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<section article="gec" article_name="Economic Development" number="10-657.5" 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 Sports Entertainment Facilities Financing Fund.</text>
  </level>
  <level label="b">
    <text>There is a Sports Entertainment Facilities Financing Fund.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>The Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning sports entertainment facilities.</text>
    </level>
    <level label="2">
      <text>The Authority shall:</text>
      <level label="i">
        <text>use the Fund as a revolving fund for carrying out this subtitle concerning sports entertainment facilities; and</text>
      </level>
      <level label="ii">
        <text>pay any and all expenses from the Fund that are incurred by the Authority related to any sports entertainment facility.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <text>To the extent considered appropriate by the Authority, the money on deposit in the Fund shall be pledged to and used to pay the following related to sports entertainment facilities:</text>
    <level label="1">
      <text>debt service on Authority bonds;</text>
    </level>
    <level label="2">
      <text>debt service reserves under a trust agreement;</text>
    </level>
    <level label="3">
      <text>all reasonable charges and expenses related to Authority borrowing; and</text>
    </level>
    <level label="4">
      <text>all reasonable charges and expenses related to the Authority’s administration of the Fund and management of the Authority’s obligations.</text>
    </level>
  </level>
  <level label="e">
    <text>The Fund consists of:</text>
    <level label="1">
      <text>money deposited into the 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 sports entertainment facilities;</text>
    </level>
    <level label="3">
      <text>revenues collected or received from any source under this subtitle related to sports entertainment facility projects;</text>
    </level>
    <level label="4">
      <text>any interest earnings of the Fund; and</text>
    </level>
    <level label="5">
      <text>any additional money made available from any public source for the purposes established for the Fund.</text>
    </level>
  </level>
  <level label="f">
    <level label="1">
      <text>The State Treasurer shall invest the money of the Fund in the same manner as other State funds.</text>
    </level>
    <level label="2">
      <text>Any investment earnings shall be credited to the Fund.</text>
    </level>
    <level label="3">
      <text>No part of the Fund may revert or be credited to the General Fund or any special fund of the State.</text>
    </level>
  </level>
</section>
