§ 2-802.1

Maryland § 2-802.1

• Jurisdiction: Maryland
• Article gtr: Transportation
• Title: 2

Text

(a) In this section, “Fund” means the Bus Rapid Transit Fund.

(b) There is a Bus Rapid Transit Fund.

(c) The purpose of the Fund is to:

(1) Provide grants to eligible grantees, as defined under § 2–802 of this subtitle; and

(2) Make funding commitments for the issuance of bus rapid transit bonds.

(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) The Fund consists of:

(1) Revenue distributed to the Fund under § 9–120(b)(1)(xi) of the State Government Article;

(2) Money appropriated in the State budget to the Fund;

(3) Interest earnings or other income earned from the investment of any money from the Fund; and

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

(g) (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.