CHAPTER 516
(Senate Bill 142)

AN ACT concerning

The Joseph Fund

FOR the purpose of establishing the Joseph Fund as a nonlapsing fund within the
State Reserve Fund; providing for the purpose and management of the Fund;
specifying what moneys may constitute the Fund; authorizing the State
Treasurer to invest moneys in the Fund in a certain manner; requiring the
Comptroller to transfer certain moneys into authorizing the Governor to include
in the budget bill for certain fiscal years an appropriation to the Fund under
certain circumstances; creating the Joseph Fund Board to oversee the advise the
Governor on management of the Fund; providing for the membership and
structure of the Board; specifying the powers and duties of the Board; specifying
the powers and duties of the Governor regarding the Fund; authorizing moneys
to be expended from the Fund under certain conditions and for certain purposes;
requiring a certain report on an annual basis; specifying the terms of the initial
members of the Board; defining certain terms; and generally relating to the
establishment of the Joseph Fund and Joseph Fund Board.

BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 7-309

Annotated Code of Maryland

(1995 Replacement Volume and 1998 Supplement)

BY adding to

Article - State Finance and Procurement
Section 7-327

Annotated Code of Maryland

(1995 Replacement Volume and 1998 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - State Finance and Procurement

7-309.

(a) There is a State Reserve Fund.

(b) The State Reserve Fund [is comprised of] COMPRISES:

(1) the Dedicated Purpose Fund;

(2) the Revenue Stabilization Fund;

(3) the Economic Development Opportunities Program Fund; [and]