1 | 1 | | |
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2 | 2 | | |
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3 | 3 | | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. |
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4 | 4 | | [Brackets] indicate matter deleted from existing law. |
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5 | 5 | | *hb1128* |
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6 | 6 | | |
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7 | 7 | | HOUSE BILL 1128 |
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8 | 8 | | C8 3lr1886 |
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9 | 9 | | CF SB 856 |
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10 | 10 | | By: Delegate Rosenberg |
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11 | 11 | | Introduced and read first time: February 10, 2023 |
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12 | 12 | | Assigned to: Appropriations |
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13 | 13 | | |
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14 | 14 | | A BILL ENTITLED |
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15 | 15 | | |
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16 | 16 | | AN ACT concerning 1 |
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17 | 17 | | |
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18 | 18 | | Economic Development – Maryland Stadium Authority – Baltimore City 2 |
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19 | 19 | | Infrastructure Projects 3 |
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20 | 20 | | |
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21 | 21 | | FOR the purpose of authorizing the Maryland Stadium Authority to acquire sites for 4 |
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22 | 22 | | infrastructure projects in Baltimore City; authorizing the Authority to issue certain 5 |
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23 | 23 | | bonds to finance site acquisition, design, construction, equipping, and furnishing of 6 |
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24 | 24 | | any portion of certain infrastructure projects, subject to certain limitations; 7 |
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25 | 25 | | providing for the source of payment for certain bonds; requiring the Authority to 8 |
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26 | 26 | | provide a certain financing plan to certain committees of the General Assembly 9 |
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27 | 27 | | before seeking approval of the Board of Public Works for certain bond issuing or other 10 |
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28 | 28 | | borrowing; requiring the Authority to obtain Board of Public Works approval for a 11 |
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29 | 29 | | certain plan and agreement containing certain terms; establishing the Baltimore 12 |
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30 | 30 | | City Infrastructure Projects Financing Fund; requiring the Governor to include in 13 |
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31 | 31 | | the annual budget bill a certain appropriation to the Fund; requiring the interest 14 |
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32 | 32 | | earnings of the Fund to be credited to the Fund; requiring the Maryland Department 15 |
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33 | 33 | | of Labor to explore certain investments for apprenticeship programs; and generally 16 |
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34 | 34 | | relating to the Maryland Stadium Authority and the financing and construction of 17 |
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35 | 35 | | Baltimore City infrastructure projects. 18 |
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36 | 36 | | |
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37 | 37 | | BY renumbering 19 |
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38 | 38 | | Article – Economic Development 20 |
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39 | 39 | | Section 10–601(f) through (iii) 21 |
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40 | 40 | | to be Section 10–601(g) through (jjj), respectively 22 |
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41 | 41 | | Annotated Code of Maryland 23 |
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42 | 42 | | (2018 Replacement Volume and 2022 Supplement) 24 |
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43 | 43 | | |
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44 | 44 | | BY repealing and reenacting, without amendments, 25 |
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45 | 45 | | Article – Economic Development 26 |
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46 | 46 | | Section 10–601(a) through (e) and 10–618(a) 27 |
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47 | 47 | | Annotated Code of Maryland 28 |
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48 | 48 | | (2018 Replacement Volume and 2022 Supplement) 29 2 HOUSE BILL 1128 |
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49 | 49 | | |
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50 | 50 | | |
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51 | 51 | | |
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52 | 52 | | BY adding to 1 |
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53 | 53 | | Article – Economic Development 2 |
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54 | 54 | | Section 10–601(f), 10–646.5, and 10–657.6 3 |
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55 | 55 | | Annotated Code of Maryland 4 |
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56 | 56 | | (2018 Replacement Volume and 2022 Supplement) 5 |
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57 | 57 | | |
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58 | 58 | | BY repealing and reenacting, with amendments, 6 |
