§ 13-3003. Fund

   (a) Established. -- There is a Cord Blood Transplant Center Support Fund.

(b) Purpose. -- The purpose of the Fund is to promote economic development by supporting cord blood transplant centers at qualified medical institutions with a goal of being recognized as a regional center of excellence in the area of cord blood transplantation.

(c) Administration. -- The Department shall administer the Fund.

(d) Nature. -- The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

(e) Fund separate and accounting. -- The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) Composition. -- The Fund consists of:

   (1) Beginning in 2013, any money appropriated in the State budget to the Fund; and

   (2) Any other money from any other source accepted for the benefit of the Fund.

(g) Uses. -- The Fund may be used only for the establishment of or support for a cord blood transplant center at a qualified medical institution.

(h) Investment of money. --

   (1) The State Treasurer shall invest and reinvest the money of the Fund in the same manner as other State money may be invested.

   (2) Any investment earnings of the Fund shall paid into the Fund.

(i) Payment of money. --

   (1) The Comptroller shall pay out money from the Fund as directed by the Secretary.

   (2) No part of the Fund may revert or be credited to:

      (i) The General Fund of the State; or

      (ii) Any other special fund of the State.

(j) Expeditures. -- Expenditures from the Fund may be made only in accordance with the State budget.

HISTORY: 2011, chs. 498, 499.