so as to keep the Hagerstown Multi–Use Sports and Events Facility in first–class operating condition; that includes provisions: protecting the investments of the Authority and The Hagerstown Multi–Use Sports and Events Facility, Inc., in the Hagerstown Multi–Use Sports and Events Facility; requiring The Hagerstown Multi–Use Sports and Events Facility, Inc., to contribute to a capital improvement reserve fund an amount sufficient to keep the Hagerstown Multi–Use Sports and Events Facility in first–class operating condition; requiring The Hagerstown Multi–Use Sports and Events Facility, Inc., to be solely responsible for all expenditures relating to the operation of the Hagerstown Multi–Use Sports and Events Facility that may be incurred, including operating deficits; and allowing The Hagerstown Multi–Use Sports and Events Facility, Inc., to keep all operating profits resulting from the operation of the Hagerstown Multi–Use Sports and Events Facility each year; and to be solely responsible for all expenditures relating to the operation, maintenance, and repair of the Hagerstown Multi–Use Sports and Events Facility that may be incurred, including the amount by which expenditures exceed revenues. On or before December 31 each year, The Hagerstown Multi–Use Sports and Events Facility, Inc., shall report to the Senate Budget and Taxation Committee and the House Appropriations Committee, in accordance with § 2–1257 of the State Government Article, on the Facility’s assessment of the maintenance and repair needed to keep the Hagerstown Multi–Use Sports and Events Facility in operating order.

Except as authorized by § 10–639 of this subtitle, to finance site acquisition, design, construction, equipping, and furnishing of any segment of a sports entertainment facility, the Authority shall comply with this section. The Authority shall have received a written request for financing and construction management services from the State, a county, or a local government in which the sports entertainment facility is located or to be located or a nonprofit organization that will own or operate the sports entertainment facility. The request shall include: the location of the proposed sports entertainment facility; the amount, source, and timing of funding not including Authority bonds which may be issued to finance the proposed sports entertainment facility; and a description of the anticipated use of the proposed sports entertainment facility. The Authority shall provide the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the financing plan, and the agreement under subsection (e) of this section. The Authority may not issue bonds to finance a sports entertainment facility until the Authority secures a written agreement with the State, county, or local government in which the sports entertainment facility is located or a nonprofit organization that will own or operate the sports entertainment facility, as approved by the Board of Public Works, under which: the source of funding and the order in which funds will be spent is described; and the State, county, local government, or nonprofit organization agrees to: own, market, promote, and operate or contract for the marketing, promotion, and operation of the sports entertainment facility in a manner that maximizes the facility’s economic return; maintain and repair or contract for the maintenance and repair of the sports entertainment facility so as to keep the sports entertainment facility in first–class operating condition; and any other terms or conditions deemed necessary or appropriate by the Authority. On or before December 31 each year, a county or local government in which a sports entertainment facility financed in whole or in part under this subtitle is located or a nonprofit organization that owns or operates a sports entertainment facility shall report to the Senate Budget and Taxation Committee and the House Appropriations Committee, in accordance with § 2–1257 of the State Government Article, on the sports entertainment facility’s assessment of the maintenance and repair needed to keep the facility in operating order. A bond issued to finance a sports entertainment facility: is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose; is not a debt, liability, or pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit but is only a limited obligation of the Authority payable solely from money made available to the Authority for that purpose; and may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit but is only a limited obligation of the Authority payable solely from money pledged by the Authority. The issuance of a bond to finance a sports entertainment facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond. Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection. The sole source of payment for bonds issued for a sports entertainment facility shall be money on deposit in the Sports Entertainment Facilities Financing Fund.

Except as allowed by § 10–639 of this subtitle, to finance site acquisition and the planning, design, and construction of a Prince George’s County Blue Line Corridor facility, the Authority shall comply with this section. At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide, in accordance with § 2–1257 of the State Government Article, to the fiscal committees of the General Assembly a comprehensive financing plan for the relevant Prince George’s County Blue Line Corridor facility that includes: the aggregate amount of funds needed for the Prince George’s County Blue Line Corridor facility to be financed with the proposed bonds; a description of the Prince George’s County Blue Line Corridor facility to be constructed or renovated; the anticipated total debt service for the proposed bond issue; the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for Prince George’s County Blue Line Corridor facilities; and anticipated project costs for the Prince George’s County Blue Line Corridor facility. A bond issued to finance site acquisition, planning, design, and construction or renovations of or improvements to a Prince George’s County Blue Line Corridor facility: is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose; is not a debt, a liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit. The issuance of a bond to finance the site acquisition, planning, design, and construction or renovations of or improvements to a Prince George’s County Blue Line Corridor facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or make any appropriation to pay the bond. Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection. The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the financing plan, and the agreement under subsection (e) of this section. The Authority may not issue bonds to finance a Prince George’s County Blue Line Corridor facility until the Authority secures a written agreement with Prince George’s County identifying the roles and responsibilities of each party with respect to the Prince George’s County Blue Line Corridor facility. For fiscal year 2027 and each fiscal year thereafter, until the bonds that have been issued to finance Prince George’s County Blue Line Corridor facilities are no longer outstanding and unpaid, the Comptroller shall deposit into the Prince George’s County Blue Line Corridor Facility Fund an amount not to exceed $29,000,000 from the State Lottery Fund under § 9–120(b)(1)(xi) of the State Government Article.

