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Statutes Text

Article - Economic Development




§10–657.

    (a)    There is a Baltimore City Public School Construction Facilities Fund.

    (b)    (1)    The Baltimore City Public School Construction Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore City public school facilities.

        (2)    The Authority shall:

            (i)    use the Baltimore City Public School Construction Facilities Fund as a revolving fund for carrying out this subtitle concerning Baltimore City public school facilities; and

            (ii)    to the extent authorized by federal tax law, pay any and all expenses from the Baltimore City Public School Construction Facilities Fund that are incurred by the Authority related to any Baltimore City public school facilities.

    (c)    To the extent considered appropriate by the Authority or as agreed to in the memorandum of understanding under § 10–646 of this subtitle, the money on deposit in the Baltimore City Public School Construction Facilities Fund shall be used to pay the following relating to Baltimore City public school facilities:

        (1)    debt service on Authority bonds;

        (2)    design and construction costs relating to Baltimore City public school facilities;

        (3)    to the extent authorized by federal tax law, costs of start–up, administration, overhead, and operations related to the management of improvements to Baltimore City public school facilities authorized under this subtitle and undertaken by the Baltimore City Board of School Commissioners; and

        (4)    all reasonable charges and expenses related to the Authority’s administration of the Baltimore City Public School Construction Facilities Fund and the Baltimore City Public School Construction Financing Fund and management of the Authority’s obligations.

    (d)    The Baltimore City Public School Construction Facilities Fund consists of:

        (1)    funds transferred from the Baltimore City Public School Construction Financing Fund to the Baltimore City Public School Construction Facilities Fund in accordance with § 10–645(i) of this subtitle; and

        (2)    any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Facilities Fund.

    (e)    (1)    The Treasurer shall invest the money of the Baltimore City Public School Construction Facilities Fund in the same manner as other State funds.

        (2)    Any investment earnings shall be credited to the Baltimore City Public School Construction Facilities Fund.

        (3)    No part of the Baltimore City Public School Construction Facilities Fund may revert or be credited to the General Fund or any special fund of the State.



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