WILLIAM DONALD SCHAEFER, Governor Ch. 220

[(2) Upon issuance of a binding commitment to make a
loan, an amount equal to the commitment shall be transferred from
the Fund to the Department.]

[(c)] (D) (1) The State Treasurer shall hold and the State
Comptroller shall account for the HOMEOWNERSHIP PROGRAMS Fund.

(2) Any repayment of loans from the Fund shall be
paid into the Fund.

(E) AT ANY TIME FOLLOWING THE FIRST 8 MONTHS OF THE FISCAL
YEAR, THE DEPARTMENT MAY TRANSFER, SUBJECT TO THE PROVISIONS OF §
7-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE, UNENCUMBERED
MONEYS IN THE HOMEOWNERSHIP PROGRAMS FUND TO ANY OTHER FUND
ESTABLISHED UNDER THIS TITLE.

SECTION 3. AND BE IT FURTHER ENACTED, That §§ 2-608
2-613(a)(5) and (d), 2-708(a)(3) and (d), and 2-1006(a)(3) and
(4) and (e) of this Act shall take effect July 1, 1989,

contingent on the taking effect of Chapter ___ (S.B.___/H.B.___)

(91r0887), Chapter ___(S.B.___/H.B. ) (91r0888), and Chapter

___(S.B.___/H.B.___) (91r0892) 9lr0982 of the Acts of the General

Assembly of 1989, and if each of those Chapters does not become
effective, §§ 2-608 2-613(a)(5) and (d), 2-708(a)(3) and (d),
and 2-1006(a)(3) and (4) and (e) of this Act shall be null and
void without the necessity of further action by the General
Assembly.

SECTION 4. AND BE IT FURTHER ENACTED, That § 2-708(a)(l)
and (2) and (c) of this Act shall take effect July 1, 1989,

contingent on the taking effect of Chapter ___ of the Acts of the

General Assembly of 1989 (S.B.___/H.B.___) (91r0888), and if

Chapter ___ does not become effective, the following language

shall be enacted in substitution of § 2-708(a)(l) and (2) and (c)
as enacted by Section 1 of this Act:

Article 83B - Department of Housing and Community

Development

2-708.

(A) THE PROGRAM SHALL OPERATE AS A CONTINUING, NONLAPSING,
SPECIAL FUND KNOWN AS THE GROUP HOME FINANCING FUND THAT CONSISTS
OF MONEYS APPROPRIATED BY THE STATE TO THE PROGRAM, AND
REPAYMENTS AND PREPAYMENTS OF LOANS MADE UNDER THE PROGRAM, BOTH
PRIOR TO AND AFTER JULY 1, 1989.

(C) THE STATE TREASURER SHALL HOLD AND THE STATE
COMPTROLLER SHALL ACCOUNT FOR THE FUND. THE FUND SHALL BE
INVESTED AND REINVESTED. ANY INVESTMENT EARNINGS OF THE FUND

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