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§ 10-657.6. Prince George's County Blue Line Corridor Facility Fund

West's Annotated Code of MarylandEconomic DevelopmentEffective: June 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 VII. Funds (Refs & Annos)
Effective: June 1, 2022
MD Code, Economic Development, § 10-657.6
§ 10-657.6. Prince George's County Blue Line Corridor Facility Fund
Currentness
“Fund” defined
(a) In this section, “Fund” means the Prince George's County Blue Line Corridor Facility Fund.
Established
(b) There is a Prince George's County Blue Line Corridor Facility Fund.
Purpose of Fund
(c) The purpose of the Fund is to enable the Authority to:
(1) use the Fund as a revolving fund for implementing this subtitle as it relates to a Prince George's County Blue Line Corridor facility; and
(2) pay any expenses incurred by the Authority that are related to a Prince George's County Blue Line Corridor facility.
Administration of Fund
(d) The Authority shall administer the Fund.
Nature of Fund
(e)(1) The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
Use of funds
(f)(1) To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following related to a Prince George's County Blue Line Corridor facility:
(i) payment of debt service on Authority bonds;
(ii) all reasonable charges and expenses related to the Authority's borrowing; and
(iii) the management of the Authority's obligations.
(2) The pledge shall be effective in the same manner as provided in § 10-634 of this subtitle.
Contents
(g) The Fund consists of:
(1) money distributed to the Fund under § 9-120(b)(1)(xi) of the State Government Article;
(2) money appropriated for deposit in the Fund;
(3) proceeds from the sale of bonds concerning a Prince George's County Blue Line Corridor facility;
(4) revenues collected or received from any source under this subtitle related to a Prince George's County Blue Line Corridor facility;
(5) any interest earnings of the Fund; and
(6) any additional money made available from any source for the purposes established for the Fund.
Investment of Fund moneys
(h)(1) The State Treasurer shall invest the money of the Fund in the same manner as other State funds.
(2) Any interest earnings shall be credited to the Fund.

Credits

Added by Acts 2022, c. 61, § 2, eff. June 1, 2022.
MD Code, Economic Development, § 10-657.6, MD ECON DEV § 10-657.6
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