Ch. 422

LAWS OF MARYLAND

APPROVAL TO THE EXTENT REQUIRED BY REGULATIONS PROMULGATED BY THE
SECRETARY AND APPROVED BY THE BOARD OF PUBLIC WORKS. EXCEPT FOR
EXPENDITURES UNDER PARAGRAPHS (2) AND (3) OF SUBSECTION (D) OF
THIS SECTION, LOANS OR EXPENDITURES FROM THE MHT LOAN FUND SHALL
NOT OTHERWISE BE SUBJECT TO THE PROVISIONS OF TITLES 4 AND 5 OF
THE STATE FINANCE AND PROCUREMENT ARTICLE OF THE CODE.

(J) (1) THE MHT LOAN PROGRAM SHALL OPERATE AS A CONTINUING,
NONLAPSING, SPECIAL FUND KNOWN AS THE MHT LOAN FUND, THAT
CONSISTS OF:

(I)  MONEYS APPROPRIATED BY THE STATE TO THE MHT
LOAN PROGRAM;

(II)  ANY MONEYS RECEIVED FROM THE SALE OF STATE
GENERAL OBLIGATION BONDS;

(III)  MONEYS RECEIVED FROM OTHER PUBLIC OR
PRIVATE SOURCES;

(IV) INVESTMENT EARNINGS ON THE FUND;

(V) (IV) REPAYMENTS OF PRINCIPAL AND INTEREST
ON LOANS MADE UNDER THE MHT LOAN PROGRAM, OR, PRIOR TO JULY 1,
1989, UNDER THE CAPITAL REVOLVING FUND FOR HISTORIC PRESERVATION;

(VI) (V) THE MONEYS CONTAINED IN THE CAPITAL
REVOLVING FUND FOR HISTORIC PRESERVATION WHICH SHALL BE
TRANSFERRED TO THE MHT LOAN FUND AS OF JUNE 30, 1989; AND

(VII) (VI) THE PROCEEDS FROM THE RESALE OR
LEASE OF ANY PROPERTIES ORIGINALLY ACQUIRED BY THE TRUST WITH
MONEYS FROM THE MHT LOAN FUND OR THE CAPITAL REVOLVING FUND FOR
HISTORIC PRESERVATION PRIOR TO JULY 1, 1989.

(2)  THE STATE TREASURER SHALL HOLD AND THE STATE
COMPTROLLER SHALL ACCOUNT FOR THE MHT LOAN FUND. THE MHT LOAN
FUND SHALL BE INVESTED AND REINVESTED IN THE SAME MANNER AS OTHER
STATE FUNDS. ANY INVESTMENT EARNINGS OF THE MHT LOAN FUND SHALL
BE PAID INTO THE MHT LOAN FUND.

(3)  THE MHT LOAN FUND IS A SPECIAL FUND WITHIN THE
MEANING OF § 10-306 OF THE STATE FINANCE AND PROCUREMENT ARTICLE
OF THE CODE.

(4)  ON OR BEFORE DECEMBER 31 OF EACH YEAR, THE TRUST
SHALL REPORT TO THE GOVERNOR AND, SUBJECT TO § 2-1312 OF THE
STATE GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY THE FINANCIAL
STATUS OF THE MHT LOAN PROGRAM AND A SUMMARY OF ITS OPERATIONS
FOR THE PRECEDING FISCAL YEAR.

(K) (1) A PERSON MAY NOT KNOWINGLY MAKE OR CAUSE TO BE MADE
ANY MATERIAL MISSTATEMENT OF FACT, INCLUDING AN UNDERSTATEMENT OR

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