Maryland Financial Institutions Section 13-717

      (a)      (1)      There is an Ocean City Convention Center Financing Fund.

            (2)      The Authority shall use the Ocean City Convention Center Fund as a nonlapsing, revolving fund for carrying out the provisions of this subtitle relating to Ocean City Convention Center facilities.

      (b)      There shall be deposited in the Ocean City Convention Center Fund:

            (1)      Proceeds from the sale of bonds related to the Ocean City Convention Center facility;

            (2)      Funds appropriated for deposit to the Ocean City Convention Center Fund;

            (3)      Revenues collected or received from any source under the provisions of this subtitle related to Ocean City Convention Center facilities;

            (4)      Interest or other income earned on the investment of moneys in the Ocean City Convention Center Fund; and

            (5)      Any additional moneys made available from any sources, public or private, for the purposes for which the Ocean City Convention Center Fund has been established.

      (c)      (1)      The Ocean City Convention Center Fund is a continuing, nonlapsing fund that shall be available in perpetuity for the purpose of implementing the provisions of this subtitle relating to Ocean City Convention Center facilities.

            (2)      No part of the Ocean City Convention Center 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 related to the Ocean City Convention Center facility from the Ocean City Convention Center Fund.

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

            (2)      The pledge shall be effective as provided in § 13-712(e) of this subtitle and any applicable Authority resolution.

      (f)      (1)      The Ocean City Convention Center 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 Ocean City Convention Center Fund.