Ch. 6

1994 LAWS OF MARYLAND

          (3) All sums recovered upon the bond of a custodian of otherwise for losses

    sustained by the Fund and all moneys received for the Fund from any other sources.

(A-1) The interest earned on investments shall be used to defray the operating
expenses of the State Agency. Subject to the provisions of this [subtitle] SUBHEADING
the State Agency is vested with full power, [authority] AUTHORITY, and jurisdiction
over the Fund and may perform any and all acts whether or not specifically designated,
which are necessary to the administration thereof and are consistent with the provisions
of this [subtitle] SUBHEADING.                                                           

(b)     The Contribution Fund shall be established and held separate and apart from
any other funds or moneys of the State and shall be used and administered exclusively for
the purposes of this [subtitle] SUBHEADING. Withdrawals from such funds shall be
made for and solely for:

(1)     Payment of amounts required to be paid to the Secretary of the Treasury
pursuant to an agreement entered into under [§ 32 of this subtitle] § 4 OF THIS

SUBHEADING; [and]

(2)     Refunds of over-payments not otherwise adjustable made by a political
subdivision or instrumentality; [and]                                                   

(3)     Investing in short-term government securities, short-term securities of
U.S. government agencies, and short-term notes of corporations with at least a Double A
Moody's or Standard and Poors credit rating; and             

(4)     Payments to Expense Fund under subsection (e) of this section of
interest earned on investments.

(c)     From the Contribution Fund; the State Treasurer or the deputy treasurer,
only upon vouchers signed by two persons designated by the Secretary of Personnel, shall
pay such amounts and at such time or times as may be directed by the State Agency in

   accordance with this [subtitle] SUBHEADING.             

(d) The Treasurer of the State shall be ex officio treasurer and custodian of the

contribution and expense funds and shall administer such funds in accordance with the

provisions of this [subtitle] SUBHEADING, and at the direction of the State Agency shall

pay all vouchers drawn upon them in accordance with the provisions of this section and

with such regulations as the State Agency may prescribe pursuant thereto.

(e) There is hereby established a special fund to be known as the Experise Fund.
Such Fund shall consist of and there shall be deposited in such Fund all moneys received
from political subdivisions as their pro rata share of expense under [§ 34(d)(3) of this
subtitle] § 6(D)(3) OF THIS SUBHEADING; and interest earned under subsections (a) and
(b) of this section. From said Fund, payments shall be made by the State Treasurer or by
the deputy treasurer only upon vouchers signed by two persons desigriated by the
Secretary of Personnel in such amounts and at such time or times as may be directed by
the State Agency as may be incurred as an expense by the State Agency in the
administration of this [subtitle] SUBHEADING.

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