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<section article="gec" article_name="Economic Development" number="10-657.4" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority">
  <level label="a">
    <text>In this section, “Fund” means the Hagerstown Multi–Use Sports and Events Facility Fund.</text>
  </level>
  <level label="b">
    <text>There is a Hagerstown Multi–Use Sports and Events Facility Fund.</text>
  </level>
  <level label="c">
    <text>The purpose of the Fund is to enable the Authority to:</text>
    <level label="1">
      <text>use the Fund as a revolving fund for implementing this subtitle as it relates to the Hagerstown Multi–Use Sports and Events Facility; and</text>
    </level>
    <level label="2">
      <text>pay any expenses incurred by the Authority that are related to the Hagerstown Multi–Use Sports and Events Facility.</text>
    </level>
  </level>
  <level label="d">
    <text>The Authority shall administer the Fund.</text>
  </level>
  <level label="e">
    <level label="1">
      <text>The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text>
    </level>
    <level label="2">
      <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text>
    </level>
  </level>
  <level label="f">
    <level label="1">
      <text>To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following relating to the Hagerstown Multi–Use Sports and Events Facility:</text>
      <level label="i">
        <text>payment of debt service on Authority bonds;</text>
      </level>
      <level label="ii">
        <text>all reasonable charges and expenses related to the Authority’s 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="g">
    <text>The Fund consists of:</text>
    <level label="1">
      <text>money appropriated for deposit in the Fund;</text>
    </level>
    <level label="2">
      <text>revenues collected or received from any source under this subtitle concerning the Hagerstown Multi–Use Sports and Events Facility; and</text>
    </level>
    <level label="3">
      <text>any additional money made available from any public or private source for the purposes established for the Fund.</text>
    </level>
  </level>
  <level label="h">
    <level label="1">
      <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text>
    </level>
    <level label="2">
      <text>Any interest earnings of the Fund shall be paid into the Fund.</text>
    </level>
  </level>
</section>
