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<section article="gec" article_name="Economic Development" number="10-653" 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 Hippodrome Performing Arts Financing Fund.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>The Authority shall:</text>
      <level label="i">
        <text>use the Hippodrome Performing Arts Fund as a revolving fund for implementing this subtitle concerning the Hippodrome Performing Arts facility; and</text>
      </level>
      <level label="ii">
        <text>pay any and all expenses from the Hippodrome Performing Arts Fund that are incurred by the Authority concerning the Hippodrome Performing Arts facility.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>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:</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.</text>
    </level>
  </level>
  <level label="d">
    <text>The Hippodrome Performing Arts Fund consists of:</text>
    <level label="1">
      <text>funds appropriated for deposit to the Hippodrome Performing Arts Fund;</text>
    </level>
    <level label="2">
      <text>proceeds from the sale of bonds concerning the Hippodrome Performing Arts facility;</text>
    </level>
    <level label="3">
      <text>revenues collected or received from any source under this subtitle concerning the Hippodrome Performing Arts facility; and</text>
    </level>
    <level label="4">
      <text>any additional money made available from any public or private source for the purposes established for the Hippodrome Performing Arts Fund.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>The Treasurer shall invest the money of the Hippodrome Performing Arts Fund in the same manner as State funds.</text>
    </level>
    <level label="2">
      <text>Any investment earnings shall be credited to the Hippodrome Performing Arts Fund.</text>
    </level>
    <level label="3">
      <text>No part of the Hippodrome Performing Arts Fund may revert or be credited to the General Fund or any special fund of the State.</text>
    </level>
  </level>
</section>