A financial institution, investment company, insurance company or association, or a personal representative, guardian, trustee, or other fiduciary, may legally invest any money belonging to it or within its control in any bonds issued by the Authority.

The Authority is exempt from any requirement to pay taxes or assessments of any kind. The principal of and interest on bonds, and any income derived from the bonds, including profits made in their sale or transfer, are forever exempt from all State and local taxes.

Except as provided in § 10–650 of this subtitle, the Authority shall comply with this section and § 5–303 of the Education Article to finance improvements to a public school facility. The Authority, as agreed to in the project memorandum of understanding under § 10–650 of this subtitle and subject to paragraph (1) of this subsection, shall be responsible for school facilities construction and improvements financed with the proceeds of bonds issued under this subtitle. Except as agreed to in the project memorandum of understanding under § 10–650 of this subtitle and subject to subparagraph (ii) of this paragraph, a power granted to the Authority under this subtitle may not in any way interfere with the enumerated powers of a county board of education under Title 3 of the Education Article. The powers of the county board of education may not limit the ability of the Authority to carry out its obligations under this subtitle with respect to improvements of the public school facility and the financing related to the improvements. Except as provided in subsection (j)(1) of this section, the Authority may not use any current sources of funds, whether appropriated or nonbudgeted, to pay for any costs or expenses related to financing public school facilities. The sole source of payment for any costs or expenses related to financing public school facilities shall be the money on deposit in the Supplemental Public School Construction Facilities Fund and the Supplemental Public School Construction Financing Fund and bond proceeds held under a trust agreement. At least 45 days before seeking approval of the Board of Public Works for each public school facilities bond issue, the Authority shall provide to the fiscal committees of the General Assembly, in accordance with § 2–1257 of the State Government Article, written notice of: the aggregate amount of funds needed for the public school facilities to be financed with the proposed bonds; the anticipated total debt service for the proposed bond issue; and the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for public school facilities. A bond issued to finance improvements, construction, or renovations to a public school facility: is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose; is not a debt, liability, or pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit. The issuance of a bond to finance improvements to a public school facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond. Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection. Before each issuance of bonds to finance improvements to a public school facility, the Authority shall obtain the approval of the Board of Public Works of the aggregate amount of the proposed bond issue. The Authority may issue bonds to finance improvements to a public school facility on or after January 1, 2021. Except as provided in paragraph (2) of this subsection, the total debt service for any bond issue, when added to all prior outstanding bond issues related to improvements to public school facilities, may not exceed the total amount of the funds provided under subsection (g) of this section. If the Prince George’s County Board enters into a public–private partnership agreement under § 4–126.1 of the Education Article, the total debt service for all bond issues may not exceed $100,000,000. In accordance with § 9–1A–30 of the State Government Article, the Comptroller shall deposit a portion of the money in the Education Trust Fund into the Supplemental Public School Construction Financing Fund for the program to be known as the Built to Learn Program. The funds under paragraph (1) of this subsection shall be deposited in the following amounts: in fiscal year 2022 – $30,000,000; in fiscal year 2023 – $60,000,000; in fiscal year 2024 – $125,000,000; and in fiscal year 2025 and each fiscal year thereafter – $127,000,000. The Comptroller shall deposit 50% of the funds under paragraph (2) of this subsection on or before November 1 each year and the other 50% on or before May 1 each year. If the money deposited into the Supplemental Public School Construction Financing Fund in accordance with subsection (g) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Supplemental Public School Construction Facilities Fund. If funds are needed for debt service or debt service reserves, the Authority may transfer money in the Supplemental Public School Construction Facilities Fund to the Supplemental Public School Construction Financing Fund. Except as agreed to in the project memorandum of understanding under § 10–650 of this subtitle: the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund; and the county board of education shall: deliver to the Authority buildable sites, ready for improvement and free from any restrictions, easements, impediments, hazards, or conditions that would affect the Authority’s schedule or budget for the improvement to a public school facility; deliver to the Authority a public school facility with title that has vested in the county board of education or in an entity approved by the county board of education other than the Authority; and ensure that no public school facility is sold, assigned, mortgaged, pledged, or encumbered without the consent of the Authority if there are proceeds of bonds still outstanding or unpaid that were used in the construction of or renovations to the public school facility. Before any bonds are issued to finance improvements to a public school facility, the Authority may pay for any costs of start–up, administration, overhead, and operations of the Authority or costs of engineering, architectural, and other design professionals. Before the availability of funds from the Supplemental Public School Construction Facilities Fund, the Authority shall be entitled to reimbursement from the Supplemental Public School Construction Financing Fund for any costs described under paragraph (1) of this subsection. On January 15, 2021, and each January 15 thereafter, the Authority shall report to the Governor, the Board of Public Works, and, in accordance with § 2–1257 of the State Government Article, the fiscal committees of the General Assembly on the progress of construction and renovations of public school facilities, including actions: taken during the previous fiscal year; and planned for the current fiscal year. On or before July 1, 2030, the Authority shall complete a 10–year evaluation of the effectiveness of the issuance of bonds to finance construction and renovations of public school facilities. On or before December 31, 2030, the Interagency Commission on School Construction shall submit a report on the results of the evaluation required under paragraph (1) of this subsection to the Governor and, in accordance with § 2–1257 of the State Government Article, the fiscal committees of the General Assembly.

