State Codes and Statutes
Statutes > Maryland > Economic-development > Title-5 > Subtitle-5 > 5-537§ 5-537. Status; investment; payment.
(a) Status.- The Fund is a special, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
(b) Investment.- The Treasurer shall:
(1) invest the money in the Fund in the same manner as other State money may be invested; and
(2) credit any investment earnings to the Fund.
(c) Payment.- If the Authority determines by resolution that any money in the Fund is no longer needed to meet its obligations, the Authority may authorize the Comptroller to first apply that money to pay the principal of and interest on outstanding bonds issued under any Act authorizing the issue of State general obligation bonds issued to implement this subtitle.
[An. Code 1957, art. 83A, §§ 5-1017, 5-1019; 2008, ch. 306, § 2.]
