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PARRIS N. GLENDENING, Governor
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Ch. 492
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(I) ARE FOR RETIREMENT CONTRIBUTIONS MADE AFTER JUNE 30,
1999 BUT BEFORE JULY 1. 2002; AND
(II) ARE SOUGHT BY THE AGENCY STATE ON THE BASIS THAT THE
SALARY OF AN ELIGIBLE MEMBER OF THE TEACHERS' RETIREMENT SYSTEM OR
TEACHERS' PENSION SYSTEM IS PAID IN PART OR IN WHOLE FROM:
1. STATE AID, WHETHER GENERAL OR CATEGORICAL IN
NATURE; OR
2. FEDERAL FUNDS, WHETHER THE FUNDS ARE PAID
DIRECTLY TO A LOCAL SCHOOL SYSTEM OR ARE PASSED THROUGH FROM A UNIT OF
STATE GOVERNMENT.
(3) NOTWITHSTANDING SUBSECTION (D) OF THIS SECTION § 5-203(D) OF
THIS SUBTITLE, ALL REIMBURSEMENTS DESCRIBED FN PARAGRAPH (2) OF THIS
SUBSECTION SHALL BE CREDITED TO THE FUND.
(4) (I) THE STATE TREASURER SHALL HOLD THE FUND AND SHALL
INVEST THE MONEY IN THE FUND IN THE SAME MANNER AS OTHER STATE MONEY
MAY BE INVESTED.
(II) ALL INTEREST ON THE FUND SHALL ACCRUE TO THE GENERAL
FUND.
(III) THE STATE COMPTROLLER SHALL ACCOUNT FOR THE FUND.
(5) THE FUND SHALL BE USED TO IMPLEMENT THE GOVERNOR'S
TEACHER SALARY CHALLENGE PROGRAM ESTABLISHED UNDER THIS SECTION
(5) (6) AN EXPENDTURE EXPENDITURES FROM THE FUND MAY BE
MADE ONLY PURSUANT TO AN APPROPRIATION APPROVED BY THE GENERAL
ASSEMBLY IN THE ANNUAL STATE BUDGET OR BY APPROVED BUDGET AMENDMENT.
(6) (I) THE FUND SHALL BE USED ONLY TO MAKE GRANTS TO COUNTY
BOARDS AS PROVIDED IN SUBPARAGRAPH (II) OF THIS PARAGRAPH.
(II) FOR EACH OF FISCAL YEARS 2001 AND 2002, A GRANT SHALL BE
MADE TO EACH COUNTY BOARD IN AN AMOUNT EQUAL TO THE AMOUNT OF THE
REIMBURSEMENTS DESCRIBED UNDER PARAGRAPH (2) OF THIS SUBSECTION THAT
ARE MADE BY THE COUNTY BOARD FOR THE FISCAL YEAR.
(III) THE GRANTS TO THE COUNTY BOARDS UNDER THIS
SUBSECTION MAY BE USED FOR ANY EDUCATIONAL PURPOSES.
(7) EXCEPT AS PROVIDED IN PARAGRAPH (8) OF THIS SUBSECTION. ANY
FUND BALANCE AT THE END OF EACH FISCAL YEAR SHALL REMAIN IN THE FUND
AND MAY NOT REVERT TO THE GENERAL FUND.
(8) THE FUND SHALL TERMINATE AT THE END OF DECEMBER 31 JUNE
30, 2002 AND ANY FUND BALANCE THAT REMAINS AT THE END OF DECEMBER 01
JUNE 30, 2002 SHALL REVERT TO THE GENERAL FUND.
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- 2599 -
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