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§ 10-644. Sports facilities

West's Annotated Code of MarylandEconomic DevelopmentEffective: July 1, 2022

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 6. Maryland Stadium Authority (Refs & Annos)
Part V. Restrictions on Bonds and Borrowing (Refs & Annos)
Effective: July 1, 2022
MD Code, Economic Development, § 10-644
§ 10-644. Sports facilities
Currentness
In general
(a) Except as allowed by § 10-639 of this subtitle, to finance acquisition and construction of any segment of a sports facility, the Authority shall comply with this section.
Certification
(b) The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has:
(1) attempted to maximize private investment in the sports facility proposed to be financed; and
(2) with respect to a baseball or football stadium, negotiated a lease or a renewal or extension of a lease that will not terminate prior to the maturity date or payoff of any bonds issued for the stadium.
Approval of bond issue--Requirements
(c) The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment.
Approval of plan by Board of Public Works
(d) The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the lease or a renewal or extension of a lease described under subsection (b)(2) of this section, and the financing plan.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2010, c. 483, § 14, eff. June 1, 2010; Acts 2013, c. 424, § 19, eff. June 1, 2013; Acts 2022, c. 60, § 1, eff. July 1, 2022.
MD Code, Economic Development, § 10-644, MD ECON DEV § 10-644
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document