ROBERT L. EHRLICH, JR., Governor                          H.B. 1188

(D) THE BOARD OF REGENTS OF THE UNIVERSITY SYSTEM OF MARYLAND AND
THE BOARD OF REGENTS OF MORGAN STATE UNIVERSITY SHALL ESTABLISH
POLICIES TO ACCOMMODATE ENROLLMENT GROWTH, AS PROJECTED BY THE
COMMISSION, AT THEIR RESPECTIVE INSTITUTIONS FOR THE ACADEMIC YEARS
BEGINNING IN THE FALL OF 2004 THROUGH THE FALL OF 2007 2006.

(E) (1) THERE IS A HIGHER EDUCATION INVESTMENT FUND.

(2)      THE PURPOSE OF THE FUND IS TO SUPPLEMENT GENERAL FUND
APPROPRIATIONS TO PUBLIC SENIOR HIGHER EDUCATION INSTITUTIONS.

(3)      THE FUND IS A SPECIAL, NONLAPSING FUND THAT IS NOT SUBJECT
TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.

(4)      THE TREASURER SHALL HOLD THE FUND AND THE COMPTROLLER
SHALL ACCOUNT FOR THE FUND.

(5)      THE PROCEEDS OF THE FUND SHALL BE INVESTED AND
REINVESTED.

(6)      ANY INVESTMENT EARNINGS SHALL BE PAID INTO THE FUND.

(7)     THE FUND CONSISTS OF:

(I)      REVENUES FROM THE SURCHARGE ON INCOME OF
CORPORATIONS AS PROVIDED IN § 2-613.1 OF THE TAX - GENERAL ARTICLE; AND

(II)     ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTED FOR
THE BENEFIT OF THE FUND.

(8)      THE COMMISSION SHALL ADMINISTER THE FUND.

(9)      MONEY IN THE FUND MAY ONLY BE EXPENDED TO SUPPLEMENT
GENERAL FUND APPROPRIATIONS TO PUBLIC SENIOR HIGHER EDUCATION
INSTITUTIONS.

(10)    EXPENDITURES FROM THE FUND MAY ONLY BE MADE IN
ACCORDANCE WITH AN APPROPRIATION APPROVED BY THE GENERAL ASSEMBLY IN
THE ANNUAL STATE BUDGET.

(11)    ANY BALANCE REMAINING IN THE FUND AT THE END OF JUNE 30,
3008 2007 SHALL BE TRANSFERRED TO THE GENERAL FUND OF THE STATE. IT IS THE
INTENT OF THE GENERAL ASSEMBLY THAT THESE MONEYS BE USED TO SUPPORT
HIGHER EDUCATION.

16-305.

(c) (1) (i) The total State operating fund per full-time equivalent student
to the community colleges for each fiscal year as requested by the Governor shall be:

1. In each of fiscal years 2003 and 2004, not less than an
amount equal to 23.1% of the State's General Fund appropriation per full-time
equivalent student to the 4-year public institutions of higher education in the State

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