Maryland § 10-658

§ 10-658.

    (a)    There is a Supplemental Public School Construction Financing Fund.

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

        (2)    The Authority shall:

            (i)    use the Supplemental Public School Construction Financing Fund as a revolving fund for carrying out this subtitle concerning public school facilities;

            (ii)    pay any and all expenses from the Supplemental Public School Construction Financing Fund that are incurred by the Authority related to any public school facilities; and

            (iii)    after all bonds have been issued, calculate the total amount allocated from the Supplemental Public School Construction Financing Fund to each county that received a percentage of bond proceeds under § 10–650(b)(1) of this subtitle.

        (3)    In each fiscal year for which the provisions of § 4–126.1(d) of the Education Article remain applicable, the Authority shall deposit an amount equal to $27,000,000 each year from the Supplemental Public School Construction Financing Fund into the Prince George’s County Public–Private Partnership Fund established under § 4–126.2 of the Education Article.

    (c)    To the extent considered appropriate by the Authority, the money on deposit in the Supplemental Public School Construction Financing Fund shall be pledged to and used to pay the following related to public school facilities:

        (1)    debt service on Authority bonds;

        (2)    debt service reserves under a trust agreement;

        (3)    all reasonable charges and expenses related to Authority borrowing; and

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

    (d)    The Supplemental Public School Construction Financing Fund consists of:

        (1)    money deposited into the Supplemental Public School Construction Financing Fund;

        (2)    to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning public school facilities;

        (3)    revenues collected or received from any source under this subtitle related to public school facility projects;

        (4)    any interest earnings of the Supplemental Public School Construction Financing Fund; and

        (5)    any additional money made available from any public source for the purposes established for the Supplemental Public School Construction Financing Fund.

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

        (2)    Any investment earnings shall be credited to the Supplemental Public School Construction Financing Fund.

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

    (f)    The money in the Supplemental Public School Construction Financing Fund shall be used to supplement, and may not supplant, money appropriated to the Public School Construction Program established under Title 5, Subtitle 3 of the Education Article.