§ 24-1702

(a) (1) There is a Maryland Loan Assistance Repayment Program Fund in the State.

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

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

(4) The Fund shall be invested and reinvested in the same manner as other State funds.

(5) Any investment earnings of the Fund shall be paid into the Fund.

(b) The Fund consists of:

(1) Revenue generated through a permanent funding structure recommended to the General Assembly by a stakeholder workgroup convened by the Department; and

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

(c) Expenditures from the Fund shall be made by an appropriation in the annual State budget or by an approved budget amendment as provided under § 7–209 of the State Finance and Procurement Article.

(d) The money in the Fund shall be used by the Department to administer the Program.