H.B. 937

VETOES

FOR THE PURPOSE OF FINANCING ACQUISITION, CONSTRUCTION, AND RELATED
EXPENSES FOR CONSTRUCTION MANAGEMENT, PROFESSIONAL FEES, AND
CONTINGENCIES OF THE MONTGOMERY COUNTY CONFERENCE CENTER, PROVIDED
THAT NOTHING IN THIS SUBPARAGRAPH SHALL PRECLUDE THE AUTHORITY FROM
ISSUING ITS BONDS, WHETHER TAXABLE OR TAX EXEMPT, SECURED SOLELY BY THE
LEASE OBLIGATION (OR SIMILAR UNDERTAKING) OF MONTGOMERY COUNTY, FOR
THE PURPOSE OF FINANCING ACQUISITION, CONSTRUCTION, AND RELATED
EXPENSES FOR CONSTRUCTION MANAGEMENT, PROFESSIONAL FEES, AND
CONTINGENCIES OF THE MONTGOMERY COUNTY CONFERENCE CENTER, AND SUCH
BONDS BACKED SOLELY BY MONTGOMERY COUNTY SHALL NOT BE TAX SUPPORTED
DEBT OF THE STATE.

13-712.1.

The Authority may not close on the sale of bonds which constitute tax supported
debt of the State, and may not otherwise borrow money in amounts exceeding $35,000 per
year, to finance any segment of a facility unless the Authority:

(1)     Has certified to the Legislative Policy Committee and the Board of
Public Works that the Authority has endeavored to maximize private investment in the
sports facility proposed to be financed and, with respect to a baseball or football stadium,
to maximize the State's ability to assure that the professional baseball and football
franchises will remain permanently in Maryland. This certification shall be supported by
a detailed report outlining these efforts;

(2)     Has provided to the fiscal committees of the General Assembly, at least
30 days prior to seeking approval of the Board of Public Works for each bond issue or
other borrowing, a comprehensive financing plan for the relevant segment of the facility
and the effect of this financing plan on financing options for other segments of the
facility, including anticipated revenues from private investment where applicable;

(3)     Has obtained the approval of the Board of Public Works of the proposed
bond issue and the plan for financing;

(4)     Has secured, as approved by the Board of Public Works, either:

(i) With respect to site acquisition and the construction of a baseball
stadium, a long-term lease for a major league professional baseball team; or

(ii) With respect to site acquisition and the construction of a football
stadium, a franchise for a National Football League team and a long-term lease;

(5)     With respect to site acquisition and construction of a Baltimore
Convention Center facility, has secured, as approved by the Board of Public Works:

(i) A lease or other written agreement with Baltimore City pursuant
to which:

1. Baltimore City agrees to pay $50,000,000 for the capital costs
of the expansion of the Baltimore Convention Center not later than the date of the
Authority's bond issuance as authorized under § 13-712(a)(l) of this subtitle; and

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