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Ch. 567
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2007 Laws of Maryland
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more than the amount appropriated to the Reserve Fund for that fiscal year in the
State budget as approved by the General Assembly.
2. IF THE AGGREGATE CREDIT AMOUNTS UNDER
INITIAL CREDIT CERTIFICATES ISSUED IN A FISCAL YEAR TOTAL LESS THAN THE
AMOUNT APPROPRIATED TO THE RESERVE FUND FOR THAT FISCAL YEAR AS A
RESULT OF THE LIMITATION UNDER SUBSECTION (B)(5) OF THIS SECTION, ANY
EXCESS AMOUNT MAY BE ISSUED UNDER INITIAL CREDIT CERTIFICATES FOR
PROJECTS IN A COUNTY OR BALTIMORE CITY IN THE SAME FISCAL YEAR,
WITHOUT REGARD TO THE LIMITATION UNDER SUBSECTION (B)(5) OF THIS
SECTION.
2. 3. If SUBJECT TO SUBSUBPARAGRAPH 2 OF THIS
SUBPARAGRAPH, IF the aggregate credit amounts under initial credit certificates
issued in a fiscal year total less than the amount appropriated to the Reserve Fund for
that fiscal year, any excess amount shall remain in the Reserve Fund and may be
issued under initial credit certificates for the next fiscal year.
4. For any fiscal year, if funds are transferred from the
Reserve Fund under the authority of any provision of law other than paragraph (4) of
this subsection, the maximum credit amounts in the aggregate for which the Director
may issue initial credit certificates shall be reduced by the amount transferred.
(iv) [1. For fiscal year 2006, the Governor shall include in the
budget bill an appropriation to the Reserve Fund in an amount equal to at least
$20,000,000.
2.] For each of fiscal years [2007 and 2008] 2009 AND
2010, the Governor shall include in the budget bill an appropriation to the Reserve
Fund [in an amount equal to at least $30,000,000].
(v) Notwithstanding the provisions of § 7-213 of this article, the
Governor may not reduce an appropriation to the Reserve Fund in the State budget as
approved by the General Assembly.
(vi) The Director may not issue an initial credit certificate for
any fiscal year after fiscal year [2008] 2010.
(4) (i) Except as provided in this paragraph, money appropriated to
the Reserve Fund shall remain in the Fund.
(ii) 1. Within 15 days after the end of each calendar quarter,
the Trust shall notify the Comptroller as to each commercial rehabilitation completed
and certified during the quarter:
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- 3694 -
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