2466                                          LAWS OF MARYLAND                                      Ch. 655

Approved May 27, 1986.

CHAPTER 655

(Senate Bill 198)

AN ACT concerning

Tax Avoidance Reserve Fund State Reserve Fund

FOR the purpose of creating the Tax Avoidance Reserve Fund;
providing for the composition of the Fund; prohibiting the
reversion to the General Fund of any unexpended funds at the
end of a fiscal year; requiring the Governor to appropriate
a certain amount of money to the Fund from a certain date
for a certain period of time under certain circumstances;
requiring certain interests earnings to be paid to the
General Fund under certain circumstances; requiring certain
General Fund surplus amounts that exist on a certain date to
be paid into the Fund; providing for certain withdrawals

from the Fund for certain purposes under certain

circumstances and with certain approval; requiring the
repayment of certain withdrawals in a certain period of time
at a certain interest rate; and generally relating to the
creation, composition, funding, and use of the Tax Avoidance
Reserve Fund.

FOR the purpose of establishing a State Reserve Fund; providing
for a Dedicated Purpose Account in the fund as a continuing,
nonlapsing fund for certain multiyear expenditures and
certain contingency situations; authorizing appropriations
to and transfers from the Dedicated Purpose Account under
certain circumstances; providing that, except under certain
circumstances, appropriations to the Dedicated Purpose
Account revert to the Revenue Stabilization Account after a
certain period; providing for a Loan Fund Account in the
fund as a continuing, nonlapsing fund to be used in lieu of
issuing certain bonds and to finance certain projects;
authorizing appropriations to and transfers from the Loan

Fund Account under certain circumstances; requiring a

certain annual report on the Loan Fund Account providing for
the use of certain tax amnesty program revenues in the
Dedicated Purpose Account for certain projects under certain
circumstances and conditions; providing for the use of funds
transferred to the dedicated Purpose Account from the
Environmental Trust fund under certain circumstances;
providing for a Revenue Stabilization Account in the Fund as
a continuing, nonlapsing fund for future needs and to reduce
the need for future tax increases; providing that the
Revenue Stabilization Account consists of certain moneys
appropriated and certain interest or other income; requiring
certain annual appropriations a certain annual appropriation