Section 6-211 - Community Legacy Financial Assistance Fund. - Maryland Statutes

§ 6-211. Community Legacy Financial Assistance Fund.
 

(a)  "Fund" defined.- In this section, "Fund" means the Community Legacy Financial Assistance Fund. 

(b)  Established.- There is a Community Legacy Financial Assistance Fund. 

(c)  Purpose of Fund.- The Fund shall be used to carry out this subtitle. 

(d)  Administration.-  

(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)  Status.- The Fund is a continuing, nonlapsing special fund that is not subject to § 7-302 of the State Finance and Procurement Article. 

(f)  Composition.- 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)  Investments.- 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)  Fund reserves.- 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. 
 

[An. Code 1957, art. 83B, § 4-811(a), (b)(1)-(4), (c), (d); 2005, ch. 26, § 2; 2009, ch. 726; 2010, ch. 487.]