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<section article="gec" article_name="Economic Development" number="12-714" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2029 PER CHAPTERS 215 AND 216 OF 2025" title_number="12" title_name="Local Development Authorities and Resources" subtitle_number="7" subtitle_name="Baltimore City -- West North Avenue Development Authority">
  <level label="a">
    <text>In this section, “Fund” means the West North Avenue Development Authority Fund.</text>
  </level>
  <level label="b">
    <text>There is a West North Avenue Development Authority Fund.</text>
  </level>
  <level label="c">
    <text>The purpose of the Fund is to provide funds for the Authority to use for consulting fees, salaries, and administrative expenses.</text>
  </level>
  <level label="d">
    <text>The Authority shall administer the Fund.</text>
  </level>
  <level label="e">
    <level label="1">
      <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text>
    </level>
    <level label="2">
      <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text>
    </level>
  </level>
  <level label="f">
    <text>The Fund consists of:</text>
    <level label="1">
      <text>money appropriated in the State budget to the Fund;</text>
    </level>
    <level label="2">
      <text>interest earnings; and</text>
    </level>
    <level label="3">
      <text>any other money from any other source accepted for the benefit of the Fund.</text>
    </level>
  </level>
  <level label="g">
    <text>The Fund may be used only for administrative purposes and to carry out the functions of this subtitle.</text>
  </level>
  <level label="h">
    <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text>
  </level>
  <level label="i">
    <text>Expenditures from the Fund may be made only in accordance with the State budget.</text>
  </level>
</section>
