§ 4-511

Maryland § 4-511

• Jurisdiction: Maryland
• Article ghs: Housing and Community Development
• Title: 4

Text

(a) In this section, “Fund” means the Continuing the CORE Partnership Fund.

(b) There is a Continuing the CORE Partnership Fund.

(c) The purpose of the Fund is to assist the Department, in conjunction with the Maryland Stadium Authority and Baltimore City, in expeditiously removing blighted property within Baltimore City.

(d) The Secretary 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) revenue distributed to the Fund under subsection (j) of this section;

(2) money appropriated in the State budget to the Fund; and

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

(g) The Fund may be used for:

(1) the purpose outlined in subsection (c) of this section; and

(2) administrative expenses.

(h) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any interest earnings of the Fund shall be credited to the General Fund of the State.

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

(j) (1) For fiscal year 2020, the Governor may include in the annual budget bill an appropriation of $30,000,000 to the Fund.

(2) For fiscal years 2021 through 2024, the Governor may include in the annual budget bill an appropriation of $25,000,000 to the Fund.

(3) For fiscal year 2026 and each fiscal year thereafter, the Governor shall include in the annual budget bill or the capital budget bill an appropriation of $50,000,000 to the Fund.