Ch. 535                                          LAWS OF MARYLAND

PROCUREMENT ARTICLE AND WHICH SHALL BE AVAILABLE IN PERPETUITY
FOR THE PURPOSE OF PROVIDING FINANCIAL ASSISTANCE IN ACCORDANCE
WITH THE PROVISIONS OF THIS SUBTITLE AND TITLE VI OF THE FEDERAL
WATER POLLUTION CONTROL ACT.

(3)  SUBJECT TO THE PROVISIONS OF ANY APPLICABLE BOND
RESOLUTION REGARDING THE HOLDING OR APPLICATION OF AMOUNTS IN THE
FUND, THE TREASURER SHALL SEPARATELY HOLD, AND THE COMPTROLLER
SHALL ACCOUNT FOR, THE FUND.

(4)  SUBJECT TO THE PROVISIONS OF ANY APPLICABLE BOND
RESOLUTION GOVERNING THE INVESTMENT OF AMOUNTS IN THE FUND, THE
FUND SHALL BE INVESTED AND REINVESTED IN THE SAME MANNER AS OTHER
STATE FUNDS.

(5)  ANY INVESTMENT EARNINGS SHALL BE RETAINED TO THE
CREDIT OF THE FUND.

(6)  THE FUND SHALL BE SUBJECT TO BIENNIAL AUDIT BY
THE DIVISION OF AUDITS AS PROVIDED FOR IN § 2-1215 OF THE STATE
GOVERNMENT ARTICLE.

(B)  THERE SHALL BE DEPOSITED IN THE FUND:

(1)  FEDERAL CAPITALIZATION GRANTS AND AWARDS OR OTHER
FEDERAL ASSISTANCE RECEIVED BY THE STATE PURSUANT TO TITLE VI • OF
THE FEDERAL WATER POLLUTION CONTROL ACT;

(2)  FUNDS APPROPRIATED BY THE GENERAL ASSEMBLY FOR
DEPOSIT TO THE FUND;

(3)  PAYMENTS RECEIVED FROM ANY LOCAL GOVERNMENT IN
REPAYMENT OF A LOAN, INCLUDING AMOUNTS WITHHELD BY THE STATE
COMPTROLLER AND PAID TO THE ADMINISTRATION PURSUANT TO A PLEDGE
MADE BY A BORROWER UNDER § 9-1606(D) OF THIS ARTICLE;

(4)  NET PROCEEDS OF BONDS ISSUED BY THE
ADMINISTRATION;

(5)  INTEREST OR OTHER INCOME EARNED ON THE INVESTMENT
OF MONEYS IN THE FUND; AND

(6)  ANY ADDITIONAL MONEYS MADE AVAILABLE FROM ANY
SOURCES, PUBLIC OR PRIVATE, FOR THE PURPOSES FOR WHICH THE FUND
HAS BEEN ESTABLISHED.

(C)  THE ADMINISTRATION MAY FROM TIME TO TIME ESTABLISH
ACCOUNTS AND SUBACCOUNTS WITHIN THE FUND AS MAY BE DEEMED
DESIRABLE TO EFFECTUATE THE PURPOSES OF THIS SUBTITLE, TO COMPLY
WITH THE PROVISIONS OF ANY BOND RESOLUTION, OR TO MEET ANY
REQUIREMENT OF THE FEDERAL WATER POLLUTION CONTROL ACT OR RULES
OR PROGRAM DIRECTIVES ESTABLISHED BY THE SECRETARY OR THE BOARD.
SUCH ACCOUNTS AND SUBACCOUNTS MAY INCLUDE:

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