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<section article="gec" article_name="Economic Development" number="10-655" 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 an Ocean City Convention Financing Fund.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>The Authority shall:</text>
      <level label="i">
        <text>use the Ocean City Convention Fund as a revolving fund for implementing this subtitle relating to the Ocean City Convention facility; and</text>
      </level>
      <level label="ii">
        <text>pay any and all expenses incurred by the Authority concerning the Ocean City Convention facility from the Ocean City Convention Fund.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>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:</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 provision.</text>
    </level>
  </level>
  <level label="d">
    <text>The Ocean City Convention Fund consists of:</text>
    <level label="1">
      <text>funds appropriated for deposit to the Ocean City Convention Fund;</text>
    </level>
    <level label="2">
      <text>proceeds from the sale of bonds concerning the Ocean City Convention facility;</text>
    </level>
    <level label="3">
      <text>revenues collected or received from any source under this subtitle concerning Ocean City Convention facilities; and</text>
    </level>
    <level label="4">
      <text>any additional money made available from any public or private sources for the purposes established for the Ocean City Convention Fund.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>The Treasurer shall invest the money of the Ocean City Convention Fund in the same manner as State funds.</text>
    </level>
    <level label="2">
      <text>Any investment earnings shall be credited to the Ocean City Convention Fund.</text>
    </level>
    <level label="3">
      <text>No part of the Ocean City Convention Fund may revert or be credited to the General Fund or any special fund of the State.</text>
    </level>
  </level>
</section>