Except as provided in paragraphs (2), (3), and (4) of this subsection, the Interagency Commission on School Construction shall, on a rolling basis, approve public school facility projects to be funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund. The first projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund shall be projects that the Interagency Commission on School Construction has deemed eligible for funding but State funding for the projects has been deferred due to fiscal constraints. The Interagency Commission on School Construction may not approve a public school facility project that would reimburse a county for a public school facility that has been completed. Subject to the approval of the Authority, the Interagency Commission on School Construction shall approve expenditures for eligible costs to be reimbursed for a public school facility that begins construction on or after June 1, 2020. Eligible costs in subparagraph (i) of this paragraph include items eligible for State funding as provided in subsection (c) of this section. Subject to paragraph (2) of this subsection, and except as provided in paragraph (3) of this subsection, a percentage of the proceeds of the bonds authorized under § 10–628 of this subtitle shall be allocated to projects approved by the Interagency Commission on School Construction in the following amounts: Anne Arundel County – 12.5%; Baltimore City – 21.0%; Baltimore County – 21.0%; Frederick County – 5.1%; Howard County – 6.6%; Montgomery County – 21.0%; and all other counties – 11.5%. Subject to subparagraph (ii) of this paragraph, a percentage of the bond proceeds specified for Baltimore City under paragraph (1) of this subsection shall be used to provide an amount equal to not more than 6% of the total allocation for Baltimore City for a project at a school within an area designated for grant funding through the CHOICE Neighborhood Program administered by the Department of Housing and Urban Development and coordinated locally by the Housing Authority of Baltimore City. The allocation required under subparagraph (i) of this paragraph may be provided only if the Mayor and City Council of Baltimore City secure at least $30,000,000 in additional revenues for the project. For Prince George’s County, the county’s share of the additional school construction allocation will be provided through the public–private partnership agreement entered into and approved in accordance with § 4–126.1 of the Education Article. Any allocations not utilized by a county or county board of education within 10 years after the allocation shall be subject to reallocation. State funds from other sources, grants, or programs may be used in combination with funds provided under this section for a project. Except as otherwise provided in paragraphs (2) through (4) of this subsection, the allocation of bond proceeds authorized in § 10–628 of this subtitle represents the State share of eligible public school construction or capital improvement costs as established by regulation in accordance with § 5–303 of the Education Article, which shall include architectural, engineering, consulting, and other planning costs as eligible costs. For a county that receives the minimum State share of eligible school construction costs and has advanced construction funding for projects in the Public School Construction Program that the Interagency Commission on School Construction has approved for planning, the State share of eligible costs for the allocation of bond proceeds authorized in § 10–628 of this subtitle shall include 150% of the applicable gross area baseline in gross square foot per student for each project. In Baltimore City, the bond proceeds authorized under § 10–628 of this subtitle may be used for furniture, fixtures, equipment, design, and the staff necessary to manage the school construction projects. A county may use a loan from the School Construction Revolving Loan Fund established under § 5–315 of the Education Article to represent the State or local share of eligible public school construction or capital improvement costs. The State share of eligible costs for projects shall be 100% if: the project is located in a county for which the State share for school construction projects in fiscal year 2025 is below 55% and has not more than 60,000 full–time equivalent enrollment in fall 2023, as defined in § 5–201 of the Education Article; the allocation under subsection (b) of this section is to be used for a public high school that has the highest rate of students eligible for free and reduced price meals as compared to other public high schools in the same county; the project is classified as a major renovation; and the planning and design for the project occurs in fiscal year 2025 or 2026. Except as agreed to in the project memorandum of understanding under this section, the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund. In Baltimore City, the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund. If a county board of education contracts for, manages, and oversees a public school facility project funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund, the public school facility project shall be subject to the same requirements and procedures that govern the Public School Construction Program. Before a public school facility project is approved for funding from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund, the Authority and the Interagency Commission on School Construction shall enter into a program memorandum of understanding. Except as provided under paragraph (3) of this subsection, the program memorandum of understanding under paragraph (1) of this subsection shall: provide for the Authority’s right to assume a project undertaken under certain circumstances; provide, generally, for the order and control of all funding for public school facility construction projects under this subtitle; authorize the Authority to make final decisions involving disputes that may impact any Authority obligations under this subtitle; and authorize the Authority to review and approve project budgets; or authorize the Authority to review and comment on project budgets, if a public school facility project funded from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund is being contracted for, managed, or overseen by a county and a county board of education. If the county board of education contracts for, manages, and oversees public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund, the program memorandum of understanding may not include the provisions under paragraph (2)(i) and (iv)1 of this subsection. Subject to paragraph (2) of this subsection, before a public school facility project is approved for funding from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund, the Authority, the county government, and the county board of education shall enter into a project memorandum of understanding for a public school facility. The project memorandum of understanding required under subparagraph (i) of this paragraph shall: be subject to the applicable terms and conditions set forth in the program memorandum of understanding under subsection (e)(2) of this section; identify specific parameters regarding the roles and responsibilities of each party with respect to budget review and approval, procurement, design, schedule, construction administration, and contract compliance and reporting; reserve the right of the Authority to assume a project under certain circumstances; include a provision that the State and local cost–share for the county established in regulations shall apply to a county public school facility approved for funding from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund; require the county and county board of education to give priority in funding projects to schools: that are the oldest buildings in the school system with significant facility deficiencies; with high concentrations of students eligible for free or reduced price meals; with a high number of relocatable classrooms; with a high utilization based on the school’s State rated capacity; or with space needs for full–day prekindergarten or career and technical education programs; and include a comprehensive plan for local hiring and a plan to maximize the utilization of State–certified locally based minority and women–owned businesses for projects approved for funding. For Baltimore City, if a provision of the memorandum of understanding entered into in accordance with § 10–646 of this subtitle conflicts with a provision of the project memorandum of understanding under this subsection, the provision of the memorandum of understanding in § 10–646 of this subtitle shall prevail. Except as provided in subparagraph (ii) of this paragraph, the Authority may authorize a county board of education to contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund in the project memorandum of understanding. In deciding whether to authorize a county board to take certain actions under subsubparagraph 1 of this subparagraph, the Authority shall consider the county board’s: track record in managing public school facility projects, including completing projects on schedule and within budget; and expertise and capacity to manage the proposed public school projects. In Baltimore City, the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund.

