Maryland Code, STATE FINANCE AND PROCUREMENT 7-312
Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 7-312
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The Fund is:
(1) a special, nonlapsing fund that consists of money that may be appropriated, transferred, credited, or paid to it from any source; and
(2) not subject to § 7-302 of this subtitle.
(c) The Treasurer shall separately hold, and the Comptroller shall account for, the Fund.
(d) (1) The Fund shall be invested and reinvested in the same manner as other State funds.
(2) Any investment earnings shall be retained to the credit of the Fund.
(e) Money credited to the Maryland Stadium Facilities Fund may be used, in accordance with approved comprehensive financing plans, to:
(1) pay rent to the Maryland Stadium Authority;
(2) with the approval of the Board of Public Works, make grants or loans, not exceeding $1 million in any fiscal year, to the Authority for its corporate purposes;
(3) with the approval of the Board of Public Works, finance capital construction in lieu of issuing bonds; or
(4) financially support, through equity investment, loan, guarantee, or otherwise, full or partial private financing of any element of the facility.
(f) (1) At the end of the fiscal year, a transfer to the Dedicated Purpose Fund of the State Reserve Fund shall be made to the extent that the balance of revenues in the Fund exceeds:
(i) $24 million; and
(ii) the Debt Service Reserve Fund being held by or on behalf of the Maryland Stadium Authority for payment of debt service on revenue bonds issued by the Authority.
(2) (i) Any revenues transferred to the State Reserve Fund in accordance with paragraph (1) of this subsection shall be dedicated for use by the Maryland Stadium Authority and may be transferred from the State Reserve Fund by an appropriation in the budget bill or, with the approval of the Legislative Policy Committee, by budget amendment.
(ii) The unspent balance of any revenues for the Maryland Stadium Authority in the State Reserve Fund shall revert to the General Fund 2 years after the end of the fiscal year in which the transfer was made.