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59 | 59 | | Article – Economic Development 7 |
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60 | 60 | | Section 10–618(b), 10–620(d) and (e), and 10–628(c) 8 |
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61 | 61 | | Annotated Code of Maryland 9 |
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62 | 62 | | (2018 Replacement Volume and 2022 Supplement) 10 |
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63 | 63 | | |
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64 | 64 | | BY repealing and reenacting, without amendments, 11 |
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65 | 65 | | Article – State Finance and Procurement 12 |
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66 | 66 | | Section 6–226(a)(2)(i) 13 |
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67 | 67 | | Annotated Code of Maryland 14 |
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68 | 68 | | (2021 Replacement Volume and 2022 Supplement) 15 |
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69 | 69 | | |
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70 | 70 | | BY repealing and reenacting, with amendments, 16 |
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71 | 71 | | Article – State Finance and Procurement 17 |
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72 | 72 | | Section 6–226(a)(2)(ii)170. and 171. 18 |
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73 | 73 | | Annotated Code of Maryland 19 |
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74 | 74 | | (2021 Replacement Volume 2022 Supplement) 20 |
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75 | 75 | | |
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76 | 76 | | BY adding to 21 |
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77 | 77 | | Article – State Finance and Procurement 22 |
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78 | 78 | | Section 6–226(a)(2)(ii)172. 23 |
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79 | 79 | | Annotated Code of Maryland 24 |
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80 | 80 | | (2021 Replacement Volume and 2022 Supplement) 25 |
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81 | 81 | | |
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82 | 82 | | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 26 |
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83 | 83 | | That Section(s) 10–601(f) through (iii) of Article – Economic Development of the Annotated 27 |
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84 | 84 | | Code of Maryland be renumbered to be Section(s) 10–601(g) through (jjj), respectively. 28 |
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85 | 85 | | |
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86 | 86 | | SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 29 |
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87 | 87 | | as follows: 30 |
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88 | 88 | | |
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89 | 89 | | Article – Economic Development 31 |
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90 | 90 | | |
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91 | 91 | | 10–601. 32 |
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92 | 92 | | |
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93 | 93 | | (a) In this subtitle the following words have the meanings indicated. 33 |
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94 | 94 | | |
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95 | 95 | | (b) “Authority” means the Maryland Stadium Authority. 34 |
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96 | 96 | | HOUSE BILL 1128 3 |
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97 | 97 | | |
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98 | 98 | | |
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99 | 99 | | (c) “Authority affiliate” means a for–profit or nonprofit entity in which the 1 |
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100 | 100 | | Authority directly or indirectly owns any membership interest or equity interest. 2 |
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101 | 101 | | |
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102 | 102 | | (d) “Baltimore City” means, as the context requires: 3 |
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103 | 103 | | |
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104 | 104 | | (1) the geographic area of the City of Baltimore; or 4 |
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105 | 105 | | |
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106 | 106 | | (2) the Mayor and City Council of Baltimore. 5 |
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107 | 107 | | |
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108 | 108 | | (e) “Baltimore City Board of School Commissioners” means the Baltimore City 6 |
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109 | 109 | | Board of School Commissioners of the Baltimore City Public School System established 7 |
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110 | 110 | | under § 3–108.1 of the Education Article. 8 |
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111 | 111 | | |
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112 | 112 | | (F) “BALTIMORE CITY INFRASTRUCTURE PROJECT” MEANS AN 9 |
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113 | 113 | | INFRASTRUCTURE PROJE CT LOCATED IN BALTIMORE CITY, INCLUDING PROJECTS 10 |
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114 | 114 | | FOR: 11 |
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115 | 115 | | |
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116 | 116 | | (1) WATER LINES; 12 |
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117 | 117 | | |
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118 | 118 | | (2) ROADS; 13 |
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119 | 119 | | |
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120 | 120 | | (3) BRIDGES; 14 |