There is a Baltimore Convention Financing Fund. The Baltimore Convention Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore Convention facilities. The Authority shall: use the Baltimore Convention Fund as a revolving fund for carrying out this subtitle concerning Baltimore Convention facilities; and pay any and all expenses from the Baltimore Convention Fund that are incurred by the Authority related to the Baltimore Convention facility. To the extent considered appropriate by the Authority, the receipts of the Baltimore Convention Fund shall be pledged to and charged with the following relating to the Baltimore Convention facility: the payment of debt service on Authority bonds; all reasonable charges and expenses related to Authority borrowing; and the management of Authority obligations. The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution. The Baltimore Convention Fund consists of: funds appropriated for deposit to the Baltimore Convention Fund; proceeds from the sale of bonds concerning the Baltimore Convention facility; revenues collected or received from any source under this subtitle related to Baltimore Convention facilities; and any additional money made available from any public or private sources for the purposes established for the Baltimore Convention Fund. The Treasurer shall invest the money of the Baltimore Convention Fund in the same manner as other State funds. Any investment earnings shall be credited to the Baltimore Convention Fund. No part of the Baltimore Convention Fund may revert or be credited to the General Fund or any special fund of the State.

There is a Camden Yards Financing Fund. The Authority shall: use the Camden Yards Fund as a nonlapsing, revolving fund for implementing this subtitle concerning sports facilities and other facilities at Camden Yards; pay all expenses and make all expenditures related to Camden Yards facilities from the Camden Yards Fund; and 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. 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: the payment of debt service on Authority bonds; all reasonable charges and expenses related to Authority borrowing; and the management of Authority obligations. The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution. The Camden Yards Fund consists of: proceeds from the sale of bonds related to sports facilities; revenues collected or received from any source under this subtitle related to Camden Yards facilities; any other revenues related to Camden Yards facilities, under the jurisdiction of the Authority; admissions and amusement tax revenues distributed to the Authority under the Tax – General Article; any additional revenue, gift, donation, or other funding source authorized by law related to Camden Yards facilities; and payments by Baltimore City under subsection (f) of this section. The Treasurer shall invest the money of the Camden Yards Fund in the same manner as State funds. Any investment earnings shall be credited to the Camden Yards Fund. No part of the Camden Yards Fund may revert to or be credited to the General Fund or any special fund of the State. 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.

In this section, “Fund” means the Camden Yards Football Sports Facility Supplemental Financing Fund. There is a Camden Yards Football Sports Facility Supplemental Financing Fund. The purpose of the Fund is to enable the Authority to: use the Fund as a revolving fund for implementing this subtitle as it relates to the Camden Yards football sports facility; and pay any expenses incurred by the Authority that are related to the Camden Yards football sports facility. The Authority shall administer the Fund. The Fund is a continuing, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following related to the Camden Yards football sports facility: payment of debt service on Authority bonds; all reasonable charges and expenses related to the Authority’s borrowing; and the management of Authority obligations. The pledge shall be effective as provided in any applicable Authority resolution. The Fund consists of: money distributed to the Fund under § 9–120(b) of the State Government Article; money appropriated for deposit in the Fund; proceeds from the sale of bonds concerning the Camden Yards football sports facility; revenues collected or received from any source under this subtitle related to the Camden Yards football sports facility; any interest earnings of the Fund; and any additional money made available from any source for the purposes established for the Fund. The State Treasurer shall invest the money of the Fund in the same manner as other State funds. Any investment or interest earnings shall be credited to the Fund. No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.

In this section, “Fund” means the Camden Yards Baseball Sports Facility Supplemental Financing Fund. There is a Camden Yards Baseball Sports Facility Supplemental Financing Fund. The purpose of the Fund is to enable the Authority to: use the Fund as a revolving fund for implementing this subtitle as it relates to the Camden Yards baseball sports facility; and pay any expenses incurred by the Authority that are related to the Camden Yards baseball sports facility. The Authority shall administer the Fund. The Fund is a continuing, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following related to the Camden Yards baseball sports facility: payment of debt service on Authority bonds; all reasonable charges and expenses related to the Authority’s borrowing; and the management of Authority obligations. The pledge shall be effective as provided in any applicable Authority resolution. The Fund consists of: money distributed to the Fund under § 9–120(b) of the State Government Article; money appropriated for deposit in the Fund; proceeds from the sale of bonds concerning the Camden Yards baseball sports facility; revenues collected or received from any source under this subtitle related to the Camden Yards baseball sports facility; any interest earnings of the Fund; and any additional money made available from any source for the purposes established for the Fund. The State Treasurer shall invest the money of the Fund in the same manner as other State funds. Any investment or interest earnings shall be credited to the Fund. No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.

