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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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STATE FINANCE AND PROCUREMENT |
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DIVISION I. STATE FINANCE |
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TITLE 3. BUDGET AND MANAGEMENT. |
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SUBTITLE 3. CENTRAL COLLECTION UNIT |
§ 3-306. Central Collection Fund
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(a) Establishment. -- There is a Central Collection Fund.
(b) Continuing, nonlapsing fund. -- The Central Collection Fund is a continuing, nonlapsing fund that is not subject to § 7-302 of this article.
(c) Composition. -- The Fund shall consist of all fees collected under § 3-304(a)(2) of this subtitle.
(d) Uses. -- Subject to the appropriation process in the State budget and subject to subsection (h) of this section, the Department shall use the Fund for the expenses of operating the Central Collection Unit.
(e) Accounting. -- The State Treasurer shall hold and the State Comptroller shall account for the Fund.
(f) Investments generally. -- The Fund shall be invested and reinvested in the same manner as other State funds.
(g) Investment earnings. -- Investment earnings accrue to the benefit of the Fund.
(h) Excess balance. -- For any fiscal year beginning on or after July 1, 2010, any balance in the Fund at the end of the fiscal year in excess of 15% of the actual expenses of operating the Central Collection Unit for that fiscal year reverts to the General Fund of the State.