§ 10-645. Financing improvements to Baltimore city public school facility
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, § 10-645
§ 10-645. Financing improvements to Baltimore city public school facility
(a)(1) Except as agreed to in the memorandum of understanding under § 10-646 of this subtitle, the Authority shall comply with this section and § 5-303 of the Education Article to finance improvements to a Baltimore City public school facility.
(2) The Authority and the Baltimore City Board of School Commissioners, as agreed to in the memorandum of understanding under § 10-646 of this subtitle and subject to paragraph (1) of this subsection, shall be responsible for school facilities construction and improvements financed with the proceeds of bonds issued under this subtitle in accordance with the Baltimore City Public Schools' 10-Year Plan approved by the Baltimore City Board of School Commissioners on January 8, 2013, which may be amended from time to time in accordance with parameters established for review and comment in the memorandum of understanding established under § 10-646 of this subtitle.
(3)(i) Except as agreed to in the memorandum of understanding under § 10-646 of this subtitle and subject to subparagraph (ii) of this paragraph, a power granted to the Authority under this subtitle may not in any way interfere with the enumerated powers of the Baltimore City Board of School Commissioners under Title 4, Subtitle 3 of the Education Article.
(b)(1) The Authority may not use any of its own money, whether appropriated or nonbudgeted, to pay for any costs or expenses related to financing improvements to Baltimore City public school facilities.
(2) The sole source of payment for any costs or expenses related to financing improvements to Baltimore City public school facilities shall be the money on deposit in the Baltimore City Public School Construction Facilities Fund and the Baltimore City Public School Construction Financing Fund and bond proceeds held under a trust agreement.
(c) At least 45 days before seeking approval of the Board of Public Works for each Baltimore City public school facilities bond issue, the Authority shall provide to the fiscal committees of the General Assembly written notice of:
(d)(1) A bond issued to finance improvements to a Baltimore City public school facility:
(e) Before each issuance of bonds to finance improvements to a Baltimore City public school facility, the Authority shall obtain the approval of the Board of Public Works of the proposed bond issue.
(f) The total debt service for any bond issue, when added to all prior outstanding bond issues related to improvements to Baltimore City public school facilities, may not exceed the total amount of the funds provided under § 9-120(b)(1)(iii) of the State Government Article and the funds provided under subsections (g) and (h) of this section.
(g)(1) Beginning on July 1, 2013 and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, Baltimore City shall deposit into the Baltimore City Public School Construction Financing Fund:
1. the Authority shall direct the State Comptroller to withhold, under § 2-608 of the Tax--General Article, income tax revenue from Baltimore City in an amount equal to the difference between the amount transferred under subparagraph (i) of this paragraph and the amount required to be paid under paragraph (2) of this subsection; and
(4) Any money deposited by Baltimore City or on behalf of Baltimore City in accordance with this section in excess of the amount required in any semiannual period shall be transferred by the Authority to the Baltimore City Public School Construction Facilities Fund and held in reserve in accordance with paragraph (3) of this subsection and § 10-657 of this subtitle.
(h)(1) Beginning on July 1, 2013, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, the State Comptroller shall withhold from any installment due the Baltimore City Board of School Commissioners from the General State School Fund money representing additional State funds received from recurring retiree health costs shifted from Baltimore City to the Baltimore City Board of School Commissioners and deposit into the Baltimore City Public School Construction Financing Fund $10,000,000 for fiscal year 2014 and each fiscal year thereafter, to be paid in equal bi-monthly payments.
(2) Beginning on July 1, 2015, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, in addition to the amount withheld under paragraph (1) of this subsection, the State Comptroller shall withhold from any installment due the Baltimore City Board of School Commissioners from the General State School Fund and deposit into the Baltimore City Public School Construction Financing Fund the following amounts, to be paid in equal bi-monthly payments:
(i)(1) If the money deposited in the Baltimore City Public School Construction Financing Fund in accordance with subsections (g) and (h) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Baltimore City Public School Construction Facilities Fund.
(j) In connection with improvements to Baltimore City public school facilities, the Baltimore City Board of School Commissioners shall:
(3) except for a transfer or assignment to the Baltimore City Board of School Commissioners, obtain the approval of the State Superintendent of Schools and the Board of Public Works before the sale, assignment, mortgage, pledge, or encumbrance of any Baltimore City public school facility, or any interest in the facility.
(k)(1) Subject to subsection (b) of this section, before any bonds are issued to finance improvements to a Baltimore City public school facility, the Authority may pay for any costs of start-up, administration, overhead, and operations of the Authority or costs of engineering, architectural, and other design professionals.
(ii) If any cost overruns, unbudgeted expenses, or unforeseen costs occur as described in subparagraph (i) of this paragraph, the Authority shall provide a detailed report explaining the reasons for the cost overruns, unbudgeted expenses, or unforeseen costs and a description of the actions taken by the Authority to control costs within the budget established for each improvement to a Baltimore City public school facility.
(l) On October 1, 2013, and each January 15 thereafter, the Authority, Baltimore City, the Baltimore City Board of School Commissioners, and the Interagency Commission on School Construction jointly shall report to the Governor, the Board of Public Works and, in accordance with § 2-1257 of the State Government Article, the fiscal committees of the General Assembly, on the progress of replacements, renovations, and maintenance of Baltimore City public school facilities, including actions:
(m) Notwithstanding any other provision of law, a demolition or partial demolition of a school building under the Baltimore City Public Schools' 10-Year Plan shall be exempt from any required notice to the Baltimore City Council or the President of the Baltimore City Council.
Credits
Added by Acts 2013, c. 647, § 1, eff. July 1, 2013. Amended by Acts 2014, c. 44, § 1, eff. April 8, 2014; Acts 2016, c. 607, § 1, eff. Oct. 1, 2016; Acts 2016, c. 665, § 1, eff. June 1, 2016; Acts 2016, c. 666, § 1, eff. June 1, 2016; Acts 2018, c. 14, § 1, eff. June 1, 2018; Acts 2019, c. 8, § 5; Acts 2020, c. 20, § 3, eff. March 14, 2021; Acts 2021, c. 109, § 5; Acts 2022, c. 32, § 1, eff. July 1, 2022.
MD Code, Economic Development, § 10-645, MD ECON DEV § 10-645
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.
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