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<section article="gec" article_name="Economic Development" number="10-656" 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 Baltimore City Public School Construction Financing Fund.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>The Authority shall:</text>
      <level label="i">
        <text>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</text>
      </level>
      <level label="ii">
        <text>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.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>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:</text>
      <level label="i">
        <text>debt service on Authority bonds;</text>
      </level>
      <level label="ii">
        <text>debt service reserves under a trust agreement;</text>
      </level>
      <level label="iii">
        <text>all reasonable charges and expenses related to Authority borrowing; and</text>
      </level>
      <level label="iv">
        <text>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.</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 Baltimore City Public School Construction Financing Fund consists of:</text>
    <level label="1">
      <text>money deposited in the Baltimore City Public School Construction Financing Fund;</text>
    </level>
    <level label="2">
      <text>to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning Baltimore City public school facilities;</text>
    </level>
    <level label="3">
      <text>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;</text>
    </level>
    <level label="4">
      <text>funds to be deposited in accordance with § 10–645 of this subtitle; and</text>
    </level>
    <level label="5">
      <text>any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Financing Fund.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>The Treasurer shall invest the money of the Baltimore City Public School Construction Financing Fund in the same manner as other State funds.</text>
    </level>
    <level label="2">
      <text>Any investment earnings shall be credited to the Baltimore City Public School Construction Financing Fund.</text>
    </level>
    <level label="3">
      <text>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.</text>
    </level>
  </level>
</section>
