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Ch. 449
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1394
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LAWS OF MARYLAND
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of intoxicating beverages, airports, or air strips, or any
improvement or structure for use in wagering, betting or games of
chance.
(B) "Cost" means the actual cost of
constructing or acquiring a facility, the cost of improving,
restoring, remodeling or enlarging any facility so acquired; the
cost of surveys, studies, drawings, architectural and engineering
plans and specifications; the cost of site assembly, including
legal proceedings, title fees and settlement charges; the cost of
issuance of revenue bonds, including advertising and printing
charges and legal fees; the cost of interest on any such bonds
during construction of any facility and for a period of one year
after completion thereof, including the actual costs to the
Commission of performance of any of the foregoing functions by
its own staff, which costs may be reimbursed to the Commission
from the proceeds of revenue bonds issued to finance the
facilities with respect to which such services have been
performed.
(C) "Revenue" or "revenues" mean the gross or
net return which the Commission initially estimates it will
receive and which it, in fact, receives from the operation of any
facility, including rentals contracted for and received with
respect to any facility leased by the Commission to a private
person or to another public agency. The words do not include any
funds of the Commission derived by it from a source other than a
facility, which the Commission may allocate or agree to allocate
to any such facility, as a supplement to its revenues. These
provisions are not to be construed to preclude the Commission
from pledging the other funds to the operation and maintenance of
any facility.
(3) The Commission may fix and, from time to time,
alter or amend fees and charges for the use of any such facility,
or to contract for the rental thereof on a basis which provides
revenues sufficient to meet debt service on revenue bonds issued
to finance any such facility leased.
(4) Authority is further conferred to secure payment
of the principal of and interest on an issue of revenue bonds by
a pledge to such payment of the gross or net revenues from any
such facility financed thereby and to enter into such covenants
with respect to the fixing of rents, fees or charges and the
collection and application thereof as may be requisite to the
security and marketing of any such revenue bonds.
(5) Before issuing any revenue bonds hereunder, the
Commission shall make a determination whether debt service on any
of these bonds is payable from the gross or net revenues of the
facility to be financed and, if from gross revenues, the
Commission shall further determine the source and availability of
funds needed for the operation and maintenance of any such
facility, which funds the Commission may pledge to this purpose.
If the Commission determines to pay the debt service from the net
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