2876

LAWS OF MARYLAND

Ch. 400

(3) The State Treasurer shall hold and the State
Comptroller shall account for the fund. The fund shall be
invested and reinvested in the same manner as other State
funds. Any investment earnings of the fund shall be paid
into the State General Treasury.

(4) The State may appropriate to the fund, in
the State budget, all or part of the moneys received as
repayments of principal or interest on all loans made by the
program at any time. The appropriation may be increased by
budget amendment. The amount of repayments so appropriated
for the purpose of making loans may not exceed $12,000,000
annually. The State may not appropriate repayments of
principal and interest to the program to the extent that
loans expected to be made with the moneys appropriated would
cause the total principal amount of loans outstanding to
exceed $100,000,000.

(5) If there is no appropriation to the fund in
the State budget of part or all of the moneys received as
repayments of principal or interest on the loans, the moneys
not appropriated shall be:

(i) Credited to the Annuity Bond Fund to
be used to pay the principal of or interest on moneys
borrowed by the State and appropriated to the program; or

(ii) Paid into the State General Treasury
to reimburse the State for administrative and other costs of
the program previously paid from the fund.

(6) Prepayments of principal of a loan may be
used to make additional loans under the program. Any moneys
not so used within 12 months from the date of the receipt of
such prepayment shall be applied as provided in paragraph
(5) of this subsection.

(7) The Department shall report to the Governor
and the General Assembly before January 1 of each year the
financial status of the, program and a summary of its
operations for the preceding fiscal year.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect on June 1, 1982, contingent upon the

taking effect of Chapter ___ of the Acts of 1982 (H.B.

___), providing for the establishment of a migratory worker

housing facilities loan program, and if Chapter ___ does

not become effective, this Act shall be null and void
without the necessity of further action by the General
Assembly July 1, 1982.

Approved May 20, 1982.