In this section, “Fund” means the Camden Yards Football Sports Facility Capital Works Fund. There is a Camden Yards Football Sports Facility Capital Works Fund. 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. The Authority shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: money appropriated in the State budget to the Fund; to the extent considered appropriate by the Authority, proceeds from the sale of bonds concerning the Camden Yards football sports facility; interest earnings; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only for: capital improvements or capital repairs at or for the benefit of the Camden Yards football sports facility; and 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. The Fund may not be: pledged to or charged with Authority borrowing; used for payment of debt service; or used for the associated charges, expenses, or management of Authority obligations related to Authority bonds. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any interest earnings of the Fund shall be credited to the Fund. No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.

In this section, “Fund” means the Camden Yards Football Sports Facility Emergency Repair Fund. There is a Camden Yards Football Sports Facility Emergency Repair Fund. The purpose of the Fund is to enable the Authority to pay all expenses related to emergency repairs at the Camden Yards football sports facility. The Authority shall administer the Fund. The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. The Fund consists of: money appropriated in the State budget to the Fund; to the extent considered appropriate by the Authority, proceeds from the sale of bonds concerning the Camden Yards football sports facility; interest earnings; and any other money from any other source accepted for the benefit of the Fund. The Fund may be used only for expenditures related to emergency repairs at the Camden Yards football sports facility. The Fund may not be: pledged to or charged with Authority borrowing; used for payment of debt service; or used for the associated charges, expenses, or management of Authority obligations related to Authority bonds. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any interest earnings of the Fund shall be credited to the Fund. No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.

There is a Hippodrome Performing Arts Financing Fund. The Hippodrome Performing Arts Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning the Hippodrome Performing Arts facility. The Authority shall: use the Hippodrome Performing Arts Fund as a revolving fund for implementing this subtitle concerning the Hippodrome Performing Arts facility; and pay any and all expenses from the Hippodrome Performing Arts Fund that are incurred by the Authority concerning the Hippodrome Performing Arts facility. To the extent considered appropriate by the Authority, the receipts of the Hippodrome Performing Arts Fund shall be pledged to and charged with the following relating to the Hippodrome Performing Arts facility: the payment of debt service on Authority bonds; all reasonable charges and expenses related to Authority borrowing; and the management of Authority obligations. The pledge shall be effective as provided in § 10–634 of this subtitle. The Hippodrome Performing Arts Fund consists of: funds appropriated for deposit to the Hippodrome Performing Arts Fund; proceeds from the sale of bonds concerning the Hippodrome Performing Arts facility; revenues collected or received from any source under this subtitle concerning the Hippodrome Performing Arts facility; and any additional money made available from any public or private source for the purposes established for the Hippodrome Performing Arts Fund. The Treasurer shall invest the money of the Hippodrome Performing Arts Fund in the same manner as State funds. Any investment earnings shall be credited to the Hippodrome Performing Arts Fund. No part of the Hippodrome Performing Arts Fund may revert or be credited to the General Fund or any special fund of the State.

There is a Montgomery County Conference Financing Fund. The Montgomery County Conference Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning the Montgomery County Conference facility. The Authority shall: use the Montgomery County Conference Fund as a revolving fund for implementing this subtitle relating to the Montgomery County Conference facility; and pay any and all expenses incurred by the Authority concerning the Montgomery County Conference facility from the Montgomery County Conference Fund. To the extent considered appropriate by the Authority, the receipts of the Montgomery County Conference Fund shall be pledged to and charged with the following relating to the Montgomery County Conference facility: the payment of debt service on Authority bonds; all reasonable charges and expenses related to Authority borrowing; and the management of Authority obligations. The pledge shall be effective as provided in § 10-634 of this subtitle. The Montgomery County Conference Fund consists of: funds appropriated for deposit to the Montgomery County Conference Fund; proceeds from the sale of bonds concerning the Montgomery County Conference facility; revenues collected or received from any source under this subtitle concerning the Montgomery County Conference facility; and any additional money made available from any public or private sources for the purposes established for the Montgomery County Conference Fund. The Treasurer shall invest the money of the Montgomery County Conference Fund in the same manner as State funds. Any investment earnings shall be credited to the Montgomery County Conference Fund. No part of the Montgomery County Conference Fund may revert or be credited to the General Fund or any special fund of the State.

There is an Ocean City Convention Financing Fund. The Ocean City Convention Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle relating to the Ocean City Convention facility. The Authority shall: use the Ocean City Convention Fund as a revolving fund for implementing this subtitle relating to the Ocean City Convention facility; and pay any and all expenses incurred by the Authority concerning the Ocean City Convention facility from the Ocean City Convention Fund. To the extent considered appropriate by the Authority, the receipts of the Ocean City Convention Fund shall be pledged to and charged with the following relating to the Ocean City Convention facility: the payment of debt service on Authority bonds; all reasonable charges and expenses related to Authority borrowing; and the management of Authority obligations. The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority provision. The Ocean City Convention Fund consists of: funds appropriated for deposit to the Ocean City Convention Fund; proceeds from the sale of bonds concerning the Ocean City Convention facility; revenues collected or received from any source under this subtitle concerning Ocean City Convention facilities; and any additional money made available from any public or private sources for the purposes established for the Ocean City Convention Fund. The Treasurer shall invest the money of the Ocean City Convention Fund in the same manner as State funds. Any investment earnings shall be credited to the Ocean City Convention Fund. No part of the Ocean City Convention Fund may revert or be credited to the General Fund or any special fund of the State.

