Maryland House Bill 860 (HB860) established the Maryland Stadium Authority (MSA) as the financer of the 21st Century School Buildings Program.
Baltimore City, the State of Maryland, and Baltimore City Schools are each required to provide $20 million per year in funding to create a $60 million funding stream to support construction efforts.
The MSA is responsible for utilizing this funding stream to maximize the amount of resources available for the project by strategically issuing bonds at the prevailing interest rate to maximize returns for building and renovating the schools in the plan. MSA is also responsible for managing the finances, major contracts, and expenditures to ensure good stewardship of public tax dollars.
Typically, school construction is funded by municipalities and states on a project-by-project basis. Alternative financing for school construction using this method for the 21st Century School Buildings Program allows City Schools to update buildings across the city to be healthy, safe, and modern.