Ch. 407

1996 LAWS OF MARYLAND

(1)     PROCEEDS FROM THE SALE OF BONDS RELATED TO THE
MONTGOMERY COUNTY CONFERENCE CENTER FACILITY;

(2)     FUNDS APPROPRIATED FOR DEPOSIT TO THE MONTGOMERY
COUNTY CONFERENCE CENTER FUND;

(3)     REVENUES COLLECTED OR RECEIVED FROM ANY SOURCE UNDER
THE PROVISIONS OF THIS SUBTITLE RELATED TO THE MONTGOMERY COUNTY
CONFERENCE CENTER FACILITY;

(4)     INTEREST OR OTHER INCOME EARNED ON THE INVESTMENT OF
MONEYS IN THE MONTGOMERY COUNTY CONFERENCE CENTER FUND; AND

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

(C) (1) THE MONTGOMERY COUNTY CONFERENCE 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
THE MONTGOMERY COUNTY CONFERENCE CENTER FACILITY.

(2) NO PART OF THE MONTGOMERY COUNTY CONFERENCE 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 MONTGOMERY COUNTY CONFERENCE CENTER
FACILITY FROM THE MONTGOMERY COUNTY CONFERENCE CENTER FUND.

(E)     (1) TO THE EXTENT DEEMED APPROPRIATE BY THE AUTHORITY, THE
RECEIPTS OF THE MONTGOMERY COUNTY CONFERENCE CENTER FUND SHALL BE
PLEDGED TO AND CHARGED WITH THE PAYMENT OF DEBT SERVICE ON AUTHORITY
BONDS FOR THE MONTGOMERY COUNTY CONFERENCE CENTER FACILITY AND ALL
REASONABLE CHARGES AND EXPENSES RELATED TO AUTHORITY BORROWING AND
THE MANAGEMENT OF AUTHORITY OBLIGATIONS RELATED TO THE MONTGOMERY
COUNTY CONFERENCE 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 MONTGOMERY COUNTY CONFERENCE 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 MONTGOMERY COUNTY CONFERENCE CENTER FUND.

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