There is a Baltimore City Public School Construction Financing Fund. The Baltimore City Public School Construction Financing Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore City public school facilities. The Authority shall: use the Baltimore City Public School Construction Financing Fund as a revolving fund for carrying out this subtitle concerning Baltimore City public school facilities; and pay any and all expenses from the Baltimore City Public School Construction Financing Fund that are incurred by the Authority related to any Baltimore City public school facilities. To the extent considered appropriate by the Authority, the money on deposit in the Baltimore City Public School Construction Financing Fund shall be pledged to and used to pay the following relating to Baltimore City public school facilities: debt service on Authority bonds; debt service reserves under a trust agreement; all reasonable charges and expenses related to Authority borrowing; and all reasonable charges and expenses related to the Authority’s administration of the Baltimore City Public School Construction Financing Fund and management of the Authority’s obligations. The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution. The Baltimore City Public School Construction Financing Fund consists of: money deposited in the Baltimore City Public School Construction Financing Fund; to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning Baltimore City public school facilities; revenues collected or received from any source under this subtitle related to Baltimore City public school facilities, including revenues collected or received in accordance with § 9–120 of the State Government Article; funds to be deposited in accordance with § 10–645 of this subtitle; and any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Financing Fund. The Treasurer shall invest the money of the Baltimore City Public School Construction Financing Fund in the same manner as other State funds. Any investment earnings shall be credited to the Baltimore City Public School Construction Financing Fund. No part of the Baltimore City Public School Construction Financing Fund may revert or be credited to the General Fund or any special fund of the State.

There is a Baltimore City Public School Construction Facilities Fund. The Baltimore City Public School Construction Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore City public school facilities. The Authority shall: use the Baltimore City Public School Construction Facilities Fund as a revolving fund for carrying out this subtitle concerning Baltimore City public school facilities; and to the extent authorized by federal tax law, pay any and all expenses from the Baltimore City Public School Construction Facilities Fund that are incurred by the Authority related to any Baltimore City public school facilities. Notwithstanding any other provision of law, the Authority shall transfer $10,000,000 of available funds to the Baltimore City Public School System to supplement funding for additional Baltimore City projects. The Authority may advance up to $1,000,000 of available funds in fiscal years 2021 and 2022 for the start–up and administration of Chapter 20 of the Acts of the General Assembly of 2020, which shall be reimbursed from the Supplemental Public School Construction Facilities Fund established under § 10–658.1 of this subtitle. To the extent considered appropriate by the Authority or as agreed to in the memorandum of understanding under § 10–646 of this subtitle, the money on deposit in the Baltimore City Public School Construction Facilities Fund shall be used to pay the following relating to Baltimore City public school facilities: debt service on Authority bonds; design and construction costs relating to Baltimore City public school facilities; to the extent authorized by federal tax law, costs of start–up, administration, overhead, and operations related to the management of improvements to Baltimore City public school facilities authorized under this subtitle and undertaken by the Baltimore City Board of School Commissioners; and all reasonable charges and expenses related to the Authority’s administration of the Baltimore City Public School Construction Facilities Fund and the Baltimore City Public School Construction Financing Fund and management of the Authority’s obligations. The Baltimore City Public School Construction Facilities Fund consists of: funds transferred from the Baltimore City Public School Construction Financing Fund to the Baltimore City Public School Construction Facilities Fund in accordance with § 10–645(i) of this subtitle; and any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Facilities Fund. The Treasurer shall invest the money of the Baltimore City Public School Construction Facilities Fund in the same manner as other State funds. Any investment earnings shall be credited to the Baltimore City Public School Construction Facilities Fund. No part of the Baltimore City Public School Construction Facilities Fund may revert or be credited to the General Fund or any special fund of the State.

There is a Supplemental Facilities Fund. The Supplemental Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning supplemental facilities. The Authority shall: use the Supplemental Facilities Fund as a revolving fund for carrying out the provisions of this subtitle concerning supplemental facilities; and pay any and all expenses from the Supplemental Facilities Fund that are incurred by the Authority related to a supplemental facility. 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: the payment of debt service on Authority bonds; all reasonable charges and expenses related to Authority borrowing; and the management of Authority obligations. The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution. The Supplemental Facilities Fund consists of: funds appropriated for deposit to the Supplemental Facilities Fund; proceeds from the sale of bonds concerning supplemental facilities; revenues collected or received from any source under this subtitle related to supplemental facilities; and any additional money made available from any public or private source for the purposes established for the Supplemental Facilities Fund. The State Treasurer shall invest the money of the Supplemental Facilities Fund in the same manner as other State funds. Any investment earnings shall be credited to the Supplemental Facilities Fund. No part of the Supplemental Facilities Fund may revert or be credited to the General Fund or any special fund of the State.

