<?xml version='1.0' encoding='utf-8'?>
<section article="gfi" article_name="Financial Institutions" number="13-1017" title_number="13" title_name="State-Operated Financial Programs" subtitle_number="10" subtitle_name="Canal Place Preservation and Development Authority">
  <level label="a">
    <text>There is a Canal Place Preservation and Development Authority Financing Fund.</text>
  </level>
  <level label="b">
    <text>The Authority shall use the Fund as a continuing, nonlapsing, revolving fund for carrying out the purposes of this subtitle. No part of the Fund may revert or be credited to the General Fund or to any other special fund of the State.</text>
  </level>
  <level label="c">
    <text>The Authority shall place all of the following receipts in the Fund:</text>
    <level label="1">
      <text>Proceeds from the sale of bonds;</text>
    </level>
    <level label="2">
      <text>Revenues that the Authority collects or receives from any source under this subtitle; and</text>
    </level>
    <level label="3">
      <text>Any additional revenue, gift, donation, or money received or paid to it from any other source authorized by law.</text>
    </level>
  </level>
  <level label="d">
    <text>The Authority shall pay all expenses and make all expenditures from the Fund.</text>
  </level>
  <level label="e">
    <level label="1">
      <text>The Authority may pledge and charge all or a portion of the receipts of the Fund for the payment of:</text>
      <level label="i">
        <text>Debt service on bonds of the Authority; and</text>
      </level>
      <level label="ii">
        <text>All reasonable charges and expenses related to borrowing by the Authority and management of the obligations of the Authority.</text>
      </level>
    </level>
    <level label="2">
      <text>A pledge made under paragraph (1) of this subsection is effective as provided in § 13–1022 of this subtitle and any applicable resolution of the Authority.</text>
    </level>
  </level>
  <level label="f">
    <text>The State Treasurer shall:</text>
    <level label="1">
      <text>Invest and reinvest the Fund in the same manner as State funds; and</text>
    </level>
    <level label="2">
      <text>Transfer any investment earnings to the credit of the Fund.</text>
    </level>
  </level>
</section>
