Section 18-107 - Source of funds; unused funds. - Maryland Statutes

§ 18-107. Source of funds; unused funds.
 

(a)  Source of funds.-  

(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)  Unused funds for student awards.-  

(1) Except as otherwise provided in this title, money appropriated under this title that is not used by the end of the fiscal year may not revert to the State Treasury. 

(2) All money retained under paragraph (1) of this subsection shall be used to make awards to students during subsequent fiscal years as provided in §§ 18-301, 18-601, 18-604, 18-706(f), 18-1401, 18-14A-01, 18-1501, and 18-2601 of this title and may not be used for administrative expenses. 
 

[An. Code 1957, art. 77A, §§ 41, 57, 59-61B; 1978, ch. 22, § 2; 1988, ch. 246, § 2; 1991, ch. 462, § 2; 1996, ch. 10, § 16; 2001, ch. 291; 2002, chs. 315, 429; 2005, ch. 25, § 12; 2007, chs. 296, 297; 2009, ch. 429; 2010, ch. 217.]