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<section article="gec" article_name="Economic Development" number="10-657" 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 Facilities Fund.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>The Baltimore City Public School Construction Facilities 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 Facilities Fund as a revolving fund for carrying out this subtitle concerning Baltimore City public school facilities; and</text>
      </level>
      <level label="ii">
        <text>to the extent authorized by federal tax law, pay any and all expenses from the Baltimore City Public School Construction Facilities Fund that are incurred by the Authority related to any Baltimore City public school facilities.</text>
      </level>
    </level>
    <level label="3">
      <level label="i">
        <text>Notwithstanding any other provision of law, the Authority shall transfer $10,000,000 of available funds to the Baltimore City Public School System to supplement funding for additional Baltimore City projects.</text>
      </level>
      <level label="ii">
        <text>The Authority may advance up to $1,000,000 of available funds in fiscal years 2021 and 2022 for the start–up and administration of Chapter 20 of the Acts of the General Assembly of 2020, which shall be reimbursed from the Supplemental Public School Construction Facilities Fund established under § 10–658.1 of this subtitle.</text>
      </level>
    </level>
  </level>
  <level label="c">
    <text>To the extent considered appropriate by the Authority or as agreed to in the memorandum of understanding under § 10–646 of this subtitle, the money on deposit in the Baltimore City Public School Construction Facilities Fund shall be used to pay the following relating to Baltimore City public school facilities:</text>
    <level label="1">
      <text>debt service on Authority bonds;</text>
    </level>
    <level label="2">
      <text>design and construction costs relating to Baltimore City public school facilities;</text>
    </level>
    <level label="3">
      <text>to the extent authorized by federal tax law, costs of start–up, administration, overhead, and operations related to the management of improvements to Baltimore City public school facilities authorized under this subtitle and undertaken by the Baltimore City Board of School Commissioners; and</text>
    </level>
    <level label="4">
      <text>all reasonable charges and expenses related to the Authority’s administration of the Baltimore City Public School Construction Facilities Fund and the Baltimore City Public School Construction Financing Fund and management of the Authority’s obligations.</text>
    </level>
  </level>
  <level label="d">
    <text>The Baltimore City Public School Construction Facilities Fund consists of:</text>
    <level label="1">
      <text>funds transferred from the Baltimore City Public School Construction Financing Fund to the Baltimore City Public School Construction Facilities Fund in accordance with § 10–645(i) of this subtitle; and</text>
    </level>
    <level label="2">
      <text>any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Facilities Fund.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>The Treasurer shall invest the money of the Baltimore City Public School Construction Facilities 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 Facilities Fund.</text>
    </level>
    <level label="3">
      <text>No part of the Baltimore City Public School Construction Facilities Fund may revert or be credited to the General Fund or any special fund of the State.</text>
    </level>
  </level>
</section>
