<section article="gsf" article_name="State Finance and Procurement" number="6-101" title_number="6" title_name="Revenues" subtitle_number="1" subtitle_name="Studies and Estimates"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Board of Revenue Estimates.</text> </level> <level label="c"> <text>“Bureau” means the Bureau of Revenue Estimates.</text> </level> <level label="d"> <text>“Chief” means the Chief of the Bureau.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-102" title_number="6" title_name="Revenues" subtitle_number="1" subtitle_name="Studies and Estimates"> <level label="a"> <text>There is a Board of Revenue Estimates.</text> </level> <level label="b"> <text>The Board consists of the following 3 ex officio members:</text> <level label="1"> <text>the Comptroller;</text> </level> <level label="2"> <text>the Treasurer; and</text> </level> <level label="3"> <text>the Secretary of Budget and Management.</text> </level> </level> <level label="c"> <text>The Treasurer may appoint, as the Treasurer’s designee, a deputy treasurer to serve on the Board.</text> </level> <level label="d"> <text>The Chief is the executive secretary of the Board.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-103" title_number="6" title_name="Revenues" subtitle_number="1" subtitle_name="Studies and Estimates"> <level label="a"> <text>There is a Bureau of Revenue Estimates in the Office of the Comptroller.</text> </level> <level label="b"> <level label="1"> <text>The head of the Bureau is the Chief.</text> </level> <level label="2"> <text>Subject to the supervision of the Comptroller, the Chief has administrative control of the Bureau.</text> </level> <level label="3"> <text>Unless the Comptroller, with the approval of the Board, determines that an alternative structure is appropriate, the Chief shall be subject to the supervision of the Deputy Comptroller with responsibility for tax administration.</text> </level> </level> <level label="c"> <level label="1"> <text>Except as otherwise provided by law, subject to the approval of the Board, the Comptroller shall appoint the Chief from a list of not fewer than three candidates reviewed and evaluated by the Revenue Monitoring Committee and the Consensus Revenue Monitoring and Forecasting Group established under § 6–105 of this subtitle.</text> </level> <level label="2"> <text>The Chief may be removed only by a majority of the Board for incompetence or other good cause.</text> </level> </level> <level label="d"> <text>The Chief shall appoint other employees of the Bureau in accordance with the provisions of the State Personnel and Pensions Article, including:</text> <level label="1"> <text>a minimum of six analysts; and</text> </level> <level label="2"> <text>one Deputy Chief.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-104" title_number="6" title_name="Revenues" subtitle_number="1" subtitle_name="Studies and Estimates"> <level label="a"> <level label="1"> <text>In this section, “nonwithholding income tax revenues” means the State share of income tax quarterly estimated and final payments with returns made by individuals, as defined in § 10–101 of the Tax – General Article.</text> </level> <level label="2"> <text>“Nonwithholding income tax revenues” does not include:</text> <level label="i"> <text>the county share of income tax quarterly estimated and final payments with returns made by individuals;</text> </level> <level label="ii"> <text>income tax payments made by corporations;</text> </level> <level label="iii"> <text>income tax refunds paid to individuals or corporations; or</text> </level> <level label="iv"> <text>income tax withholding.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>After the end of each fiscal year, the Bureau shall submit to the Board a report that:</text> <level label="i"> <text>contains an itemized statement of the State revenues from all sources for that fiscal year; and</text> </level> <level label="ii"> <text>includes any recommendations of the Bureau.</text> </level> </level> <level label="2"> <level label="i"> <text>In December, March, and September of each year, the Bureau shall submit to the Board a report that contains an itemized statement of the estimated State revenues from all sources for the fiscal year following the fiscal year in which the report is made.</text> </level> <level label="ii"> <text>The report required under subparagraph (i) of this paragraph shall be reviewed and approved by the Revenue Monitoring Committee before the estimates in the report may be formally adopted by the Board.</text> </level> <level label="iii"> <text>The Bureau shall submit the March report required under subparagraph (i) of this paragraph to the Board by a date that allows the Board to meet before the passage of the annual budget bill in the first chamber of the General Assembly to vote on the budget bill in that year.