Ch. 237                                    1996 LAWS OF MARYLAND

(f) The staff for the Advisory Council will be provided by the Institute.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996.

Approved April 30, 1996.

CHAPTER 237
(House Bill 509)

AN ACT concerning

Economic Development - Professional Sports Stadiums - Proceeds From Permanent Seat

Licenses

FOR the purpose of providing that the proceeds for certain permanent seat licenses in at
certain professional sports stadiums may be used only for certain purposes; defining
a certain term; providing that the proceeds from certain permanent seat licenses
provided to the Maryland Stadium Authority are in addition to and not a
substitution for a certain reimbursement required from a National Football League
team; providing for the effective date of this Act; and generally relating to
professional sports stadiums.

BY adding to

Article - Financial Institutions

Section 13-724

Annotated Code of Maryland

(1992 Replacement Volume and 1995 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

13-724.

(A)     IN THIS SECTION, "PROFESSIONAL SPORTS TEAM" MEANS A TEAM THAT
RELOCATES TO THE STATE FROM ANOTHER STATE OR JURISDICTION.

(B)     EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, PROCEEDS
DERIVED FROM THE SALE OF PERMANENT SEAT LICENSES AT A PROFESSIONAL
SPORTS STADIUM CONSTRUCTED IN THE STATE BY THE MARYLAND STADIUM
AUTHORITY MAY BE USED ONLY FOR:

(1) AMOUNTS THAT ARE OWED TO A NATIONAL SPORTS LEAGUE OR
ASSOCIATION AS A RESULT OF THE COSTS OF THE RELOCATION OF A PROFESSIONAL
SPORTS TEAM TO THE STATE;

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