HARRY HUGHES, Governor                                       2471

7-311.

(A) IN THIS SECTION "ACCOUNT" MEANS THE LOAN FUND ACCOUNT.

(B) THE LOAN FUND ACCOUNT IS ESTABLISHED TO ACCUMULATE
FUNDS TO BE USED IN LIEU OF ISSUING BONDS AND TO FINANCE PROJECTS
AUTHORIZED BY PRIOR BOND BILLS.

(C) (1) THE BOARD OF PUBLIC WORKS MAY AUTHORIZE THE

TRANSFER OF FUNDS FROM THE ACCOUNT TO VARIOUS LOAN ACCOUNTS TO BE
USED IN LIEU OF BOND PROCEEDS AND TO FINANCE VARIOUS PROJECTS

CONTAINED IN ENABLING ACTS OF THE GENERAL ASSEMBLY THAT

AUTHORIZED THE ISSUANCE OF STATE BONDS.

(2) THE BOARD OF PUBLIC WORKS MAY NOT EXPAND THE
AUTHORIZED LEVEL OF ANY APPROPRIATION AS A RESULT OF ANY
TRANSFER.

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

(E) THE GOVERNOR MAY PROVIDE AN APPROPRIATION IN THE BUDGET
BILL FOR THE ACCOUNT.

(F) BY SEPTEMBER 1 OF EACH YEAR, THE BOARD OF PUBLIC WORKS
SHALL SUBMIT TO THE DEPARTMENT OF FISCAL SERVICES A REPORT ON THE
TRANSFERS FROM THE ACCOUNT DURING THE PRIOR FISCAL YEAR.

(G) AFTER NOTICE TO THE LEGISLATIVE POLICY COMMITTEE, THE
GOVERNOR MAY TRANSFER FUNDS BY BUDGET AMENDMENT FROM THE ACCOUNT
TO THE REVENUE STABILIZATION ACCOUNT.

7-312 7-311.

(A) IN THIS SECTION "ACCOUNT" MEANS THE REVENUE
STABILIZATION ACCOUNT.

(B) THE REVENUE STABILIZATION ACCOUNT IS ESTABLISHED TO
RETAIN STATE REVENUES FOR FUTURE NEEDS AND REDUCE THE NEED FOR
FUTURE TAX INCREASES BY MODERATING REVENUE GROWTH.

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

(D) THE ACCOUNT CONSISTS OF;

(1) MONEYS APPROPRIATED IN THE STATE BUDGET TO THE
ACCOUNT; AND

(2) INTEREST OR OTHER INCOME EARNED FROM THE
INVESTMENT OF ANY PORTION OF THIS ACCOUNT OR ANY OTHER ACCOUNT IN
THE STATE RESERVE FUND.