Ch. 603

1995 LAWS OF MARYLAND

13-712.

(a) (1) (i) Subject to the prior approval of the Board of Public Works and the
provisions of subparagraphs (ii), [and] (iii), AND (IV) of this paragraph, the Authority
may at any time and from time to time issue bonds for any corporate purpose, including
the establishment of reserves and. the payment of interest. In this subtitle the term
"bonds" includes notes of any kind, interim certificates, refunding bonds, or any other
evidence of obligation and "tax supported debt" of the State has the meaning assigned to
such term in § 8-104 of the State Finance and Procurement Article.

(ii) 1. Unless authorized by the General Assembly, the Board of
Public Works may not give approval to an issuance of bonds for sports facilities at
Camden Yards which constitute tax supported debt of the State, if after issuance there
would be outstanding and unpaid $235 million face amount of bonds which constitute tax
supported debt of the State, whether taxable or tax 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

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 BALTIMORE Convention Center facilities if, after
issuance, there would be outstanding and unpaid 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 BALTIMORE Convention Center facilities.

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