</text> </level> </level> <level label="3"> <text>The Bureau shall provide to the Board any other information that the Board requests.</text> </level> <level label="4"> <text>Notwithstanding any other provision of law, the reports required under paragraphs (1) and (2) of this subsection shall include an itemized statement of:</text> <level label="i"> <text>revenues or estimated revenues distributed to the Transportation Trust Fund, including the motor fuel taxes imposed under Title 9, Subtitle 3 of the Tax – General Article and motor vehicle titling taxes imposed under Title 13, Subtitle 8 of the Transportation Article;</text> </level> <level label="ii"> <text>revenues from the State transfer tax imposed under Title 13, Subtitle 2 of the Tax – Property Article;</text> </level> <level label="iii"> <text>estimated revenues from nonwithholding income taxes calculated in accordance with subsection (e) of this section; and</text> </level> <level label="iv"> <text>estimated revenues from any premium taxes collected by the Maryland Insurance Administration.</text> </level> </level> <level label="5"> <level label="i"> <text>In order for the Bureau to include in the reports required under paragraphs (1) and (2) of this subsection estimated revenues from any premium taxes collected by the Maryland Insurance Administration, the Maryland Insurance Administration shall submit to the Bureau:</text> <level label="1"> <text>within 1 month after the end of the preceding fiscal quarter, quarterly premium tax data on a cash basis and by fund source, including payments, refunds, other financial transactions, and total net cash impact;</text> </level> <level label="2"> <text>a fiscal year–end close–out report reconciling the quarterly data;</text> </level> <level label="3"> <text>an annual report tabulating data from submitted tax forms for each insurer, including total premiums, total deductions, total taxable premiums, gross tax owed, and liability information; and</text> </level> <level label="4"> <text>any other data requested by the Bureau.</text> </level> </level> <level label="ii"> <text>The Maryland Insurance Administration shall submit the data required under this paragraph in a format determined by the Bureau.</text> </level> </level> </level> <level label="c"> <text>In addition to these reports, the Bureau shall continually conduct studies of State revenue sources to:</text> <level label="1"> <text>determine the amount of revenue produced; and</text> </level> <level label="2"> <text>devise and recommend new methods and sources for improved efficiency, equity, and economy in production, collection, and estimation of revenue.</text> </level> </level> <level label="d"> <level label="1"> <text>On or before December 1, 2008, and December 1 of every third year thereafter, the Bureau shall submit to the Governor and, in accordance with § 2–1257 of the State Government Article, to the General Assembly a tax incidence study measuring:</text> <level label="i"> <text>the burden of all the major taxes and toll charges imposed by the State, including:</text> <level label="1"> <text>the individual income tax;</text> </level> <level label="2"> <text>the motor fuel tax;</text> </level> <level label="3"> <text>the real property tax; and</text> </level> <level label="4"> <text>the sales and use tax;</text> </level> </level> <level label="ii"> <text>how the burden of each tax and charge type is shared among taxpayers of different income levels; and</text> </level> <level label="iii"> <text>the aggregate impact of the taxes and charges among taxpayers of different income levels.</text> </level> </level> <level label="2"> <text>In order to assist the Bureau in preparing a tax incidence study under this subsection, any governmental unit involved in the implementation or administration of the taxes and charges evaluated in the study shall:</text> <level label="i"> <text>provide promptly any information that the Bureau requests; and</text> </level> <level label="ii"> <text>otherwise cooperate with the Bureau.</text> </level> </level> <level label="3"> <text>The Bureau shall prepare and submit the statistics of income report required under § 10–223 of the Tax – General Article.</text> </level> </level> <level label="e"> <level label="1"> <text>Beginning with the revenue estimate for fiscal year 2020, the Bureau shall calculate the share of General Fund revenues represented by nonwithholding income tax revenues in accordance with this subsection.</text> </level> <level label="2"> <level label="i"> <text>For each fiscal year, the Bureau shall calculate the 10–year average share of General Fund revenues represented by nonwithholding income tax revenues.