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<section article="ged" article_name="Education" number="18-107" title_number="18" title_name="Student Financial Assistance" subtitle_number="1" subtitle_name="General Provisions">
  <level label="a">
    <level label="1">
      <text>Each year, money for each student financial assistance program administered by the Office shall be included in the State budget.</text>
    </level>
    <level label="2">
      <text>Each year, the Governor shall include in the State budget at least 80 percent of the funds appropriated in the prior fiscal year for need–based programs as provided in §§ 18–301, 18–706(f), 18–1401, 18–1501, and 18–2601 of this title.</text>
    </level>
  </level>
  <level label="b">
    <text>Except as otherwise provided in this title, money appropriated under this title that is not used by the end of the fiscal year shall be deposited in the Need–based Student Financial Assistance Fund.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>In this subsection, “Fund” means the Need–based Student Financial Assistance Fund.</text>
    </level>
    <level label="2">
      <text>There is a Need–based Student Financial Assistance Fund.</text>
    </level>
    <level label="3">
      <text>The purpose of the Fund is to allow money appropriated for student financial assistance programs that is not used in a fiscal year to be retained for need–based awards in future fiscal years.</text>
    </level>
    <level label="4">
      <text>The Commission shall administer the Fund.</text>
    </level>
    <level label="5">
      <level label="i">
        <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="ii">
        <text>The State Treasurer shall hold the Fund and the Comptroller shall account for the Fund.</text>
      </level>
    </level>
    <level label="6">
      <text>The Fund consists of:</text>
      <level label="i">
        <text>Money distributed to the Fund under subsection (b) of this section; and</text>
      </level>
      <level label="ii">
        <text>Any other money from any other source accepted for the benefit of the Fund.</text>
      </level>
    </level>
    <level label="7">
      <level label="i">
        <text>The Fund may be used only for making need–based financial assistance awards to students as provided in §§ 18–301, 18–601, 18–604, 18–706(f), 18–1401, 18–14A–01, 18–1501, 18–2507, and 18–2601 of this title.</text>
      </level>
      <level label="ii">
        <text>The Fund may not be used for administrative expenses.</text>
      </level>
    </level>
    <level label="8">
      <level label="i">
        <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="ii">
        <text>Any investment earnings on the funds in the account shall be paid into the General Fund of the State.</text>
      </level>
    </level>
    <level label="9">
      <text>Expenditures from the Fund may be made only in accordance with the State budget.</text>
    </level>
  </level>
</section>
