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<section article="gec" article_name="Economic Development" number="10-652" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority">
  <level label="a">
    <text>There is a Camden Yards Financing Fund.</text>
  </level>
  <level label="b">
    <text>The Authority shall:</text>
    <level label="1">
      <text>use the Camden Yards Fund as a nonlapsing, revolving fund for implementing this subtitle concerning sports facilities and other facilities at Camden Yards;</text>
    </level>
    <level label="2">
      <text>pay all expenses and make all expenditures related to Camden Yards facilities from the Camden Yards Fund; and</text>
    </level>
    <level label="3">
      <text>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.</text>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>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:</text>
      <level label="i">
        <text>the payment of debt service on Authority bonds;</text>
      </level>
      <level label="ii">
        <text>all reasonable charges and expenses related to Authority borrowing; and</text>
      </level>
      <level label="iii">
        <text>the management of Authority obligations.</text>
      </level>
    </level>
    <level label="2">
      <text>The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.</text>
    </level>
  </level>
  <level label="d">
    <text>The Camden Yards Fund consists of:</text>
    <level label="1">
      <text>proceeds from the sale of bonds related to sports facilities;</text>
    </level>
    <level label="2">
      <text>revenues collected or received from any source under this subtitle related to Camden Yards facilities;</text>
    </level>
    <level label="3">
      <text>any other revenues related to Camden Yards facilities, under the jurisdiction of the Authority;</text>
    </level>
    <level label="4">
      <text>admissions and amusement tax revenues distributed to the Authority under the Tax – General Article;</text>
    </level>
    <level label="5">
      <text>any additional revenue, gift, donation, or other funding source authorized by law related to Camden Yards facilities; and</text>
    </level>
    <level label="6">
      <text>payments by Baltimore City under subsection (f) of this section.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>The Treasurer shall invest the money of the Camden Yards Fund in the same manner as State funds.</text>
    </level>
    <level label="2">
      <text>Any investment earnings shall be credited to the Camden Yards Fund.</text>
    </level>
    <level label="3">
      <text>No part of the Camden Yards Fund may revert to or be credited to the General Fund or any special fund of the State.</text>
    </level>
  </level>
  <level label="f">
    <text>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.</text>
  </level>
</section>
