Maryland Department of Business and Economic Development Section 5-216

      (a)      There is a Dorchester County Economic Development Fund in the Corporation.

      (b)      The Fund shall be used to complete the Maryland Economic Development Corporation project, commonly known as the Chesapeake Bay Conference Center, and to satisfy the full and final settlement of the pending construction claims related to the project and any bonds issued in connection with such claims.

      (c)      The Corporation shall manage and administer the Fund on terms and conditions acceptable to the Corporation and the Department.

      (d)      (1)      The Fund is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

            (2)      The Comptroller shall account and collect for the Fund and disburse the revenues to the trustee maintaining the Fund for the Corporation.

            (3)      Any investment earnings of the Fund shall be paid into the Fund.

      (e)      The Fund shall consist of revenues from the hotel surcharge imposed under § 11-102(b) of the Tax - General Article.

      (f)      The Fund may be pledged by the Corporation to pay bonds of the Corporation issued to satisfy the full and final settlement of the pending construction claims.