WILLIAM DONALD SCHAEFER, Governor Ch. 220

(c)  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 fund.

(d)  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. The appropriation may be
increased by budget amendment. The State may not appropriate
repayments of principal and interest to the Program to the extent
that loans expected to be made with moneys appropriated would
cause the total principal amount of loans outstanding to exceed
$100,000,000.

(e)  Money that is received as repayments of principal or
interest on the loans and that is not appropriated in the State
budget shall be:

(1)  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

(2)  Paid into the General Fund of the State, to
reimburse the State for administrative and other costs of the
Program previously paid from the fund.

(f)  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 subsection (e).

(g)  On or before December 31 of each year, the Department
shall report to the Governor and, subject to § 2-1312 of the
State Government Article, to the General Assembly the financial
status of the Program and a summary of its operations for the
preceding fiscal year.]

2-613.

(A) THE PROGRAM SHALL BE OPERATED WITH MONEYS IN THE
HOMEOWNERSHIP PROGRAMS FUND, WHICH FUND SHALL BE A CONTINUING,
NONLAPSING SPECIAL FUND CONSISTING OF:

(1)  MONEYS APPROPRIATED BY THE STATE FOR
HOMEOWNERSHIP PROGRAMS, INCLUDING THE MARYLAND HOME FINANCING
PROGRAM AUTHORIZED UNDER THIS SUBTITLE AND THE SETTLEMENT EXPENSE
LOAN PROGRAM AUTHORIZED UNDER SUBTITLE 10 OF THIS TITLE;

(2)  ANY MONEYS RECEIVED FROM THE SALE OF THE STATE'S
GENERAL OBLIGATION BONDS;

(3)  REPAYMENTS OR PREPAYMENTS OF PRINCIPAL AND
INTEREST ON LOANS MADE UNDER THE PROGRAM, OR UNDER THE

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