</text> </level> <level label="ii"> <level label="1"> <text>For each fiscal year, the 10–year average shall use the 10 most recently completed fiscal years for which data are available when the estimate is prepared in the September before the beginning of the fiscal year.</text> </level> <level label="2"> <text>The same 10–year average shall be used in all subsequent revisions to the revenue estimate for that fiscal year.</text> </level> </level> </level> <level label="3"> <level label="i"> <text>Subject to subparagraph (ii) of this paragraph, for each fiscal year, if the Bureau’s estimate of the share of General Fund revenues from nonwithholding income tax revenues is above the 10–year average share, the Bureau shall adjust the revenue estimate by reducing General Fund revenues from nonwithholding income tax revenues by an amount sufficient to align the estimated share of General Fund revenues from nonwithholding income tax revenues with the 10–year average share of General Fund revenues from nonwithholding income taxes.</text> </level> <level label="ii"> <text>The adjustment made under subparagraph (i) of this paragraph may not exceed the following percentage of total General Fund revenues or dollar value in a specified fiscal year:</text> <level label="1"> <level label="0"> <text>225% for fiscal year 2020;</text> </level> </level> <level label="2"> <text>$0 for fiscal year 2021;</text> </level> <level label="3"> <text>$80,000,000 for fiscal year 2022;</text> </level> <level label="4"> <text>$100,000,000 for fiscal year 2023;</text> </level> <level label="5"> <text>$0 for fiscal years 2024 through 2029; and</text> </level> <level label="6"> <text>2% for fiscal year 2030 and each fiscal year thereafter.</text> </level> </level> <level label="iii"> <text>The capped estimate calculated under this paragraph shall be incorporated in the revenue estimate the Bureau shall report to the Board in the report required under subsection (b)(2) of this section.</text> </level> </level> </level> <level label="f"> <text>On or before February 1, 2023, and February 1 of every fourth year thereafter, the Bureau, in collaboration with the Consensus Revenue Monitoring and Forecasting Group established under § 6–105 of this subtitle, shall submit to the Governor and, in accordance with § 2–1257 of the State Government Article, to the General Assembly a report on the strengths and weaknesses of the Bureau in the preceding four years, including:</text> <level label="1"> <text>the accuracy of Bureau estimates of State revenue;</text> </level> <level label="2"> <text>the impact of the revenue volatility cap on reporting; and</text> </level> <level label="3"> <text>the challenges faced by the Bureau in forecasting State revenues.</text> </level> </level> <level label="g"> <level label="1"> <text>On or before August 1, 2023, and August 1 of every fourth year thereafter, the Department of Legislative Services shall submit, in accordance with § 2–1257 of the State Government Article, to the General Assembly a report on the operations of the Bureau, including:</text> <level label="i"> <text>an analysis of the transparency and usability of data and reports produced by the Bureau;</text> </level> <level label="ii"> <text>an overview of appropriations for the Bureau and major expenditures;</text> </level> <level label="iii"> <text>an analysis of the staffing needs of the Bureau; and</text> </level> <level label="iv"> <text>issues preventing the Bureau from carrying out its duties under this subtitle.</text> </level> </level> <level label="2"> <text>The report shall cover the operations of the Bureau during the same period as the report issued by the Bureau under subsection (f) of this section.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-105" title_number="6" title_name="Revenues" subtitle_number="1" subtitle_name="Studies and Estimates"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Group” means the Consensus Revenue Monitoring and Forecasting Group established under this section.</text> </level> <level label="3"> <level label="i"> <text>“State share of nonwithholding income tax revenues” means the State share of income tax quarterly estimated and final payments with returns made by individuals, as defined in § 10–101 of the Tax – General Article.</text> </level> <level label="ii"> <text>“State share of nonwithholding income tax revenues” does not include:</text> <level label="1"> <text>the county share of income tax quarterly estimated and final payments with returns made by individuals;</text> </level> <level label="2"> <text>income tax payments made by corporations;</text> </level> <level label="3"> <text>income tax refunds paid to individuals or corporations; or</text> </level> <level label="4"> <text>income tax withholding.