Source: http://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gsf&section=7-330&enactments=false
Timestamp: 2020-08-03 18:41:04
Document Index: 408608709

Matched Legal Cases: ['§7', '§ 7', '§ 7', '§ 6', '§ 7', '§ 7']

§7–330.
(2) “Fund” means the Fiscal Responsibility Fund.
(b) There is a Fiscal Responsibility Fund.
(c) The purpose of the Fund is to retain the amount of nonwithholding income tax revenues deposited to the Fund in accordance with § 7–329(d)(2) of this subtitle until the revenues are appropriated in the State budget.
(d) The State Comptroller shall administer the Fund.
(e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of this subtitle.
(2) The State Treasurer shall hold the Fund separately, and the State Comptroller shall account for the Fund.
(f) The Fund consists of nonwithholding income tax revenues that exceed the capped estimate determined under § 6–104(e) of this article deposited into the Fund by the State Comptroller under § 7–329(d)(2) of this subtitle.
(g) (1) Except as provided in paragraph (2) of this subsection, the Fund may be used only to provide pay–as–you–go capital funds for:
(i) public school construction and public school capital improvement projects, in accordance with Title 5, Subtitle 3 of the Education Article;
(ii) capital projects at public community colleges; and
(iii) capital projects at four–year public institutions of higher education.
(2) For fiscal year 2021 only, money in the Fund shall be used to provide a cost–of–living adjustment of up to 2% beginning July 1, 2020, for permanent employees in the Executive Branch of State government who are in a bargaining unit that is represented by one of the following exclusive representatives:
(i) the American Federation of State, County and Municipal Employees, AFL–CIO, excluding a bargaining unit represented by the American Federation of State, County and Municipal Employees, AFL–CIO Local 1859;
(ii) AFT Healthcare–Maryland, AFT, AFL–CIO Local 5197; or
(iii) the Maryland Professional Employees Council/AFT/AFL–CIO Local 6197.
(2) Any interest earnings of the Fund shall be credited to the General Fund of the State.
(j) (1) Except as provided in paragraph (3) of this subsection, the Governor shall include in the budget bill for the second following fiscal year an appropriation equal to the amount in the Fund for pay–as–you–go capital projects.
(2) Money expended from the Fund for pay–as–you–go capital projects is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for capital projects, including those funded with pay–as–you–go funds and the proceeds from the sale of general obligation bonds.
(3) The Governor shall include in the budget bill submitted at the 2021 Session of the General Assembly an appropriation equal to the amount distributed to the Fund in accordance with § 7–329(b–1) of this subtitle to provide a cost–of–living adjustment of up to 2% beginning July 1, 2020, for permanent employees in the Executive Branch of State government who are in a bargaining unit that is represented by one of the following exclusive representatives:
(k) At the end of a fiscal year, the unspent balance of each appropriation that was made for that fiscal year from the Fund reverts to the Fund.