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121 | 121 | | |
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122 | 122 | | (4) OPEN SPACE; AND 15 |
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123 | 123 | | |
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124 | 124 | | (5) BROADBAND CONNECTIVI TY. 16 |
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125 | 125 | | |
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126 | 126 | | 10–618. 17 |
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127 | 127 | | |
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128 | 128 | | (a) (1) Except as provided in paragraph (2) of this subsection, contracts to 18 |
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129 | 129 | | acquire any facility site, to construct the facility, or for construction on the facility site 19 |
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130 | 130 | | require the prior approval of the Board of Public Works. 20 |
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131 | 131 | | |
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132 | 132 | | (2) Contracts to construct a public school facility or for construction on a 21 |
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133 | 133 | | public school site do not require the prior approval of the Board of Public Works. 22 |
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134 | 134 | | |
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135 | 135 | | (b) The Authority may: 23 |
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136 | 136 | | |
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137 | 137 | | (1) acquire by any of the means specified in § 10–620(a) of this subtitle: 24 |
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138 | 138 | | |
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139 | 139 | | (i) a site at Camden Yards for a facility; 25 |
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140 | 140 | | |
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141 | 141 | | (ii) a Baltimore Convention site or an interest in the site; 26 |
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142 | 142 | | |
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143 | 143 | | (iii) an Ocean City Convention site or an interest in the site; 27 |
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144 | 144 | | 4 HOUSE BILL 1128 |
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145 | 145 | | |
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146 | 146 | | |
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147 | 147 | | (iv) a Montgomery County Conference site or an interest in the site; 1 |
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148 | 148 | | |
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149 | 149 | | (v) a Hippodrome Performing Arts site or an interest in the site; 2 |
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150 | 150 | | |
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151 | 151 | | (vi) a Hagerstown Multi–Use Sports and Events Facility site or an 3 |
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152 | 152 | | interest in the site; 4 |
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153 | 153 | | |
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154 | 154 | | (vii) a sports entertainment facility site or an interest in the site; 5 |
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155 | 155 | | [and] 6 |
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156 | 156 | | |
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157 | 157 | | (viii) a Prince George’s County Blue Line Corridor facility site or an 7 |
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158 | 158 | | interest in the site; and 8 |
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159 | 159 | | |
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160 | 160 | | (IX) SITES FOR BALTIMORE CITY INFRASTRUCTURE P ROJECTS; 9 |
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161 | 161 | | AND 10 |
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162 | 162 | | |
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163 | 163 | | (2) construct or enter into a contract to construct a facility on a site it 11 |
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164 | 164 | | acquires under this subsection. 12 |
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165 | 165 | | |
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166 | 166 | | 10–620. 13 |
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167 | 167 | | |
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168 | 168 | | (d) (1) The exercise of authority under this subsection is subject to the prior 14 |
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169 | 169 | | approval of the Board of Public Works. 15 |
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170 | 170 | | |
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171 | 171 | | (2) On request of the Authority, the State, a unit of the State, or a political 16 |
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172 | 172 | | subdivision may lease, lend, grant, or otherwise convey to the Authority, property, 17 |
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173 | 173 | | including property devoted to public use, as necessary or convenient for the purposes of this 18 |
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174 | 174 | | subtitle. 19 |
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175 | 175 | | |
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176 | 176 | | (3) The State may lease or sublease a facility, or an interest in a facility, 20 |
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177 | 177 | | from or to the Authority, whether or not constructed or usable. 21 |
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178 | 178 | | |
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179 | 179 | | (4) Lease payments to the Authority appropriated by the State shall be 22 |
