EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
*sb0911*
SENATE BILL 911
C8 2lr1703
CF 2lr3121
By: Senator Corderman
Introduced and read first time: February 11, 2022
Assigned to: Rules
A BILL ENTITLED
AN ACT concerning 1
Maryland Stadium Authority – Hagerstown Multi–Use Sports and Events 2
Facility – Alterations 3
FOR the purpose of altering the entity with which the Maryland Stadium Authority must 4
enter into a written operating agreement before issuing bonds to finance the 5
Hagerstown Multi –Use Sports and Events Facility from the 6
Hagerstown–Washington County Industrial Foundation to The Hagerstown 7
Multi–Use Sports and Events Facility, Inc.; and generally relating to the 8
Hagerstown Multi–Use Sports and Events Facility. 9
BY repealing and reenacting, without amendments, 10
Article – Economic Development 11
Section 10–646.2(a) 12
Annotated Code of Maryland 13
(2018 Replacement Volume and 2021 Supplement) 14
BY repealing and reenacting, with amendments, 15
Article – Economic Development 16
Section 10–646.2(e), (f), and (g) 17
Annotated Code of Maryland 18
(2018 Replacement Volume and 2021 Supplement) 19
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 20
That the Laws of Maryland read as follows: 21
Article – Economic Development 22
10–646.2. 23
2 SENATE BILL 911
(a) Except as authorized by § 10–639 of this subtitle, to finance site acquisition, 1
design, and construction of any segment of the Hagerstown Multi–Use Sports and Events 2
Facility, the Authority shall comply with this section. 3
(e) The Authority may not issue bonds to finance the Hagerstown Multi–Use 4
Sports and Events Facility until the Authority and [the Hagerstown–Washington County 5
Industrial Foundation] THE HAGERSTOWN MULTI–USE SPORTS AND EVENTS 6
FACILITY, INC., secure a written operating agreement. 7
(f) The Authority shall secure a written agreement to transfer ownership of the 8
Hagerstown Multi–Use Sports and Events Facility from the Authority to [the 9
Hagerstown–Washington County Industrial Foundation ] THE HAGERSTOWN 10
MULTI–USE SPORTS AND EVENTS FACILITY, INC., as approved by the Board of Public 11
Works: 12
(1) in which [the Hagerstown–Washington County Industrial Foundation] 13
THE HAGERSTOWN MULTI–USE SPORTS AND EVENTS FACILITY, INC., agrees to: 14
(i) own, market, promote, and operate or contract for the marketing, 15
promotion, and operation of the Hagerstown Multi–Use Sports and Events Facility in a 16
manner that maximizes the Facility’s economic return; and 17
(ii) to maintain and repair or contract for the maintenance and 18
repair of the Hagerstown Multi–Use Sports and Events Facility so as to keep the 19
Hagerstown Multi–Use Sports and Events Facility in first–class operating condition; 20
(2) that includes provisions: 21
(i) protecting the investments of the Authority and [the 22
Hagerstown–Washington County Industrial Foundation ] THE HAGERSTOWN 23
MULTI–USE SPORTS AND EVENTS FACILITY, INC., in the Hagerstown Multi–Use 24
Sports and Events Facility; 25
(ii) requiring [the Hagerstown–Washington County Industrial 26
Foundation] THE HAGERSTOWN MULTI–USE SPORTS AND EVENTS FACILITY, INC., 27
to contribute to a capital improvement reserve fund an amount sufficient to keep the 28
Hagerstown Multi–Use Sports and Events Facility in first–class operating condition; 29
(iii) requiring [the Hagerstown–Washington County Industrial 30
Foundation] THE HAGERSTOWN MULTI–USE SPORTS AND EVENTS FACILITY, INC., 31
to be solely responsible for all expenditures relating to the operation of the Hagerstown 32
Multi–Use Sports and Events Facility that may be incurred, including operating deficits; 33
and 34
(iv) allowing [the Hagerstown–Washington County Industrial 35
Foundation] THE HAGERSTOWN MULTI–USE SPORTS AND EVENTS FACILITY, INC., 36 SENATE BILL 911 3
to keep all operating profits resulting from the operation of the Hagerstown Multi–Use 1
Sports and Events Facility each year; and 2
(3) to be solely responsible for all expenditures relating to the operation, 3
maintenance, and repair of the Hagerstown Multi–Use Sports and Events Facility that may 4
be incurred, including the amount by which expenditures exceed revenues. 5
(g) On or before December 31 each year, [the Hagerstown–Washington County 6
Industrial Foundation] THE HAGERSTOWN MULTI–USE SPORTS AND EVENTS 7
FACILITY, INC., shall report to the Senate Budget and Taxation Committee and the House 8
Appropriations Committee, in accordance with § 2–1257 of the State Government Article, 9
on the Facility’s assessment of the maintenance and repair needed to keep the Hagerstown 10
Multi–Use Sports and Events Facility in operating order. 11
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 12
October 1, 2022. 13