Ch. 603                                    1995 LAWS OF MARYLAND

THE OCEAN CITY CONVENTION CENTER FACILITY AND ALL REASONABLE CHARGES
AND EXPENSES RELATED TO AUTHORITY BORROWING AND THE MANAGEMENT OF
AUTHORITY OBLIGATIONS RELATED TO THE OCEAN CITY CONVENTION CENTER
FACILITY.

(2) THE PLEDGE SHALL BE EFFECTIVE AS PROVIDED IN § 13-712(E) OF
THIS SUBTITLE AND ANY APPLICABLE AUTHORITY RESOLUTION.

(F) (1)' THE OCEAN CITY CONVENTION CENTER FUND SHALL BE INVESTED
AND REINVESTED BY THE TREASURER IN THE SAME MANNER AS STATE FUNDS.

(2)._; ANY INVESTMENT EARNINGS SHALL BE TRANSFERRED TO THE
CREDIT OF THE OCEAN CITY CONVENTION CENTER FUND.

13-719.

In addition to the duties set forth elsewhere in this subtitle, the Authority shall:

(1)     Keep records as are consistent with sound business practices and
accounting records using generally accepted accounting principles;

(2)     Cause an audit by an independent certified public accountant to be
made of the accounts and transactions of the Authority at the conclusion of each fiscal
year;

(3)     Be subject to audit and examination at any reasonable time of the
accounts and transactions of the Authority by the Office of Legislative Audits of the
Department of Fiscal Services;

(4)     Submit a detailed annual report of the activities and financial standing
of the Authority to the Governor, and subject to § 2-1312 of the State Government
Article, to the General Assembly;

(5)     Submit annually a budget reflecting the operating and capital program
of the Authority to the Department of Budget and Fiscal Planning for inclusion for
informational purposes in the State budget book;

(6)     Submit a report prepared in cooperation with the State Lottery Agency
and the Department of Budget and Fiscal Planning on the effect of the lotteries
conducted under § 9-120.1 of the State Government Article on the lottery revenues
earned for the General Fund; [and]

(7)     Submit annually a report prepared in cooperation with the Office of the
Comptroller and the Department of Budget and Fiscal Planning on the additional tax
revenues generated by the BALTIMORE Convention Center facility; AND

(8)      SUBMIT ANNUALLY A REPORT PREPARED IN COOPERATION WITH
THE OFFICE OF THE COMPTROLLER AND THE DEPARTMENT OF BUDGET AND
FISCAL PLANNING ON THE ADDITIONAL TAX REVENUES GENERATED BY THE.
OCEAN CITY CONVENTION CENTER FACILITY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1995.

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