WILLIAM DONALD SCHAEFER, Governor                            Ch. 400

I. THE AUTHORITY SHALL CONTRIBUTE TWO-THIRDS AND
BALTIMORE CITY SHALL CONTRIBUTE ONE-THIRD TO ANNUAL OPERATING DEFICITS;

II. THE AUTHORITY AND BALTIMORE CITY SHALL EACH
ANNUALLY CONTRIBUTE $200,000 TO THE CAPITAL IMPROVEMENT RESERVE FUND; AND

III. BALTIMORE CITY SHALL BE SOLELY RESPONSIBLE FOR ALL
OPERATING DEFICITS AND CAPITAL IMPROVEMENTS:

1. PRIOR TO THE COMPLETION OF THE EXPANDED AND
RENOVATED CONVENTION CENTER FACILITY; AND

2. AFTER JUNE 30, 2008; AND

C. PROVIDE FOR REMEDIES UPON DEFAULT WHICH INCLUDE
THE RIGHT OF THE AUTHORITY OR THE STATE, IN THE EVENT OF A MATERIAL DEFAULT
BY BALTIMORE CITY WHICH HAS NOT BEEN CORRECTED AFTER A REASONABLE NOTICE
AND CURE PERIOD, TO IMMEDIATELY ASSUME RESPONSIBILITY FOR MAINTENANCE AND
REPAIRS OF THE CONVENTION CENTER FACILITY AND OFFSET THE COSTS OF SUCH
MAINTENANCE AND REPAIRS AGAINST OTHER AMOUNTS OWED BY THE AUTHORITY OR
THE STATE TO BALTIMORE CITY, WHETHER UNDER THE OPERATING AGREEMENT WITH
BALTIMORE CITY OR OTHERWISE.

13-71.5.

(a)      There is a Maryland Stadium Authority Financing Fund.

(b)     The Authority shall use the Maryland Stadium Authority Financing Fund as a
nonlapsing revolving fund for carrying out the provisions of this subtitle RELATED TO
SPORTS FACILITIES AND OTHER FACILITIES AT CAMDEN YARDS.

(c)      All of the following receipts of the Authority shall be placed in the Maryland
Stadium Authority Financing Fund:

(1)      Proceeds from the sale of bonds RELATED TO SPORTS FACILITIES;

(2)      Revenues collected or received from any source under the provisions of
this subtitle RELATED TO CAMDEN YARDS FACILITIES;

(3)      Admissions and amusement tax revenues distributed to the Authority
under the Tax - General Article;

(4)      Any other revenues RELATED TO CAMDEN YARDS FACILITIES, under
the jurisdiction of the Authority; and

(5)      Any additional revenue, gift, donation, or other source authorized by law
RELATED TO CAMDEN YARDS FACILITIES.

(d)     The Authority shall pay all expenses and make all expenditures RELATED TO
CAMDEN YARDS FACILITIES from the Maryland Stadium Authority Financing Fund.

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