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Code · Maryland · Economic Development

§ 10-656

399 words·~2 min read·/md/economic-development/10-656

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§10–656.
(a)There is a Baltimore City Public School Construction Financing Fund.
(1)The Baltimore City Public School Construction Financing Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore City public school facilities.
(2)The Authority shall:
(i)use the Baltimore City Public School Construction Financing Fund as a revolving fund for carrying out this subtitle concerning Baltimore City public school facilities; and
(ii)pay any and all expenses from the Baltimore City Public School Construction Financing Fund that are incurred by the Authority related to any Baltimore City public school facilities.
(1)To the extent considered appropriate by the Authority, the money on deposit in the Baltimore City Public School Construction Financing Fund shall be pledged to and used to pay the following relating to Baltimore City public school facilities:
(i)debt service on Authority bonds;
(ii)debt service reserves under a trust agreement;
(iii)all reasonable charges and expenses related to Authority borrowing; and
(iv)all reasonable charges and expenses related to the Authority’s administration of the Baltimore City Public School Construction Financing Fund and management of the Authority’s obligations.
(2)The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.
(d)The Baltimore City Public School Construction Financing Fund consists of:
(1)money deposited in the Baltimore City Public School Construction Financing Fund;
(2)to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning Baltimore City public school facilities;
(3)revenues collected or received from any source under this subtitle related to Baltimore City public school facilities, including revenues collected or received in accordance with § 9–120 of the State Government Article;
(4)funds to be deposited in accordance with § 10–645 of this subtitle; and
(5)any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Financing Fund.
(1)The Treasurer shall invest the money of the Baltimore City Public School Construction Financing Fund in the same manner as other State funds.
(2)Any investment earnings shall be credited to the Baltimore City Public School Construction Financing Fund.
(3)No part of the Baltimore City Public School Construction Financing Fund may revert or be credited to the General Fund or any special fund of the State.
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