</text> </level> </level> </level> </level> <level label="b"> <text>There is a Consensus Revenue Monitoring and Forecasting Group.</text> </level> <level label="c"> <text>The Group consists of:</text> <level label="1"> <text>the Chief and staff of the Bureau as designated by the Chief;</text> </level> <level label="2"> <text>the Deputy Comptroller with responsibility for tax administration and staff as designated by the Deputy Comptroller with responsibility for tax administration;</text> </level> <level label="3"> <text>staff of the Office of the Treasurer as designated by the Treasurer;</text> </level> <level label="4"> <text>staff of the Department of Budget and Management as designated by the Secretary of Budget and Management;</text> </level> <level label="5"> <text>staff of the Department of Transportation as designated by the Secretary of Transportation; and</text> </level> <level label="6"> <text>staff of the Office of Policy Analysis of the Department of Legislative Services as designated by the Director of the Office.</text> </level> </level> <level label="d"> <text>The Chief shall chair the Group.</text> </level> <level label="e"> <text>The Group and its constituent units shall:</text> <level label="1"> <text>review and analyze attainment of revenues on a monthly basis;</text> </level> <level label="2"> <text>advise and collaborate with the Bureau:</text> <level label="i"> <text>in the development of revenue forecasts and any necessary revisions to those forecasts; and</text> </level> <level label="ii"> <text>in the performance of any pertinent studies or analyses as requested by the Chief or as directed by the Board;</text> </level> </level> <level label="3"> <text>develop and recommend to the Bureau a methodology for determining the State share of nonwithholding income tax revenues for each fiscal year; and</text> </level> <level label="4"> <text>before a new Chief is appointed, review and evaluate candidates for the position.</text> </level> </level> <level label="f"> <text>To assist the Group in performing its function, the Comptroller and the Bureau shall:</text> <level label="1"> <text>within 7 calendar days after the end of each month, provide to members of the Group detailed data on revenue collections;</text> </level> <level label="2"> <text>before any document relating to the work of the Bureau is published, provide a draft of the document to the members of the Group for review and comment; and</text> </level> <level label="3"> <text>at the request of the Group, provide research and analysis of particular issues identified by the Group in the course of its duties.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-106" title_number="6" title_name="Revenues" subtitle_number="1" subtitle_name="Studies and Estimates"> <level label="a"> <level label="1"> <text>In this section, “nonwithholding income tax revenues” means the State share of income tax quarterly estimated and final payments with returns made by individuals, as defined in § 10–101 of the Tax – General Article.</text> </level> <level label="2"> <text>“Nonwithholding income tax revenues” does not include:</text> <level label="i"> <text>the county share of income tax quarterly estimated and final payments with returns made by individuals;</text> </level> <level label="ii"> <text>income tax payments made by corporations;</text> </level> <level label="iii"> <text>income tax refunds paid to individuals or corporations; or</text> </level> <level label="iv"> <text>income tax withholding.</text> </level> </level> </level> <level label="a–1"> <text>The Board shall:</text> <level label="1"> <text>study the information that the Bureau provides; and</text> </level> <level label="2"> <text>consider the recommendations of the Bureau.</text> </level> </level> <level label="b"> <level label="1"> <text>In December, March, and September of each year, the Board shall submit to the Governor and, in accordance with § 2–1257 of the State Government Article, to the General Assembly, a report that:</text> <level label="i"> <text>contains an itemized statement of the estimated State revenues from all sources for the fiscal year following the fiscal year in which the report is made; and</text> </level> <level label="ii"> <text>includes any recommendations of the Board.</text> </level> </level> <level label="2"> <level label="i"> <text>Subject to subparagraph (ii) of this paragraph, the Governor shall state the most recent estimates of revenues reported by the Board in the proposed budget and any supplemental budget submitted to the General Assembly.