Ch. 400                                     1993 LAWS OF MARYLAND

exempt, for the purposes of financing site acquisition and preparation, relocation,
demolition and removal, construction and related expenses for construction management,
professional fees, and contingencies of baseball 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 WHICH CONSTITUTES TAX
SUPPORTED DEBT OF THE STATE 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 WHICH CONSTITUTES TAX
SUPPORTED DEBT OF THE STATE 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 WHICH CONSTITUTES TAX
SUPPORTED DEBT OF THE STATE 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 WHICH CONSTITUTES TAX
SUPPORTED DEBT OF THE STATE 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.

       (III) UNLESS AUTHORIZED BY THE GENERAL ASSEMBLY, THE
BOARD OF PUBLIC WORKS MAY NOT GIVE APPROVAL TO AN ISSUANCE BY THE
AUTHORITY OF BONDS WHICH CONSTITUTE TAX SUPPORTED DEBT OF THE STATE
FOR CONVENTION CENTER FACILITIES IF, AFTER ISSUANCE, THERE WOULD BE
OUTSTANDING AND UNPAID $118.1 MORE THAN $55 MILLION FACE AMOUNT OF SUCH
BONDS, WHETHER TAXABLE OR TAX EXEMPT, FOR THE PURPOSE OF FINANCING
ACQUISITION, CONSTRUCTION, RENOVATION, AND RELATED EXPENSES FOR
CONSTRUCTION MANAGEMENT, PROFESSIONAL FEES, AND CONTINGENCIES OF
CONVENTION CENTER FACILITIES.

(2) The bonds of any issue shall be payable solely from the property or
receipts of the Authority, including, without limitation:

(i) Taxes, fees, charges, or other revenues payable to the Authority;

(ii) Payments by financial institutions, insurance companies, or others

pursuant to letters or lines of credit, policies of insurance, or purchase agreements;

(iii) Investment earnings from funds or accounts maintained pursuant
to a bond resolution or trust agreement;                                                       

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