Maryland Financial Institutions Section 13-724

      (a)      In this section, "professional sports team" means a team that relocates to the State from another state or jurisdiction.

      (b)      Except as provided in subsection (c) of this section, proceeds derived from the sale of permanent seat licenses at a professional sports stadium constructed in the State by the Maryland Stadium Authority may be used only for:

            (1)      Amounts that are owed to a national sports league or association as a result of the costs of the relocation of a professional sports team to the State;

            (2)      The design and construction costs of necessary training facilities;

            (3)      The reasonable costs of moving and relocation, including:

                  (i)      The physical movement of property;

                  (ii)      Land and air travel costs;

                  (iii)      Employee severance costs; and

                  (iv)      Employee relocation costs;

            (4)      Amounts owed to the state or other jurisdiction from which the professional sports team has relocated and to other interested parties claiming rights as a result of the relocation of the team to the State, including any amounts paid to the other state or jurisdiction or interested parties to settle or otherwise resolve the claims;

            (5)      The repayment of bonds or other indebtedness incurred by or for the benefit of the professional sports team in connection with facilities that the professional sports team used or occupied in the state or other jurisdiction from which the professional sports team has relocated;

            (6)      Payments to the Authority; or

            (7)      Other reasonable costs and expenses incurred or losses sustained resulting from the relocation of the professional sports team to the State.

      (c)      Any proceeds derived from the sale of personal seat licenses that exceed the costs described in subsection (b) of this section:

            (1)      May not accrue directly to the benefit of any individual or private entity; and

            (2)      Shall be held by the Authority for stadium construction and the continuing costs to maintain the professional sports stadium in the State used by the professional sports team.