§ 7-1203

Maryland § 7-1203

• Jurisdiction: Maryland
• Article gtr: Transportation
• Title: 7

Text

(a) The purpose of the Fund is to promote the equitable and inclusive development of transit–oriented developments throughout the State.

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

(c) (1) The Fund consists of:

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

(ii) Money made available for qualifying uses by the Fund from other governmental sources, including eligible federal funding and the Transportation Trust Fund;

(iii) Ground rents or land sale proceeds in accordance with § 10–306(c)(2) of the State Finance and Procurement Article;

(iv) Payments of principal of and interest on loans made under this title;

(v) Investment earnings of the Fund; and

(vi) Any other money from any other source, public or private, accepted for the benefit of the Fund.

(2) Contributions to the Fund under paragraph (1)(iii) of this subsection shall:

(i) Be separately accounted for in the Fund; and

(ii) Be used only for the benefit of transit–oriented developments in the same county where the real property subject to the ground rent or land sale is located.

(d) For each fiscal year, the Governor shall include in the annual budget bill an appropriation sufficient to ensure a Fund balance of at least $5,000,000 at the start of the fiscal year.