Ch. 1                                       1991 LAWS OF MARYLAND

BY repealing and reenacting, with amendments,

Article - State Finance and Procurement

Section 7-311

Annotated Code of Maryland

(1988 Replacement Volume and 1990 Supplement)

(As enacted by Chapter 470 of the Acts of the General Assembly of 1991 Regular
Session)

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

Article - Financial Institutions

10-110.2.

(b) (1) Any moneys recovered by the Fund as insurer, subrogee, conservator, or
receiver, and not required for the purposes of the Fund under this title or for the
purposes of the Fund as a conservator or receiver, shall be distributed as provided in this
subsection.

(2)     The first [$57,000,000] $62,000,000 shall be distributed to the General
Fund of the State to fund appropriations in the State budgets for the fiscal years
commencing July 1, 1990 and July 1, 1991.

(3)     $3 million in funds not required under paragraph (2) of this subsection
shall be distributed to the Catastrophic Event Fund as established under § 7-324 of the
State Finance and Procurement Article.

(4)     For any balance not distributed under paragraphs (2) and (3) of this
subsection, funds shall be distributed to the Dedicated Purpose Account as established
under § 7-310 of the State Finance and Procurement Article for nonrecurring
expenditures, such as pay-as-you-go capital projects.

Article - State Finance and Procurement

' 7-311.

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

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

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

(d)     The Account consists of:

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

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

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