There is a Racing and Community Development Financing Fund. The Racing and Community Development Financing Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning racing and community development projects. The Authority shall: use the Racing and Community Development Financing Fund as a revolving fund for implementing this subtitle relating to racing and community development projects; and pay any and all expenses from the Racing and Community Development Financing Fund that are incurred by the Authority, or otherwise specifically approved by the Authority, concerning racing and community development projects. To the extent considered appropriate by the Authority, the receipts of the Racing and Community Development Financing Fund shall be pledged to and charged with the following relating to racing and community development projects: the payment of debt service on Authority bonds; all reasonable charges and expenses related to Authority borrowing; and the management of Authority obligations. The pledge shall be effective in the same manner as provided in § 10–634 of this subtitle. The Racing and Community Development Financing Fund consists of: funds appropriated for deposit to the Racing and Community Development Financing Fund; proceeds from the sale of bonds concerning racing and community development projects; revenues collected or received from any source under this subtitle concerning racing and community development projects; investment and interest earnings; money paid to the Racing and Community Development Financing Fund under § 9–120 of the State Government Article; and any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Financing Fund. The State Treasurer shall invest the money of the Racing and Community Development Financing Fund in the same manner as other State funds. Any investment or interest earnings shall be credited to the Racing and Community Development Financing Fund. No part of the Racing and Community Development Financing Fund may revert or be credited to the General Fund of the State or any special fund of the State.

There is a Racing and Community Development Facilities Fund. The Racing and Community Development Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning racing facilities. The Authority shall: use the Racing and Community Development Facilities Fund as a revolving fund for carrying out this subtitle concerning racing facilities projects; and to the extent authorized by federal tax law, pay any and all expenses from the Racing and Community Development Facilities Fund that are incurred by the Authority, or otherwise specifically approved by the Authority, concerning any racing facilities. Subject to subsections (f) and (g) of this section and to the extent considered appropriate by the Authority, the money in the Racing and Community Development Facilities Fund shall be used to pay the following costs relating to racing facilities projects: debt service on Authority bonds; design and construction costs relating to racing facilities projects; to the extent authorized by federal tax law, transition costs and reimbursements, costs of start–up, administration, overhead, and operations related to the management of improvements to racing facilities projects authorized under this subtitle and undertaken by the Authority; and all reasonable charges and expenses related to the Authority’s administration of the Racing and Community Development Financing Fund and the Racing and Community Development Facilities Fund and the management of the Authority’s obligations. The Racing and Community Development Facilities Fund consists of: funds transferred from the Racing and Community Development Financing Fund as authorized under § 10–646.1(g) of this subtitle; the unencumbered fund balance, including accrued interest, existing as of June 30, 2020, that is allocated to thoroughbred tracks under the Racetrack Facility Renewal Account; the unencumbered fund balance, including accrued interest, existing as of June 30, 2020, that is available to Rosecroft Raceway under the Racetrack Facility Renewal Account; investment and interest earnings; and any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Facilities Fund. The State Treasurer shall invest the money of the Racing and Community Development Facilities Fund in the same manner as other State funds. Any investment or interest earnings shall be credited to the Racing and Community Development Facilities Fund. No part of the Racing and Community Development Facilities Fund may revert or be credited to the General Fund of the State or any special fund of the State. Before the issuance of any bonds authorized under this subtitle to finance improvements to a racing facility, the Authority may pay for any costs for administration, overhead, and operations of the Authority or costs of engineering, architectural, and other design professionals from the Racing and Community Development Facilities Fund. No part of the Racing and Community Development Facilities Fund may be used for the purposes under subsection (c) of this section until the Authority receives a reimbursement from the Fund for any costs under paragraph (1) of this subsection incurred before June 1, 2020. Subject to paragraph (2) of this subsection, for fiscal year 2028, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Racing and Community Development Facilities Fund. The Authority shall use the funds included in the annual budget bill under paragraph (1) of this subsection for the acquisition, planning, design, construction, repair, renovation, reconstruction, site improvement, and capital equipping of backstretch housing facilities at Laurel Park.

In this section, “Fund” means the Hagerstown Multi–Use Sports and Events Facility Fund. There is a Hagerstown Multi–Use Sports and Events Facility Fund. The purpose of the Fund is to enable the Authority to: use the Fund as a revolving fund for implementing this subtitle as it relates to the Hagerstown Multi–Use Sports and Events Facility; and pay any expenses incurred by the Authority that are related to the Hagerstown Multi–Use Sports and Events Facility. The Authority shall administer the Fund. The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following relating to the Hagerstown Multi–Use Sports and Events Facility: payment of debt service on Authority bonds; all reasonable charges and expenses related to the Authority’s borrowing; and the management of Authority obligations. The pledge shall be effective as provided in § 10–634 of this subtitle. The Fund consists of: money appropriated for deposit in the Fund; revenues collected or received from any source under this subtitle concerning the Hagerstown Multi–Use Sports and Events Facility; and any additional money made available from any public or private source for the purposes established for the Fund. The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested. Any interest earnings of the Fund shall be paid into the Fund.

In this section, “Fund” means the Sports Entertainment Facilities Financing Fund. There is a Sports Entertainment Facilities Financing Fund. The Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning sports entertainment facilities. The Authority shall: use the Fund as a revolving fund for carrying out this subtitle concerning sports entertainment facilities; and pay any and all expenses from the Fund that are incurred by the Authority related to any sports entertainment facility. To the extent considered appropriate by the Authority, the money on deposit in the Fund shall be pledged to and used to pay the following related to sports entertainment facilities: debt service on Authority bonds; debt service reserves under a trust agreement; all reasonable charges and expenses related to Authority borrowing; and all reasonable charges and expenses related to the Authority’s administration of the Fund and management of the Authority’s obligations. The Fund consists of: money deposited into the Fund; to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning sports entertainment facilities; revenues collected or received from any source under this subtitle related to sports entertainment facility projects; any interest earnings of the Fund; and any additional money made available from any public source for the purposes established for the Fund. The State Treasurer shall invest the money of the Fund in the same manner as other State funds. Any investment earnings shall be credited to the Fund. No part of the Fund may revert or be credited to the General Fund or any special fund of the State.