</text> </level> <level label="ii"> <text>If the Governor uses different estimates of revenues in the formulation of the proposed budget and any supplemental budget submitted to the General Assembly than those reported by the Board, a statement providing an explanation as to the differences shall be included together with those submissions.</text> </level> </level> <level label="3"> <text>The report required under paragraph (1) of this subsection shall include estimated revenues from nonwithholding income taxes calculated in accordance with § 6–104(e) of this subtitle.</text> </level> </level> <level label="c"> <text>The Board shall approve a methodology for determining the State share of nonwithholding income tax revenues for each fiscal year.</text> </level> <level label="d"> <level label="1"> <text>On or before July 31 each year, the Board, in coordination with the Chief, shall schedule the Board’s annual meetings for March, December, and September of that fiscal year.</text> </level> <level label="2"> <text>Not later than 5 days before the scheduled date of the meeting, the Board, on the recommendation of the Chief, may reschedule a meeting under this subsection.</text> </level> <level label="3"> <text>Notice of a meeting rescheduled under paragraph (2) of this subsection shall:</text> <level label="i"> <text>be posted to the website established under subsection (e) of this section; and</text> </level> <level label="ii"> <text>include a statement from the Chief concerning the reason the meeting is rescheduled.</text> </level> </level> </level> <level label="e"> <text>The Board shall develop and maintain a website that:</text> <level label="1"> <text>provides access to the revenue estimates, projections, and reports developed by the Board;</text> </level> <level label="2"> <text>provides a schedule of upcoming Board meetings and agendas for open meetings of the Board;</text> </level> <level label="3"> <text>provides links to live video streaming of each open meeting of the Board;</text> </level> <level label="4"> <text>provides a complete and unedited archived video recording of each open meeting for which live video streaming was made available under item (3) of this subsection for a minimum of 5 years after the date of the meeting;</text> </level> <level label="5"> <text>provides access to reports and projections of the General Fund of the State and the following special funds:</text> <level label="i"> <text>the Blueprint for Maryland’s Future Fund established under § 5–219 of the Education Article;</text> </level> <level label="ii"> <text>the Education Trust Fund established under § 9–1A–30 of the State Government Article; and</text> </level> <level label="iii"> <text>the Transportation Trust Fund established under § 3–216 of the Transportation Article;</text> </level> </level> <level label="6"> <text>provides access to reports and projections of appropriations for, distributions from, and funds maintained by Program Open Space; and</text> </level> <level label="7"> <text>provides any other information the Board considers relevant.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-201" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Banking institution” means an institution that is incorporated under the laws of the State as a State bank, trust company, or savings bank.</text> </level> <level label="c"> <text>“Collateral” means collateral that is listed under § 6–202 of this subtitle.</text> </level> <level label="d"> <text>“Deposit insurance” means insurance by:</text> <level label="1"> <text>the Federal Deposit Insurance Corporation; or</text> </level> <level label="2"> <text>the Resolution Trust Corporation created under § 21A of the Federal Home Loan Bank Act (12 U.S.C. § 1441a.).</text> </level> </level> <level label="e"> <text>“Financial institution” means:</text> <level label="1"> <text>any banking institution;</text> </level> <level label="2"> <text>any national banking association;</text> </level> <level label="3"> <text>an institution that is incorporated under the laws of any other state as a bank; or</text> </level> <level label="4"> <text>an institution that is incorporated under the laws of this State or of the United States as a savings and loan association.</text> </level> </level> <level label="f"> <text>“National banking association” means an institution that is incorporated under federal law as a bank.</text> </level> <level label="g"> <text>“State money” for purposes of §§ 6–209 and 6–210 of this subtitle includes money in a bank account maintained under the control of an employee or official of the clerk of the court or register of wills.