§ 7-326

Maryland § 7-326

• Jurisdiction: Maryland
• Article gsf: State Finance and Procurement
• Title: 7

Text

(a) In this section, “Fund” means the Public School Construction Fund.

(b) The Fund is a continuing, nonlapsing fund which is not subject to § 7–302 of this subtitle.

(c) The Fund consists of money transferred by the Camden Yards Financing Funds as required under § 10–652 of the Economic Development Article.

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

(e) Subject to the approval of the Interagency Commission on School Construction, money credited to the Fund shall be used only for public school construction projects and public school capital improvements consistent with the provisions of Title 5, Subtitle 3 of the Education Article.

(f) Money from the Fund may only be transferred from the Fund to the extent authorized by an appropriation as enacted in the annual State budget bill and is not subject to transfer by budget amendment.

(g) It is the intent of the General Assembly that the funds provided for school construction in the Fund be in addition to and not in substitution of general funds or any other funds provided in the Governor’s allowance for public school construction.