PARRIS N. GLENDENING, Governor

S.B. 848

(e)      (1) To the extent deemed appropriate by the Authority, the receipts of the
BALTIMORE Convention Center Fund shall be pledged to and charged with the payment
of debt service on Authority bonds for the BALTIMORE Convention Center facility and all
reasonable charges and expenses related to Authority borrowing and the management of
Authority obligations related to the BALTIMORE 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 BALTIMORE 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
BALTIMORE Convention Center Fund.

13-717.

(A)     (1) THERE IS AN OCEAN CITY CONVENTION CENTER FINANCING FUND.

(2) THE AUTHORITY SHALL USE THE OCEAN CITY CONVENTION
CENTER FUND AS A NONLAPSING, REVOLVING FUND FOR CARRYING OUT THE
PROVISIONS OF THIS SUBTITLE RELATING TO OCEAN CITY CONVENTION CENTER
FACILITIES.

(B)     THERE SHALL BE DEPOSITED IN THE OCEAN CITY CONVENTION CENTER
FUND:

(1)      PROCEEDS FROM THE SALE OF BONDS RELATED TO THE OCEAN
CITY CONVENTION CENTER FACILITY;

(2)      FUNDS APPROPRIATED FOR DEPOSIT TO THE OCEAN CITY
CONVENTION CENTER FUND;

(3)      REVENUES COLLECTED OR RECEIVED FROM ANY SOURCE UNDER
THE PROVISIONS OF THIS SUBTITLE RELATED TO OCEAN CITY CONVENTION
CENTER FACILITIES;

(4)      INTEREST OR OTHER INCOME EARNED ON THE INVESTMENT OF
MONEYS IN THE OCEAN CITY CONVENTION CENTER FUND; AND

(5)      ANY ADDITIONAL MONEYS MADE AVAILABLE FROM ANY SOURCES,
PUBLIC OR PRIVATE, FOR THE PURPOSES FOR WHICH THE OCEAN CITY
CONVENTION CENTER FUND HAS BEEN ESTABLISHED.

(C)      (1) THE OCEAN CITY 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 OCEAN CITY
CONVENTION CENTER FACILITIES.

(2) NO PART OF THE OCEAN CITY CONVENTION CENTER FUND MAY
REVERT OR BE CREDITED TO THE GENERAL FUND OR ANY OTHER SPECIAL FUND
OF THE STATE.

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