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180 | 180 | | transferred to: 23 |
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181 | 181 | | |
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182 | 182 | | (i) the Baltimore Convention Fund if appropriated for a Baltimore 24 |
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183 | 183 | | Convention facility; 25 |
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184 | 184 | | |
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185 | 185 | | (ii) the Camden Yards Fund if appropriated for a sports facility or 26 |
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186 | 186 | | other facility at Camden Yards; 27 |
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187 | 187 | | |
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188 | 188 | | (iii) the Hippodrome Performing Arts Fund if appropriated for a 28 |
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189 | 189 | | Hippodrome Performing Arts facility; 29 |
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190 | 190 | | |
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191 | 191 | | (iv) the Montgomery County Conference Fund if appropriated for a 30 |
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192 | 192 | | Montgomery County Conference facility; 31 |
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193 | 193 | | HOUSE BILL 1128 5 |
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194 | 194 | | |
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195 | 195 | | |
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196 | 196 | | (v) the Ocean City Convention Fund if appropriated for an Ocean 1 |
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197 | 197 | | City Convention facility; 2 |
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198 | 198 | | |
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199 | 199 | | (vi) the Hagerstown Multi–Use Sports and Events Facility Fund if 3 |
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200 | 200 | | appropriated for a Hagerstown Multi–Use Sports and Events Facility; 4 |
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201 | 201 | | |
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202 | 202 | | (vii) the Sports Entertainment Facilities Financing Fund if 5 |
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203 | 203 | | appropriated for a sports entertainment facility; [or] 6 |
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204 | 204 | | |
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205 | 205 | | (viii) the Prince George’s County Blue Line Corridor Facility Fund if 7 |
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206 | 206 | | appropriated for a Prince George’s County Blue Line Corridor facility; OR 8 |
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207 | 207 | | |
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208 | 208 | | (IX) THE BALTIMORE CITY INFRASTRUCTURE PROJECTS 9 |
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209 | 209 | | FINANCING FUND FOR BALTIMORE CITY INFRASTRUCTURE P ROJECTS. 10 |
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210 | 210 | | |
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211 | 211 | | (e) (1) This subsection does not apply to the: 11 |
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212 | 212 | | |
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213 | 213 | | (I) Camden Yards site[,]; 12 |
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214 | 214 | | |
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215 | 215 | | (II) Baltimore Convention site[,]; 13 |
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216 | 216 | | |
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217 | 217 | | (III) Ocean City Convention site[,]; 14 |
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218 | 218 | | |
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219 | 219 | | (IV) Hippodrome Performing Arts site[,]; 15 |
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220 | 220 | | |
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221 | 221 | | (V) any Baltimore City public school site[,]; 16 |
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222 | 222 | | |
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223 | 223 | | (VI) any racing facility[,]; 17 |
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224 | 224 | | |
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225 | 225 | | (VII) the Hagerstown Multi–Use Sports and Events Facility site[,]; 18 |
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226 | 226 | | |
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227 | 227 | | (VIII) any supplemental facility site[,]; 19 |
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228 | 228 | | |
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229 | 229 | | (IX) any public school site[,]; 20 |
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230 | 230 | | |
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231 | 231 | | (X) a sports entertainment facility[,or]; 21 |
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232 | 232 | | |
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233 | 233 | | (XI) a Prince George’s County Blue Line Corridor facility site; OR 22 |
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234 | 234 | | |
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235 | 235 | | (XII) A SITE FOR BALTIMORE CITY INFRASTRUCTURE 23 |
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236 | 236 | | PROJECTS. 24 |
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237 | 237 | | 6 HOUSE BILL 1128 |
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238 | 238 | | |
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239 | 239 | | |
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240 | 240 | | (2) The Authority and any Authority affiliate are subject to applicable 1 |
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241 | 241 | | planning, zoning, and development regulations to the same extent as a private commercial 2 |
