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PARRIS N. GLENDENING, Governor
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Ch. 417
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acquisition, construction, and related expenses for construction management,
professional fees, and contingencies of the Montgomery County Conference Center.
(vi) Unless authorized by the General Assembly, the Board of Public
Works may not give approval to an issuance by the Authority of bonds that constitute
tax supported debt of the State for the Hippodrome Performing Arts Center facility if,
after issuance, there would be outstanding and unpaid more than [$12,000,000]
$14,000,000 $20,250,000 face amount of such bonds, whether taxable or tax exempt, for
the purpose of financing acquisition, construction, and related expenses for
construction management, professional fees, and contingencies of the Hippodrome
Performing Arts Center facility.
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 or in the Hippodrome Performing Arts Center 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) Subject to § 13-715.3 of this subtitle, 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 which shall include a provision requiring
the football team that leases the stadium to agree to reimburse the Authority for $24
million in stadium construction costs including the construction, fitting out, and
furnishing of the private suites that are part of the football stadium, on the terms and
conditions determined by the Authority;
(5) With respect to site acquisition and construction of a Baltimore
Convention Center facility, has secured, as approved by the Board of Public Works:
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- 3177 -
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