Md. Code Ann., Educ. § 18-107
Source and reversion of funds
Effective Jul 1, 2014Added as Education § 18-106 by Acts 1978, c. 22, § 2, eff. July 1, 1978. Amended by Acts 1988, c. 246, § 2, eff. July 1, 1988; Acts 1991, c. 462, § 2. Renumbered as Education § 18-107 by Acts 1996, c. 10, § 16, eff. April 9, 1996. Amended by Acts 2001, c. 291, § 1, eff. July 1, 2001; Acts 2002, c. 315, § 1, eff. July 1, 2002; Acts 2002, c. 429, § 1, eff. July 1, 2002; Acts 2005, c. 25, § 12, eff. April 12, 2005; Acts 2007, c. 296, § 1, eff. June 1, 2007; Acts 2007, c. 297, § 1, eff. June 1, 2007; Acts 2009, c. 429, § 1, eff. July 1, 2009; Acts 2010, c. 217, § 1, eff. July 1, 2010; Acts 2011, c. 397, § 1, eff. June 1, 2011; Acts 2014, c. 339, § 1, eff. July 1, 2014; Acts 2014, c. 340, § 1, eff. July 1, 2014.State of Maryland
(a)
- (1) Each year, money for each student financial assistance program administered by the Office shall be included in the State budget.
- (2) Each year, the Governor shall include in the State budget at least 80 percent of the funds appropriated in the prior fiscal year for need-based programs as provided in §§ 18-301, 18-706(f), 18-1401, 18-1501, and 18-2601 of this title.
- (b) Except as otherwise provided in this title, money appropriated under this title that is not used by the end of the fiscal year shall be deposited in the Need-based Student Financial Assistance Fund.
(c)
- (1) In this subsection, “Fund” means the Need-based Student Financial Assistance Fund.
- (2) There is a Need-based Student Financial Assistance Fund.
- (3) The purpose of the Fund is to allow money appropriated for student financial assistance programs that is not used in a fiscal year to be retained for need-based awards in future fiscal years.
- (4) The Commission shall administer the Fund.
(5)
- (i) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
- (ii) The State Treasurer shall hold the Fund and the Comptroller shall account for the Fund.
(6) The Fund consists of:
- (i) Money distributed to the Fund under subsection (b) of this section; and
- (ii) Any other money from any other source accepted for the benefit of the Fund.
(7)
- (i) The Fund may be used only for making need-based financial assistance awards to students as provided in §§ 18-301, 18-601, 18-604, 18-706(f), 18-1401, 18-14A-01, 18-1501, 18-2507, and 18-2601 of this title.
- (ii) The Fund may not be used for administrative expenses.
(8)
- (i) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
- (ii) Any investment earnings on the funds in the account shall be paid into the General Fund of the State.
- (9) Expenditures from the Fund may be made only in accordance with the State budget.
Added as Education § 18-106 by Acts 1978, c. 22, § 2, eff. July 1, 1978. Amended by Acts 1988, c. 246, § 2, eff. July 1, 1988; Acts 1991, c. 462, § 2. Renumbered as Education § 18-107 by Acts 1996, c. 10, § 16, eff. April 9, 1996. Amended by Acts 2001, c. 291, § 1, eff. July 1, 2001; Acts 2002, c. 315, § 1, eff. July 1, 2002; Acts 2002, c. 429, § 1, eff. July 1, 2002; Acts 2005, c. 25, § 12, eff. April 12, 2005; Acts 2007, c. 296, § 1, eff. June 1, 2007; Acts 2007, c. 297, § 1, eff. June 1, 2007; Acts 2009, c. 429, § 1, eff. July 1, 2009; Acts 2010, c. 217, § 1, eff. July 1, 2010; Acts 2011, c. 397, § 1, eff. June 1, 2011; Acts 2014, c. 339, § 1, eff. July 1, 2014; Acts 2014, c. 340, § 1, eff. July 1, 2014.
Formerly Art. 77A, §§ 41, 57, 59 to 61B.