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242 | 242 | | or industrial enterprise. 3 |
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243 | 243 | | |
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244 | 244 | | 10–628. 4 |
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245 | 245 | | |
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246 | 246 | | (c) (1) Unless authorized by the General Assembly, the Board of Public Works 5 |
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247 | 247 | | may not approve an issuance by the Authority of bonds, whether taxable or tax exempt, 6 |
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248 | 248 | | that constitute tax supported debt or nontax supported debt if, after issuance, there would 7 |
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249 | 249 | | be outstanding and unpaid more than the following face amounts of the bonds for the 8 |
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250 | 250 | | purpose of financing acquisition, construction, renovation, and related expenses for 9 |
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251 | 251 | | construction management, professional fees, and contingencies in connection with: 10 |
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252 | 252 | | |
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253 | 253 | | (i) the Baltimore Convention facility – $55,000,000; 11 |
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254 | 254 | | |
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255 | 255 | | (ii) the Hippodrome Performing Arts facility – $20,250,000; 12 |
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256 | 256 | | |
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257 | 257 | | (iii) the Montgomery County Conference facility – $23,185,000; 13 |
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258 | 258 | | |
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259 | 259 | | (iv) the Ocean City Convention facility – $24,500,000; 14 |
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260 | 260 | | |
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261 | 261 | | (v) Baltimore City public school facilities – $1,100,000,000; 15 |
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262 | 262 | | |
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263 | 263 | | (vi) supplemental facilities – $25,000,000; 16 |
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264 | 264 | | |
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265 | 265 | | (vii) racing facilities – $375,000,000; 17 |
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266 | 266 | | |
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267 | 267 | | (viii) public school facilities in the State – $2,200,000,000; 18 |
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268 | 268 | | |
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269 | 269 | | (ix) the Hagerstown Multi–Use Sports and Events Facility – 19 |
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270 | 270 | | $59,500,000; 20 |
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271 | 271 | | |
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272 | 272 | | (x) sports entertainment facilities – $200,000,000; [and] 21 |
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273 | 273 | | |
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274 | 274 | | (xi) Prince George’s County Blue Line Corridor facilities – 22 |
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275 | 275 | | $400,000,000; AND 23 |
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276 | 276 | | |
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277 | 277 | | (XII) BALTIMORE CITY INFRASTRUCTURE PROJECTS – 24 |
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278 | 278 | | $1,000,000,000. 25 |
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279 | 279 | | |
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280 | 280 | | (2) (i) The limitation under paragraph (1)(i) of this subsection applies 26 |
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281 | 281 | | to the aggregate principal amount of bonds outstanding as of June 30 of any year. 27 |
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282 | 282 | | |
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283 | 283 | | (ii) Refunded bonds may not be included in the determination of an 28 |
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284 | 284 | | outstanding aggregate amount under this paragraph. 29 |
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285 | 285 | | HOUSE BILL 1128 7 |
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286 | 286 | | |
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287 | 287 | | |
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288 | 288 | | 10–646.5. 1 |
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289 | 289 | | |
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290 | 290 | | (A) EXCEPT AS AUTHORIZED BY § 10–639 OF THIS SUBTITLE , TO FINANCE 2 |
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291 | 291 | | SITE ACQUISITION , DESIGN, CONSTRUCTION , EQUIPPING, AND FURNISHING OF AN Y 3 |
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292 | 292 | | SEGMENT OF A BALTIMORE CITY INFRASTRUCTURE PROJE CT, THE AUTHORITY 4 |
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293 | 293 | | SHALL COMPLY WITH TH IS SECTION. 5 |
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294 | 294 | | |
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295 | 295 | | (B) (1) THE AUTHORITY SHALL HAVE RECEIVED A WRITTEN R EQUEST 6 |
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296 | 296 | | FOR FINANCING AND CO NSTRUCTION MANAGEMEN T SERVICES FROM BALTIMORE 7 |
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297 | 297 | | CITY. 8 |
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298 | 298 | | |
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299 | 299 | | (2) THE REQUEST SHALL INC LUDE: 9 |
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300 | 300 | | |
