§ 12-714

Maryland § 12-714

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 12

Text

§12–714. IN EFFECT

// EFFECTIVE UNTIL SEPTEMBER 30, 2029 PER CHAPTERS 215 AND 216 OF 2025 //

(a) In this section, “Fund” means the West North Avenue Development Authority Fund.

(b) There is a West North Avenue Development Authority Fund.

(c) The purpose of the Fund is to provide funds for the Authority to use for consulting fees, salaries, and administrative expenses.

(d) The Authority shall administer the Fund.

(e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) The Fund consists of:

(1) money appropriated in the State budget to the Fund;

(2) interest earnings; and

(3) any other money from any other source accepted for the benefit of the Fund.

(g) The Fund may be used only for administrative purposes and to carry out the functions of this subtitle.

(h) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(i) Expenditures from the Fund may be made only in accordance with the State budget.