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Session Laws, 1993
Volume 772, Page 2141   View pdf image
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WILLIAM DONALD SCHAEFER, Governor

Ch. 396

(3)     Subject to the provisions of any applicable bond resolution regarding the
holding or application of amounts in the WATER QUALITY Fund, the Treasurer shall
separately hold, and the Comptroller shall account for, the WATER QUALITY Fund.

(4)     Subject to the provisions of any applicable bond resolution governing the
investment of amounts in the WATER QUALITY Fund, the WATER QUALITY 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 WATER
QUALITY Fund.

(6)     The WATER QUALITY 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 WATER QUALITY 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 WATER
QUALITY 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
WATER QUALITY Fund; and

(6)     Any additional moneys made available from any sources, public or
private, for the purposes for which the WATER QUALITY Fund has been established.

(c)     The Administration may from time to time establish accounts and subaccounts
within the WATER QUALITY 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:

(1)     A federal receipts account;

(2)     A State receipts account;

(3)     A management and administration expense account;

(4)     A bond proceeds account;

(5)     An account to segregate a portion or portions of the revenues or corpus
of the WATER QUALITY Fund as security for bonds of the Administration;

(6)     A loan repayment account; and

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Session Laws, 1993
Volume 772, Page 2141   View pdf image
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