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301 | 301 | | (I) THE LOCA TION OF THE PROPOSED BALTIMORE CITY 10 |
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302 | 302 | | INFRASTRUCTURE PROJE CT; 11 |
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303 | 303 | | |
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304 | 304 | | (II) THE AMOUNT , SOURCE, AND TIMING OF FUNDIN G, NOT 12 |
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305 | 305 | | INCLUDING AUTHORITY BONDS THAT MAY BE ISSUED TO FIN ANCE THE BALTIMORE 13 |
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306 | 306 | | CITY INFRASTRUCTURE P ROJECT; AND 14 |
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307 | 307 | | |
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308 | 308 | | (III) A DESCRIPTION OF THE ANTICIPATED USE OF T HE 15 |
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309 | 309 | | PROPOSED INFRASTRUCTURE PROJE CT. 16 |
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310 | 310 | | |
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311 | 311 | | (C) FOR BALTIMORE CITY INFRASTRUCTURE P ROJECTS, THE AUTHORITY 17 |
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312 | 312 | | AND BALTIMORE CITY SHALL REQUIRE EA CH PROJECT TO UTILIZE A RATIO OF 18 |
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313 | 313 | | APPRENTICES , AS DEFINED BY THE MARYLAND DEPARTMENT OF LABOR. 19 |
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314 | 314 | | |
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315 | 315 | | (D) THE AUTHORITY SHALL PROVI DE TO THE FISCAL COMMITTEE S OF THE 20 |
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316 | 316 | | GENERAL ASSEMBLY, AT LEAST 45 DAYS BEFORE SEEKING APPROVAL OF THE 21 |
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317 | 317 | | BOARD OF PUBLIC WORKS FOR EACH BOND I SSUE OR OTHER BORROW ING, A 22 |
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318 | 318 | | COMPREHENSIVE FINANC ING PLAN FOR THE REL EVANT SEGMENT OF THE 23 |
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319 | 319 | | INFRASTRUCTURE PROJE CT. 24 |
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320 | 320 | | |
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321 | 321 | | (E) THE AUTHORITY SHALL OBTAI N THE APPROVAL OF TH E BOARD OF 25 |
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322 | 322 | | PUBLIC WORKS OF THE PROPOSED BOND ISSUE, THE FINANCING PLAN , AND THE 26 |
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323 | 323 | | AGREEMENT UNDER SUBS ECTION (F) OF THIS SECTION. 27 |
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324 | 324 | | |
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325 | 325 | | (F) THE AUTHORITY MAY NOT ISS UE BONDS TO FINANCE A BALTIMORE 28 |
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326 | 326 | | CITY INFRASTRUCTURE P ROJECT UNTIL THE AUTHORITY SECURES A W RITTEN 29 |
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327 | 327 | | AGREEMENT WITH BALTIMORE CITY, AS APPROVED BY THE BOARD OF PUBLIC 30 |
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328 | 328 | | WORKS, UNDER WHICH THE SOURCE OF FUNDIN G AND THE ORDER IN W HICH FUNDS 31 |
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329 | 329 | | WILL BE SPENT IS DES CRIBED. 32 |
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330 | 330 | | 8 HOUSE BILL 1128 |
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331 | 331 | | |
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332 | 332 | | |
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333 | 333 | | (G) (1) A BOND ISSUED TO FINAN CE A BALTIMORE CITY 1 |
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334 | 334 | | INFRASTRUCTURE PROJE CT: 2 |
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335 | 335 | | |
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336 | 336 | | (I) IS A LIMITED OBLIGAT ION OF THE AUTHORITY PAYABLE 3 |
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337 | 337 | | SOLELY FROM MONEY PL EDGED BY THE AUTHORITY TO THE PAYM ENT OF THE 4 |
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338 | 338 | | PRINCIPAL OF AND THE PREMIUM AND INTEREST ON THE BOND OR MONEY MADE 5 |
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339 | 339 | | AVAILABLE TO THE AUTHORITY FOR THAT PU RPOSE; 6 |
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340 | 340 | | |
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341 | 341 | | (II) IS NOT A DEBT, LIABILITY, OR PLEDGE OF THE FAI TH AND 7 |
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342 | 342 | | CREDIT OR THE TAXING POWER OF THE STATE, THE AUTHORITY, OR ANY OTHER 8 |
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343 | 343 | | GOVERNMENTAL UNIT BU T IS ONLY A LIMITED OBLIGATION OF THE AUTHORITY 9 |
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344 | 344 | | PAYABLE SOLELY FROM MONEY MADE AVAILABLE TO THE AUTHORITY FOR THAT 10 |
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345 | 345 | | PURPOSE; AND 11 |
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346 | 346 | | |
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347 | 347 | | (III) MAY NOT GIVE RISE TO ANY PECUNIARY LIABIL ITY OF THE 12 |
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348 | 348 | | STATE, THE AUTHORITY, OR ANY OTHER GOVERNM ENTAL UNIT BUT IS ON LY A 13 |
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349 | 349 | | LIMITED OBLIGATION OF THE AUTHORITY PAYABLE SOL ELY FROM MONEY PLEDG ED 14 |
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350 | 350 | | BY THE AUTHORITY. 15 |
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351 | 351 | | |
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352 | 352 | | (2) THE ISSUANCE OF A BON D TO FINANCE A BALTIMORE CITY 16 |
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353 | 353 | | INFRASTRUCTURE PROJE CT IS NOT DIRECTLY , INDIRECTLY, OR CONTINGENTLY A 17 |
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354 | 354 | | MORAL OR OTHER OBLIG ATION OF THE STATE, THE AUTHORITY, OR ANY OTHER 18 |
