S.B. 848

VETOES

III. OCEAN CITY SHALL BE SOLELY RESPONSIBLE FOR ALL
OPERATING DEFICITS AND CAPITAL IMPROVEMENTS PRIOR TO THE COMPLETION
OF THE EXPANDED AND RENOVATED OCEAN CITY CONVENTION CENTER FACILITY
AND AFTER THE REPAYMENT OF THE AUTHORITY'S OCEAN CITY CONVENTION
CENTER FACILITY BONDS; AND

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

13-716.

(a)     (1) There is a Baltimore Convention Center Financing Fund.

(2) The Authority shall use the BALTIMORE Convention Center Fund as a
nonlapsing, revolving fund for carrying out the provisions of this subtitle relating to
BALTIMORE Convention Center facilities.

(b)     There shall be deposited in the BALTIMORE Convention Center Fund:

(1)     Proceeds from the sale of bonds related to the BALTIMORE Convention
Center facility;

(2)     Funds appropriated for deposit to the BALTIMORE Convention Center
Fund;

(3)     Revenues collected or received from any source under the provisions of
this subtitle related to BALTIMORE Convention Center facilities;

(4)     Interest or other income earned on the investment of moneys in the
BALTIMORE Convention Center Fund; and

(5)     Any additional moneys made available from any sources, public or
private, for the purposes for which the BALTIMORE Convention Center Fund has been
established.

(c)     (1) The BALTIMORE Convention Center Fund is a continuing, nonlapsing
fund that shall be available in perpetuity for the purpose of implementing the provisions
of this subtitle relating to BALTIMORE Convention Center facilities[;].

(2) No part of the BALTIMORE Convention Center Fund may revert or be
credited to the General Fund or any other special fund of the State.

(d)     The Authority shall pay any and all expenses incurred by the Authority related
to the BALTIMORE Convention Center facility from the BALTIMORE Convention Center
Fund.

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