Maryland Financial Institutions Section 13-717.2

      (a)      (1)      There is a Hippodrome Performing Arts Center Financing Fund.

            (2)      The Authority shall use the Hippodrome Performing Arts Center Financing Fund as a nonlapsing, revolving fund for carrying out the provisions of this subtitle concerning the Hippodrome Performing Arts Center facility.

      (b)      The Hippodrome Performing Arts Center Financing Fund shall consist of:

            (1)      Funds appropriated for deposit to the Hippodrome Performing Arts Center Financing Fund;

            (2)      Revenues collected or received from any source under the provisions of this subtitle concerning the Hippodrome Performing Arts Center facility;

            (3)      Interest or other income earned on the investment of moneys in the Hippodrome Performing Arts Center Financing Fund;

            (4)      Any additional moneys made available from any public or private source for the purposes for which the Hippodrome Performing Arts Center Financing Fund has been established; and

            (5)      Proceeds from the sale of bonds related to the Hippodrome Performing Arts Center facility.

      (c)      (1)      The Hippodrome Performing Arts Center Financing Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement the provisions of this subtitle concerning the Hippodrome Performing Arts Center facility.

            (2)      No part of the Hippodrome Performing Arts Center Financing 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 concerning the Hippodrome Performing Arts Center facility from the Hippodrome Performing Arts Center Financing Fund.

      (e)      (1)      To the extent deemed appropriate by the Authority, the receipts of the Hippodrome Performing Arts Center Financing Fund shall be pledged to and charged with the payment of debt service on Authority bonds for the Hippodrome Performing Arts Center facility and all reasonable charges and expenses related to the Authority borrowing and the management of Authority obligations related to the Hippodrome Performing Arts Center facility.

            (2)      The pledge shall be effective as provided in § 13-712(c) of this subtitle.

      (f)      (1)      The Hippodrome Performing Arts Center Financing 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 Hippodrome Performing Arts Center Financing Fund.