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355 | 355 | | GOVERNMENTAL UNIT TO LEVY OR PLEDGE ANY T AX OR TO MAKE AN 19 |
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356 | 356 | | APPROPRIATION TO PAY THE BOND. 20 |
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357 | 357 | | |
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358 | 358 | | (3) EACH BOND SHALL STATE ON ITS FACE THE PROV ISIONS OF 21 |
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359 | 359 | | PARAGRAPHS (1) AND (2) OF THIS SUBSECTION . 22 |
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360 | 360 | | |
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361 | 361 | | (H) THE SOLE SOURCE OF PA YMENT FOR BONDS ISSU ED FOR A BALTIMORE 23 |
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362 | 362 | | CITY INFRASTRUCTURE P ROJECT SHALL BE MONEY ON DEP OSIT IN THE BALTIMORE 24 |
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363 | 363 | | CITY INFRASTRUCTURE PROJECTS FINANCING FUND. 25 |
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364 | 364 | | |
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365 | 365 | | 10–657.6. 26 |
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366 | 366 | | |
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367 | 367 | | (A) IN THIS SECTION , “FUND” MEANS THE BALTIMORE CITY 27 |
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368 | 368 | | INFRASTRUCTURE PROJECTS FINANCING FUND. 28 |
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369 | 369 | | |
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370 | 370 | | (B) THERE IS A BALTIMORE CITY INFRASTRUCTURE PROJECTS FINANCING 29 |
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371 | 371 | | FUND. 30 |
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372 | 372 | | |
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373 | 373 | | (C) THE AUTHORITY SHALL : 31 |
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374 | 374 | | |
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375 | 375 | | (1) ADMINISTER THE FUND; 32 HOUSE BILL 1128 9 |
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376 | 376 | | |
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377 | 377 | | |
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378 | 378 | | |
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379 | 379 | | (2) USE THE FUND AS A REVOLVING F UND FOR CARRYING OUT THIS 1 |
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380 | 380 | | SUBTITLE CONCERNING BALTIMORE CITY INFRASTRUCTURE PROJECTS; AND 2 |
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381 | 381 | | |
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382 | 382 | | (3) PAY ANY AND ALL EXPE NSES FROM THE FUND THAT ARE 3 |
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383 | 383 | | INCURRED BY THE AUTHORITY RELATED TO ANY BALTIMORE CITY 4 |
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384 | 384 | | INFRASTRUCTURE PROJE CT. 5 |
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385 | 385 | | |
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386 | 386 | | (D) (1) THE FUND IS A CONTINUING , NONLAPSING FUND THAT IS NOT 6 |
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387 | 387 | | SUBJECT TO REVERSION UNDER § 7–302 OF THE STATE FINANCE AND 7 |
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388 | 388 | | PROCUREMENT ARTICLE. 8 |
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389 | 389 | | |
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390 | 390 | | (2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 9 |
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391 | 391 | | AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 10 |
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392 | 392 | | |
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393 | 393 | | (E) TO THE EXTENT CONSIDE RED APPROPRIATE BY T HE AUTHORITY, THE 11 |
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394 | 394 | | MONEY ON DEPOSIT IN THE FUND SHALL BE PLEDGED TO AND USED TO PAY T HE 12 |
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395 | 395 | | FOLLOWING RELATED TO BALTIMORE CITY INFRASTRUCTURE P ROJECTS: 13 |
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396 | 396 | | |
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397 | 397 | | (1) DEBT SERVICE ON AUTHORITY BONDS ; 14 |
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398 | 398 | | |
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399 | 399 | | (2) DEBT SERVICE RESERVE S UNDER A TRUST AGRE EMENT; 15 |
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400 | 400 | | |
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401 | 401 | | (3) ALL REASONABLE CHARG ES AND EXPENSES RELA TED TO 16 |
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402 | 402 | | AUTHORITY BORROWING ; AND 17 |
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403 | 403 | | |
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404 | 404 | | (4) ALL REASONABLE CHARGES A ND EXPENSES RELATED TO THE 18 |
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405 | 405 | | AUTHORITY’S ADMINISTRATION OF THE FUND AND MANAGEMENT O F THE 19 |
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406 | 406 | | AUTHORITY’S OBLIGATIONS. 20 |
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407 | 407 | | |
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408 | 408 | | (F) THE FUND CONSISTS OF : 21 |
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409 | 409 | | |
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410 | 410 | | (1) MONEY DEPOSITED INTO THE FUND; 22 |
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411 | 411 | | |
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412 | 412 | | (2) TO THE EXTENT THAT T HE PROCEEDS ARE NOT UNDER A TRUST 23 |
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413 | 413 | | AGREEMENT , PROCEEDS FROM THE SA LE OF BONDS CONCERNI NG BALTIMORE CITY 24 |
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414 | 414 | | INFRASTRUCTURE PROJE CTS; 25 |
