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Code · Maryland · Economic Development

§ 10-657.2

357 words·~2 min read·/md/economic-development/10-657-2

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§10–657.2.
(a)There is a Racing and Community Development Financing Fund.
(1)The Racing and Community Development Financing Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning racing and community development projects.
(2)The Authority shall:
(i)use the Racing and Community Development Financing Fund as a revolving fund for implementing this subtitle relating to racing and community development projects; and
(ii)pay any and all expenses from the Racing and Community Development Financing Fund that are incurred by the Authority, or otherwise specifically approved by the Authority, concerning racing and community development projects.
(1)To the extent considered appropriate by the Authority, the receipts of the Racing and Community Development Financing Fund shall be pledged to and charged with the following relating to racing and community development projects:
(i)the payment of debt service on Authority bonds;
(ii)all reasonable charges and expenses related to Authority borrowing; and
(iii)the management of Authority obligations.
(2)The pledge shall be effective in the same manner as provided in § 10–634 of this subtitle.
(d)The Racing and Community Development Financing Fund consists of:
(1)funds appropriated for deposit to the Racing and Community Development Financing Fund;
(2)proceeds from the sale of bonds concerning racing and community development projects;
(3)revenues collected or received from any source under this subtitle concerning racing and community development projects;
(4)investment and interest earnings;
(5)money paid to the Racing and Community Development Financing Fund under § 9–120 of the State Government Article; and
(6)any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Financing Fund.
(1)The State Treasurer shall invest the money of the Racing and Community Development Financing Fund in the same manner as other State funds.
(2)Any investment or interest earnings shall be credited to the Racing and Community Development Financing Fund.
(3)No part of the Racing and Community Development Financing Fund may revert or be credited to the General Fund of the State or any special fund of the State.
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