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§ 10-646.4. Financing the site acquisition, planning, design, and construction of Prince George...

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 V. Restrictions on Bonds and Borrowing (Refs & Annos)
Effective: June 1, 2022
MD Code, Economic Development, § 10-646.4
§ 10-646.4. Financing the site acquisition, planning, design, and construction of Prince George's County Blue Line Corridor facility
Currentness
Application of section
(a) Except as allowed by § 10-639 of this subtitle, to finance site acquisition and the planning, design, and construction of a Prince George's County Blue Line Corridor facility, the Authority shall comply with this section.
Comprehensive financing plan provided to fiscal committees of the General Assembly
(b) At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide, in accordance with § 2-1257 of the State Government Article, to the fiscal committees of the General Assembly a comprehensive financing plan for the relevant Prince George's County Blue Line Corridor facility that includes:
(1) the aggregate amount of funds needed for the Prince George's County Blue Line Corridor facility to be financed with the proposed bonds;
(2) a description of the Prince George's County Blue Line Corridor facility to be constructed or renovated;
(3) the anticipated total debt service for the proposed bond issue;
(4) the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for Prince George's County Blue Line Corridor facilities; and
(5) anticipated project costs for the Prince George's County Blue Line Corridor facility.
Nature of bonds
(c)(1) A bond issued to finance site acquisition, planning, design, and construction or renovations of or improvements to a Prince George's County Blue Line Corridor facility:
(i) is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii) is not a debt, a liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and
(iii) may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.
(2) The issuance of a bond to finance the site acquisition, planning, design, and construction or renovations of or improvements to a Prince George's County Blue Line Corridor facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or make any appropriation to pay the bond.
(3) Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.
Approval from Board of Public Works
(d) The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the financing plan, and the agreement under subsection (e) of this section.
Written agreement with Prince George's County identifying roles and responsibilities of each party
(e) The Authority may not issue bonds to finance a Prince George's County Blue Line Corridor facility until the Authority secures a written agreement with Prince George's County identifying the roles and responsibilities of each party with respect to the Prince George's County Blue Line Corridor facility.
Source of payment
(f) For fiscal year 2024 and each fiscal year thereafter, until the bonds that have been issued to finance Prince George's County Blue Line Corridor facilities are no longer outstanding and unpaid, the Comptroller shall deposit into the Prince George's County Blue Line Corridor Facility Fund an amount not to exceed $27,000,000 from the State Lottery Fund under § 9-120(b)(1)(xi) of the State Government Article.

Credits

Added by Acts 2022, c. 61, § 2, eff. June 1, 2022.
MD Code, Economic Development, § 10-646.4, MD ECON DEV § 10-646.4
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