In this section, “Fund” means the Prince George’s County Blue Line Corridor Facility Fund. There is a Prince George’s County Blue Line Corridor Facility Fund. The purpose of the Fund is to enable the Authority to: 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 pay any expenses incurred by the Authority that are related to a Prince George’s County Blue Line Corridor facility. The Authority shall administer the Fund. The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article. The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. 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: payment of debt service on Authority bonds; all reasonable charges and expenses related to the Authority’s borrowing; and the management of the Authority’s obligations. The pledge shall be effective in the same manner as provided in § 10–634 of this subtitle. The Fund consists of: money distributed to the Fund under § 9–120(b)(1)(xi) of the State Government Article; money appropriated for deposit in the Fund; proceeds from the sale of bonds concerning a Prince George’s County Blue Line Corridor facility; revenues collected or received from any source under this subtitle related to a Prince George’s County Blue Line Corridor facility; any interest earnings of the Fund; and any additional money made available from any source for the purposes established for the Fund. 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. The State Treasurer shall invest the money of the Fund in the same manner as other State funds. Any interest earnings shall be credited to the Fund.

There is a Supplemental Public School Construction Financing Fund. The Supplemental Public School Construction Financing Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning public school facilities. The Authority shall: use the Supplemental Public School Construction Financing Fund as a revolving fund for carrying out this subtitle concerning public school facilities; pay any and all expenses from the Supplemental Public School Construction Financing Fund that are incurred by the Authority related to any public school facilities; and after all bonds have been issued, calculate the total amount allocated from the Supplemental Public School Construction Financing Fund to each county that received a percentage of bond proceeds under § 10–650(b)(1) of this subtitle. In each fiscal year for which the provisions of § 4–126.1(d) of the Education Article remain applicable, the Authority shall deposit an amount equal to $27,000,000 each year from the Supplemental Public School Construction Financing Fund into the Prince George’s County Public–Private Partnership Fund established under § 4–126.2 of the Education Article. To the extent considered appropriate by the Authority, the money on deposit in the Supplemental Public School Construction Financing Fund shall be pledged to and used to pay the following related to public school facilities: debt service on Authority bonds; debt service reserves under a trust agreement; all reasonable charges and expenses related to Authority borrowing; and all reasonable charges and expenses related to the Authority’s administration of the Supplemental Public School Construction Financing Fund and management of the Authority’s obligations. The Supplemental Public School Construction Financing Fund consists of: money deposited into the Supplemental Public School Construction Financing Fund; to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning public school facilities; revenues collected or received from any source under this subtitle related to public school facility projects; any interest earnings of the Supplemental Public School Construction Financing Fund; and any additional money made available from any public source for the purposes established for the Supplemental Public School Construction Financing Fund. The State Treasurer shall invest the money of the Supplemental Public School Construction Financing Fund in the same manner as other State funds. Any investment earnings shall be credited to the Supplemental Public School Construction Financing Fund. No part of the Supplemental Public School Construction Financing Fund may revert or be credited to the General Fund or any special fund of the State. The money in the Supplemental Public School Construction Financing Fund shall be used to supplement, and may not supplant, money appropriated to the Public School Construction Program established under Title 5, Subtitle 3 of the Education Article.

There is a Supplemental Public School Construction Facilities Fund. The Supplemental Public School Construction Facilities Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning public school facilities. The Authority shall: use the Supplemental Public School Construction Facilities Fund as a revolving fund for carrying out this subtitle concerning public school facilities; and to the extent authorized by federal tax law, pay any and all expenses from the Supplemental Public School Construction Facilities Fund that are incurred by the Authority related to any public school facilities. To the extent considered appropriate by the Authority, the money on deposit in the Supplemental Public School Construction Facilities Fund shall be used to pay the following related to public school facilities: debt service on Authority bonds; design and construction costs related to public school facilities; to the extent authorized by federal tax law, costs of start–up, administration, overhead, and operations related to the management of improvements to public school facilities authorized under this subtitle; all reasonable charges and expenses related to the Authority’s administration of the Supplemental Public School Construction Facilities Fund and the Supplemental Public School Construction Financing Fund and management of the Authority’s obligations; and if Prince George’s County submits a public–private partnership agreement to the Authority for review under § 4–126.1 of the Education Article, all reasonable expenses related to the Authority’s review of the public–private partnership agreement. The Supplemental Public School Construction Facilities Fund consists of: funds transferred from the Supplemental Public School Construction Financing Fund to the Supplemental Public School Construction Facilities Fund in accordance with § 10–649 of this subtitle; any interest earnings of the Supplemental Public School Construction Facilities Fund; and any additional money made available from any public source for the purposes established for the Supplemental Public School Construction Facilities Fund. The State Treasurer shall invest the money of the Supplemental Public School Construction Facilities Fund in the same manner as other State funds. Any investment earnings shall be credited to the Supplemental Public School Construction Facilities Fund. No part of the Supplemental Public School Construction Facilities Fund may revert or be credited to the General Fund or any special fund of the State. The money in the Supplemental Public School Construction Facilities Fund shall be used to supplement, and may not supplant, money appropriated to the Public School Construction Program established in Title 5, Subtitle 3 of the Education Article.

This subtitle may be cited as the Maryland Stadium Authority Act.