§ 9-4107

Maryland § 9-4107

• Jurisdiction: Maryland
• Article gsg: State Government
• Title: 9

Text

(a) In this section, “Fund” means the Department of Social and Economic Mobility Special Fund.

(b) There is a Department of Social and Economic Mobility Special Fund.

(c) The purpose of the Fund is to pay the costs of the operation of:

(1) the Office of Social Equity; and

(2) the Office of Minority Business Enterprises.

(d) The Department 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) (1) The Fund consists of:

(i) revenue distributed to the Fund under § 2–1302.2 of the Tax – General Article;

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

(iii) interest earnings of the Fund; and

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

(2) The Governor shall include in the annual budget bill an appropriation from the Transportation Trust Fund to the Fund equal to the amount necessary to defray the operations and administrative expenses of the Office of Minority Business Enterprises.

(g) The Fund may be used only for paying the costs of the operation and administrative expenses of:

(1) the Office of Social Equity; and

(2) the Office of Minority Business Enterprises.

(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 Fund.

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

(j) Money expended from the Fund for the Office of Social Equity or the Office of Minority Business Enterprises is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for the Office of Social Equity or the Office of Minority Business Enterprises.