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§ 6-211. Community Legacy Financial Assistance Fund

West's Annotated Code of MarylandHousing and Community DevelopmentEffective: June 1, 2010

West's Annotated Code of Maryland
Housing and Community Development (Refs & Annos)
Division I. Housing and Community Programs [Titles 1-11] (Refs & Annos)
Title 6. Division of Neighborhood Revitalization (Refs & Annos)
Subtitle 2. Community Legacy Program (Refs & Annos)
Effective: June 1, 2010
MD Code, Housing & Community Development, § 6-211
§ 6-211. Community Legacy Financial Assistance Fund
Currentness
“Fund” defined
(a) In this section, “Fund” means the Community Legacy Financial Assistance Fund.
Established
(b) There is a Community Legacy Financial Assistance Fund.
Purpose of Fund
(c) The Fund shall be used to carry out this subtitle.
Administration
(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.
Status
(e) The Fund is a continuing, nonlapsing special fund that is not subject to § 7-302 of the State Finance and Procurement Article.
Composition
(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.
Investments
(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.
Reservation of funds for emergencies
(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.

Credits

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.
MD Code, Housing & Community Development, § 6-211, MD HOUS & CMTY DEV § 6-211
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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