Md. Code Ann., Hous. & Cmty. Dev. § 6-211
Community Legacy Financial Assistance Fund
Effective Jun 1, 2010Added as Housing and Community Development § 6-213 by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2009, c. 726, § 1, eff. July 1, 2009. Renumbered as Housing and Community Development § 6-211 and amended by Acts 2010, c. 487, § 1, eff. June 1, 2010.State of Maryland
- (a) In this section, “Fund” means the Community Legacy Financial Assistance Fund.
- (b) There is a Community Legacy Financial Assistance Fund.
- (c) The Fund shall be used to carry out this subtitle.
(d)
- (1) The Secretary shall administer the Fund in accordance with this subtitle.
- (2) The State Treasurer shall hold and the Comptroller shall account for the Fund.
- (e) The Fund is a continuing, nonlapsing special fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(f) The Fund consists of:
- (1) money appropriated in the State budget to the Fund;
- (2) earnings from the investment of money in the Fund;
- (3) repayments and prepayments of financial assistance provided by the Program; and
- (4) any other money accepted for the benefit of the Fund from any governmental or private source.
- (g) Notwithstanding any other law, the State Treasurer may invest money in the Fund in the same way as money is invested by the State Retirement and Pension System.
- (h) In any fiscal year, the Secretary may hold up to 10% of the money in the Fund in reserve for emergency use or urgent projects in accordance with this subtitle.
Added as Housing and Community Development § 6-213 by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005. Amended by Acts 2009, c. 726, § 1, eff. July 1, 2009. Renumbered as Housing and Community Development § 6-211 and amended by Acts 2010, c. 487, § 1, eff. June 1, 2010.