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<section article="gsf" article_name="State Finance and Procurement" number="7-312" title_number="7" title_name="Appropriations" subtitle_number="3" subtitle_name="Unspent Balances">
  <level label="a">
    <text>There is a Maryland Stadium Facilities Fund.</text>
  </level>
  <level label="b">
    <text>The Fund is:</text>
    <level label="1">
      <text>a special, nonlapsing fund that consists of money that may be appropriated, transferred, credited, or paid to it from any source; and</text>
    </level>
    <level label="2">
      <text>not subject to § 7–302 of this subtitle.</text>
    </level>
  </level>
  <level label="c">
    <text>The Treasurer shall separately hold, and the Comptroller shall account for, the Fund.</text>
  </level>
  <level label="d">
    <level label="1">
      <text>The Fund shall be invested and reinvested in the same manner as other State funds.</text>
    </level>
    <level label="2">
      <text>Any investment earnings shall be retained to the credit of the Fund.</text>
    </level>
  </level>
  <level label="e">
    <text>Money credited to the Maryland Stadium Facilities Fund may be used, in accordance with approved comprehensive financing plans, to:</text>
    <level label="1">
      <text>pay rent to the Maryland Stadium Authority;</text>
    </level>
    <level label="2">
      <text>with the approval of the Board of Public Works, make grants or loans, not exceeding $1 million in any fiscal year, to the Authority for its corporate purposes;</text>
    </level>
    <level label="3">
      <text>with the approval of the Board of Public Works, finance capital construction in lieu of issuing bonds; or</text>
    </level>
    <level label="4">
      <text>financially support, through equity investment, loan, guarantee, or otherwise, full or partial private financing of any element of the facility.</text>
    </level>
  </level>
  <level label="f">
    <level label="1">
      <text>At the end of the fiscal year, a transfer to the Dedicated Purpose Fund of the State Reserve Fund shall be made to the extent that the balance of revenues in the Fund exceeds:</text>
      <level label="i">
        <text>$24 million; and</text>
      </level>
      <level label="ii">
        <text>the Debt Service Reserve Fund being held by or on behalf of the Maryland Stadium Authority for payment of debt service on revenue bonds issued by the Authority.</text>
      </level>
    </level>
    <level label="2">
      <level label="i">
        <text>Any revenues transferred to the State Reserve Fund in accordance with paragraph (1) of this subsection shall be dedicated for use by the Maryland Stadium Authority and may be transferred from the State Reserve Fund by an appropriation in the budget bill or, with the approval of the Legislative Policy Committee, by budget amendment.</text>
      </level>
      <level label="ii">
        <text>The unspent balance of any revenues for the Maryland Stadium Authority in the State Reserve Fund shall revert to the General Fund 2 years after the end of the fiscal year in which the transfer was made.</text>
      </level>
    </level>
  </level>
</section>
