Article - State Finance and Procurement

7-311.

(a) In this section "Fund" means the Revenue Stabilization Fund.

(b) The Revenue Stabilization Fund is established to retain State revenues for
future needs and reduce the need for future tax increases by moderating revenue
growth.

(c) The Fund is a continuing, nonlapsing fund which is not subject to § 7-302
of this subtitle.

(d) The Fund consists of:

(1) moneys appropriated in the State budget to the Fund; and

(2) interest or other income earned from the investment of any portion of
this Fund or any other account in the State Reserve Fund.

(e) Except as provided in subsection (f) of this section, beginning in Fiscal Year
1995 and for each subsequent fiscal year, the Governor shall include in the budget bill
an appropriation to the Fund equal to at least the lesser of $50,000,000 or whatever
amount is required for the Fund balance to exceed 5% of the estimated General Fund
revenues for that fiscal year.

(f) The appropriations required by subsection (e) of this section are not
required when the Fund balance exceeds 5% of the estimated General Fund revenues.

(g) If authorized by an act of the General Assembly or specifically authorized
in the State budget bill as enacted, the Governor may transfer funds from the Fund to
General Fund revenues.

(h) If the [Governor transfers] BUDGET BILL AS SUBMITTED TO THE
GENERAL ASSEMBLY INCLUDES A TRANSFER OF funds from the Fund pursuant to
subsection (g) of this section, the BUDGET BILL AS ENACTED BY THE GENERAL
ASSEMBLY MAY PROVIDE FOR A REDUCTION OF THE amount of the transfer from the
Fund [shall be reduced] by an amount [equivalent] UP to THE AMOUNT OF the
reductions made by the General Assembly in the General Fund appropriations.

(i) Funds of the Fund may only be transferred from the Fund as provided in
this section and are not subject to transfer by budget amendment.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is an emergency
measure, is necessary for the immediate preservation of the public health and safety,
has been passed by a yea and nay vote supported by three-fifths of all the members
elected to each of the two Houses of the General Assembly, and shall take effect from
the date it is enacted.

May 27, 1999

The Honorable Casper R. Taylor, Jr.
Speaker of the House