§ 10-646.2
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/md/economic-development/10-646-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–646.2.
(a)Except as authorized by § 10–639 of this subtitle, to finance site acquisition, design, and construction of any segment of the Hagerstown Multi–Use Sports and Events Facility, the Authority shall comply with this section.
(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 to the fiscal committees of the General Assembly, in accordance with § 2–1257 of the State Government Article, a comprehensive financing plan for the relevant segment of the facility.
(c)The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.
(d)For fiscal year 2023 and each fiscal year thereafter, until the bonds that have been issued to finance the Hagerstown Multi–Use Sports and Events Facility are no longer outstanding and unpaid, the Governor shall include in the annual budget bill an appropriation of $3,750,000 to the Hagerstown Multi–Use Sports and Events Facility Fund.
(e)The Authority may not issue bonds to finance the Hagerstown Multi–Use Sports and Events Facility until the Authority and The Hagerstown Multi–Use Sports and Events Facility, Inc., secure a written operating agreement.
(f)The Authority shall secure a written agreement to transfer ownership of the Hagerstown Multi–Use Sports and Events Facility from the Authority to The Hagerstown Multi–Use Sports and Events Facility, Inc., as approved by the Board of Public Works:
(1)in which The Hagerstown Multi–Use Sports and Events Facility, Inc., agrees to:
(i)own, market, promote, and operate or contract for the marketing, promotion, and operation of the Hagerstown Multi–Use Sports and Events Facility in a manner that maximizes the Facility’s economic return; and
(ii)to maintain and repair or contract for the maintenance and repair of the Hagerstown Multi–Use Sports and Events Facility so as to keep the Hagerstown Multi–Use Sports and Events Facility in first–class operating condition;
(2)that includes provisions:
(i)protecting the investments of the Authority and The Hagerstown Multi–Use Sports and Events Facility, Inc., in the Hagerstown Multi–Use Sports and Events Facility;
(ii)requiring The Hagerstown Multi–Use Sports and Events Facility, Inc., to contribute to a capital improvement reserve fund an amount sufficient to keep the Hagerstown Multi–Use Sports and Events Facility in first–class operating condition;
(iii)requiring The Hagerstown Multi–Use Sports and Events Facility, Inc., to be solely responsible for all expenditures relating to the operation of the Hagerstown Multi–Use Sports and Events Facility that may be incurred, including operating deficits; and
(iv)allowing The Hagerstown Multi–Use Sports and Events Facility, Inc., to keep all operating profits resulting from the operation of the Hagerstown Multi–Use Sports and Events Facility each year; and
(3)to be solely responsible for all expenditures relating to the operation, maintenance, and repair of the Hagerstown Multi–Use Sports and Events Facility that may be incurred, including the amount by which expenditures exceed revenues.
(g)On or before December 31 each year, The Hagerstown Multi–Use Sports and Events Facility, Inc., shall report to the Senate Budget and Taxation Committee and the House Appropriations Committee, in accordance with § 2–1257 of the State Government Article, on the Facility’s assessment of the maintenance and repair needed to keep the Hagerstown Multi–Use Sports and Events Facility in operating order.