(3) the Economic Development Opportunities Program Fund; [and]

(4) the Catastrophic Event Fund; AND

(5) THE JOSEPH FUND.

7-327.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2) "BOARD" MEANS THE JOSEPH FUND BOARD.

(3)  "ECONOMICALLY DISADVANTAGED CITIZEN OF THE STATE" MEANS
AN INDIVIDUAL WHOSE INCOME IS AT OR BELOW 150% OF THE FEDERAL POVERTY
LEVEL.

(3) (4) (3) "FUND" MEANS THE JOSEPH FUND.

(4) (5) (4) "UNAPPROPRIATED SURPLUS" MEANS THE
UNAPPROPRIATED GENERAL FUND BALANCE IN A FISCAL YEAR AS OF JUNE 30.

(B) THE JOSEPH FUND IS ESTABLISHED TO SET ASIDE RESERVES IN TIMES OF
ECONOMIC PROSPERITY AND USE THOSE RESERVES TO MEET THE EMERGENCY
NEEDS OF ECONOMICALLY DISADVANTAGED CITIZENS OF THE STATE, ESPECIALLY
IN TIMES OF ECONOMIC DOWNTURN.

(C) (1) THE FUND IS A CONTINUING, NONLAPSING FUND WHICH IS NOT
SUBJECT TO § 7-302 OF THIS SUBTITLE.

(2) THE TREASURER SHALL SEPARATELY HOLD AND THE COMPTROLLER
SHALL ACCOUNT FOR THE FUND.

(3) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE
TREASURER MAY INVEST MONEYS IN THE FUND IN A MANNER CONSISTENT WITH
THE INVESTMENT OF MONEYS BY THE STATE RETIREMENT AND PENSION SYSTEM.

(4) ANY INVESTMENT EARNINGS OF THE FUND SHALL BE PAID INTO
THE FUND.

(D) THE FUND CONSISTS OF:

(1) MONEYS CREDITED APPROPRIATED IN THE STATE BUDGET TO THE
FUND UNDER SUBSECTION (E) OF THIS SECTION;

(2) EARNINGS FROM THE INVESTMENT OF MONEYS IN THE FUND; AND

(3) ANY OTHER MONEYS ACCEPTED FOR THE BENEFIT OF THE FUND
FROM ANY GOVERNMENTAL OR PRIVATE SOURCE.

(E) BY OCTOBER 1 OF EACH YEAR, THE COMPTROLLER SHALL:

(1) CERTIFY THE AMOUNT OF UNAPPROPRIATED SURPLUS FOR THE
PRECEDING FISCAL YEAR; AND