WILLIAM DONALD SCHAEFER, Governor

Ch. 400

(g) Subject to the prior approval of the Board of Public Works, the Authority may
issue bonds to refund any of its bonds then outstanding, including the payment of any
redemption premium and any interest accrued or to accrue to the earliest or any
subsequent date of redemption, purchase or maturity of the bonds. Refunding bonds may
be issued for the public purposes of realizing savings in the effective costs of debt service,
directly or through a debt restructuring, for alleviating impending or actual default and
may be issued in one or more series in an amount in excess of that of the bonds to be
refunded.

13-712.1.

The Authority may not close on the sale of bonds WHICH CONSTITUTE TAX
SUPPORTED DEBT OF THE STATE, AND MAY NOT OTHERWISE BORROW MONEY IN
AMOUNTS EXCEEDING $35,000 PER YEAR, to finance any segment of [the] A SPORTS
FACILITY OR CONVENTION CENTER 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, WITH RESPECT TO A BASEBALL OR FOOTBALL
STADIUM, 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 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 OR
OTHER BORROWING, 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;

(3)     Has obtained the approval of the Board of Public Works of the proposed
bond issue and the plan for financing; and

(4)     Has secured, as approved by the Board of Public Works, either:

(i) With respect to site acquisition and the construction of a baseball
stadium, a long-term lease for a major league professional baseball team; or

(ii) With respect to site acquisition and the construction of a football
stadium, a franchise for a National Football League team and a long-term leaser; AND

(III) (5) WITH RESPECT TO SITE ACQUISITION AND
CONSTRUCTION OF A CONVENTION CENTER FACILITY, HAS SECURED, AS APPROVED
BY THE BOARD OF PUBLIC WORKS:

1. (I) A LEASE OR OTHER ARRANGEMENT WITH
BALTIMORE CITY PURSUANT TO WHICH BALTIMORE CITY AGREES TO PAY $50
MILLION FOR THE CAPITAL COSTS OF SAID CONSTRUCTION;

(I) A LEASE OR OTHER WRITTEN AGREEMENT WITH BALTIMORE CITY
PURSUANT TO WHICH:

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