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<section article="gec" article_name="Economic Development" number="10-657.2" 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 Racing and Community Development Financing Fund.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>The Authority shall:</text>
      <level label="i">
        <text>use the Racing and Community Development Financing Fund as a revolving fund for implementing this subtitle relating to racing and community development projects; and</text>
      </level>
      <level label="ii">
        <text>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.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <level label="1">
      <text>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:</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 in the same manner as provided in § 10–634 of this subtitle.</text>
    </level>
  </level>
  <level label="d">
    <text>The Racing and Community Development Financing Fund consists of:</text>
    <level label="1">
      <text>funds appropriated for deposit to the Racing and Community Development Financing Fund;</text>
    </level>
    <level label="2">
      <text>proceeds from the sale of bonds concerning racing and community development projects;</text>
    </level>
    <level label="3">
      <text>revenues collected or received from any source under this subtitle concerning racing and community development projects;</text>
    </level>
    <level label="4">
      <text>investment and interest earnings;</text>
    </level>
    <level label="5">
      <text>money paid to the Racing and Community Development Financing Fund under § 9–120 of the State Government Article; and</text>
    </level>
    <level label="6">
      <text>any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Financing Fund.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>The State Treasurer shall invest the money of the Racing and Community Development Financing Fund in the same manner as other State funds.</text>
    </level>
    <level label="2">
      <text>Any investment or interest earnings shall be credited to the Racing and Community Development Financing Fund.</text>
    </level>
    <level label="3">
      <text>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.</text>
    </level>
  </level>
</section>
