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§ 4-505. Deposit of auction or sale proceeds

West's Annotated Code of MarylandState Finance and Procurement

West's Annotated Code of Maryland
State Finance and Procurement
Division I. State Finance [Titles 1-10a] (Refs & Annos)
Title 4. Department of General Services (Refs & Annos)
Subtitle 5. Excess and Surplus Property (Refs & Annos)
MD Code, State Finance and Procurement, § 4-505
§ 4-505. Deposit of auction or sale proceeds
Currentness
In general
(a) Except as provided in subsection (b) of this section, money received from the auction or sale of any surplus personal property in excess of charges which might be imposed by the Department of General Services for conducting the auction or sale shall be deposited in the General Fund of the State. If the Department of Budget and Management approves, the money in excess of the service charge may be credited to the account of the unit of the State government that declared the property to be excess personal property.
Deposits
(b) Money received from the auction or sale of surplus personal property shall be deposited as follows:
(1) if the item was purchased from a special fund appropriation, the proceeds shall be deposited in the appropriate special fund;
(2) if the item was purchased with bond money, the proceeds shall be deposited in the Annuity Bond Fund; and
(3) if the item was purchased with federal money, the proceeds shall be disbursed in accordance with federal law.

Credits

Added by Acts 1985, c. 11, § 2, eff. Oct. 1, 1985. Amended by Acts 1990, c. 205, § 1, eff. July 1, 1990; Acts 1996, c. 349, § 13, eff. July 1, 1996.
Formerly Art. 41, §§ 133, 236.
MD Code, State Finance and Procurement, § 4-505, MD STATE FIN & PROC § 4-505
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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