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415 | 415 | | |
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416 | 416 | | (3) REVENUES COLLECTED O R RECEIVED FROM ANY SOURCE UNDER 26 |
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417 | 417 | | THIS SUBTITLE RELATE D TO BALTIMORE CITY INFRASTRUCTURE PROJECT S; 27 |
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418 | 418 | | |
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419 | 419 | | (4) ANY INTEREST EARNING S OF THE FUND; AND 28 |
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420 | 420 | | 10 HOUSE BILL 1128 |
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421 | 421 | | |
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422 | 422 | | |
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423 | 423 | | (5) ANY ADDITIONAL MONEY MADE AVAILABLE FROM ANY PUBLIC 1 |
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424 | 424 | | SOURCE FOR THE PURPO SES ESTABLISHED FOR THE FUND. 2 |
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425 | 425 | | |
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426 | 426 | | (G) THE GOVERNOR SHALL INCLUDE IN THE ANNUA L BUDGET BILL AN 3 |
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427 | 427 | | APPROPRIAT ION OF $58,000,000 TO THE FUND. 4 |
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428 | 428 | | |
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429 | 429 | | (H) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 5 |
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430 | 430 | | IN THE SAME MANNER A S OTHER STATE FUNDS. 6 |
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431 | 431 | | |
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432 | 432 | | (2) ANY INVESTMENT EARNIN GS SHALL BE CREDITED TO THE FUND. 7 |
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433 | 433 | | |
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434 | 434 | | (3) NO PART OF THE FUND MAY REVERT OR BE CREDITED TO THE 8 |
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435 | 435 | | GENERAL FUND OR ANY SPECIAL F UND OF THE STATE. 9 |
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436 | 436 | | |
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437 | 437 | | Article – State Finance and Procurement 10 |
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438 | 438 | | |
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439 | 439 | | 6–226. 11 |
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440 | 440 | | |
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441 | 441 | | (a) (2) (i) Notwithstanding any other provision of law, and unless 12 |
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442 | 442 | | inconsistent with a federal law, grant agreement, or other federal requirement or with the 13 |
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443 | 443 | | terms of a gift or settlement agreement, net interest on all State money allocated by the 14 |
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444 | 444 | | State Treasurer under this section to special funds or accounts, and otherwise entitled to 15 |
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445 | 445 | | receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 16 |
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446 | 446 | | Fund of the State. 17 |
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447 | 447 | | |
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448 | 448 | | (ii) The provisions of subparagraph (i) of this paragraph do not apply 18 |
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449 | 449 | | to the following funds: 19 |
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450 | 450 | | |
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451 | 451 | | 170. the Cannabis Public Health Fund; [and] 20 |
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452 | 452 | | |
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453 | 453 | | 171. the Community Reinvestment and Repair Fund; AND 21 |
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454 | 454 | | |
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455 | 455 | | 172. THE BALTIMORE CITY INFRASTRUCTURE PROJECTS 22 |
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456 | 456 | | FINANCING FUND. 23 |
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457 | 457 | | |
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458 | 458 | | SECTION 3. AND BE IT FURTHER ENACTED, That the Governor shall use 24 |
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459 | 459 | | increased tax revenue and savings of general funds from federal reimbursement for 25 |
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460 | 460 | | Medicaid to make the appropriation required under § 10–657.6(g) of the Economic 26 |
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461 | 461 | | Development Article, as enacted by Section 2 of this Act. 27 |
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462 | 462 | | |
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463 | 463 | | SECTION 4. AND BE IT FURTHER ENACTED, That the Maryland Department of 28 |
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464 | 464 | | Labor shall explore the investments that are needed to increase the capacity and reach of 29 |
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465 | 465 | | apprenticeship programs run by skilled trade unions and other organizations to make the 30 |
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466 | 466 | | needed investment under this Act. 31 |
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467 | 467 | | HOUSE BILL 1128 11 |
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468 | 468 | | |
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469 | 469 | | |
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470 | 470 | | SECTION 5. AND BE IT FURTHER ENACTED, That this Act shall take effect July 1 |
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471 | 471 | | 1, 2023. 2 |
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