Ch. 124

LAWS OF MARYLAND

AND CONTINGENCIES OR THE RENOVATION OF BASEBALL OR AND FOOTBALL
STADIUMS OR A MULTIUSE STADIUM.

2. TO EXCEED THE FOLLOWING LIMITS SET
FORTH BELOW, THE AUTHORITY SHALL OBTAIN THE AUTHORIZATION OF THE
BOARD OF PUBLIC WORKS AND NOTIFY THE LEGISLATIVE POLICY COMMITTEE
WITH ACCOMPANYING JUSTIFICATION:

A. $85 MILLION IN BONDS FOR THE PURPOSES
OF SITE ACQUISITION AND PREPARATION, RELOCATION, DEMOLITION AND
REMOVAL AT, AND CONSTRUCTION AND RELATED EXPENSES FOR
CONSTRUCTION MANAGEMENT, PROFESSIONAL FEES, AND CONTINGENCIES FOR
CAMDEN YARDS;

B. $70 MILLION IN BONDS FOR THE PURPOSES
OF SITE WORK, CONSTRUCTION AND RELATED EXPENSES FOR CONSTRUCTION
MANAGEMENT, PROFESSIONAL FEES, AND CONTINGENCIES OF A BASEBALL
STADIUM;

C. $80 MILLION IN BONDS FOR THE PURPOSES
OF SITE WORK, CONSTRUCTION AND RELATED EXPENSES FOR CONSTRUCTION
MANAGEMENT, PROFESSIONAL FEES, AND CONTINGENCIES OF A FOOTBALL
STADIUM, AND AN ADDITIONAL $15 MILLION IN BONDS IF A FOOTBALL
STADIUM IS CONSTRUCTED PRIOR TO A BASEBALL STADIUM IN WHICH CASE
THE $70 MILLION IN BONDS FOR A BASEBALL STADIUM IS REDUCED TO $55
MILLION; AND

D. $195 MILLION IN BONDS FOR THE PURPOSES
OF THE SITE ACQUISITION AND PREPARATION, RELOCATION, DEMOLITION
AND REMOVAL, CONSTRUCTION AND RELATED EXPENSES FOR CONSTRUCTION
MANAGEMENT, PROFESSIONAL FEES, AND CONTINGENCIES OF A MULTIUSE
STADIUM.

13-712.1

THE AUTHORITY MAY NOT CLOSE ON THE SALE OF BONDS TO FINANCE
ANY SEGMENT OF THE FACILITY UNLESS THE AUTHORITY:

(1) HAS CERTIFIED TO THE LEGISLATIVE POLICY COMMITTEE
AND THE BOARD OF PUBLIC WORKS THAT THE AUTHORITY HAS ENDEAVORED,
TO MAXIMIZE PRIVATE INVESTMENT IN THE FACILITY PROPOSED TO BE
FINANCED AND TO MAXIMIZE THE STATE'S ABILITY TO ASSURE THAT THE
PROFESSIONAL BASEBALL AND FOOTBALL FRANCHISES WILL REMAIN
PERMANENTLY IN MARYLAND. THIS CERTIFICATION SHALL BE SUPPORTED
BY A DETAILED REPORT OUTLINING THESE EFFORTS;

(2)  HAS PROVIDED A COMPREHENSIVE FINANCING PLAN TO
THE FISCAL COMMITTEES OF THE GENERAL ASSEMBLY, AT LEAST 30 DAYS
PRIOR TO SEEKING APPROVAL OF THE BOARD OF PUBLIC WORKS FOR EACH
BOND ISSUE, A COMPREHENSIVE FINANCING PLAN FOR THE RELEVANT
SEGMENT OF THE FACILITY AND THE EFFECT OF THIS FINANCING PLAN ON
FINANCING OPTIONS FOR OTHER SEGMENTS OF THE FACILITY, INCLUDING
ANTICIPATED REVENUES FROM PRIVATE INVESTMENT WHERE APPLICABLE;

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