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-202" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <text>Collateral that may be used under this subtitle shall be:</text> <level label="1"> <text>an obligation of the United States or any of its agencies;</text> </level> <level label="2"> <text>an obligation guaranteed by the United States or by any of its agencies;</text> </level> <level label="3"> <text>an obligation insured by the United States;</text> </level> <level label="4"> <text>an obligation of the State or any of its units or instrumentalities;</text> </level> <level label="5"> <text>an obligation of a county of the State or any of its agencies;</text> </level> <level label="6"> <text>an obligation of a municipal corporation in the State or any of its agencies;</text> </level> <level label="7"> <text>an obligation of any other governmental authority in the State;</text> </level> <level label="8"> <text>an obligation of the Inter–America Development Bank;</text> </level> <level label="9"> <text>an obligation of the World Bank;</text> </level> <level label="10"> <text>an obligation of the following government–sponsored enterprises:</text> <level label="i"> <text>the Federal Home Loan Banks;</text> </level> <level label="ii"> <text>the Federal Home Loan Mortgage Corporation;</text> </level> <level label="iii"> <text>the Federal National Mortgage Association;</text> </level> <level label="iv"> <text>the Farm Credit System;</text> </level> <level label="v"> <text>the Federal Agricultural Mortgage Corporation; and</text> </level> <level label="vi"> <text>the Student Loan Marketing Association;</text> </level> </level> <level label="11"> <text>a surety bond if:</text> <level label="i"> <text>subject to the terms and conditions of the bond, it is irrevocable and absolute;</text> </level> <level label="ii"> <text>the surety bond is issued by an insurance company authorized to do business in this State;</text> </level> <level label="iii"> <text>the issuer of the surety bonds does not provide surety bonds for any one financial institution in an amount that exceeds 10% of the surety bond insurer’s policyholders’ surplus and contingency reserve, net of reinsurance; and</text> </level> <level label="iv"> <text>the claims–paying ability of the authorized insurance company is rated, at all relevant times, in the highest category by at least two nationally recognized rating agencies acceptable to the Treasurer;</text> </level> </level> <level label="12"> <text>an obligation or security of, or other interest in, any open–end or closed–end management type investment company or investment trust registered under the provisions of the federal Investment Company Act of 1940, 15 U.S.C. § 80a–1 et seq., if:</text> <level label="i"> <text>the portfolio of the open–end or closed–end management type investment company or investment trust is limited to direct obligations of the United States government and to repurchase agreements fully collateralized by United States government obligations; and</text> </level> <level label="ii"> <text>the open–end or closed–end management type investment company or investment trust takes delivery of that collateral, either directly or through an authorized custodian; or</text> </level> </level> <level label="13"> <text>a letter of credit issued by a Federal Home Loan Bank if the letter of credit meets the conditions under the guidelines issued by the State Treasurer’s office.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-203" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>The Treasurer shall give 15% of the weight of the decision to the standards established in this section in deciding whether to:</text> <level label="1"> <text>designate a financial institution as a depositary for State money under § 6-205 of this subtitle; and</text> </level> <level label="2"> <text>make an agreement with a financial institution for a banking service under § 6-229 of this subtitle.</text> </level> </level> <level label="b"> <level label="1"> <text>The Treasurer shall consider whether the financial institution received a rating of “needs improvement” or “substantial noncompliance” in its most recent examination under the federal Community Reinvestment Act of 1977, P.L. Number 95-128.</text> </level> <level label="2"> <text>If a financial institution operates in a state other than Maryland, the Treasurer shall consider Maryland-specific information that is provided within the assessment area section of the Community Reinvestment Act report.</text> </level> </level> <level label="c"> <level label="1"> <text>The Treasurer shall consider whether, during the previous 5 years, a court in Maryland has found, in a final adjudication, that a financial institution has violated any antidiscrimination statute or regulation.</text> </level> <level label="2"> <text>The Treasurer may consider whether, during the previous 5 years, a court outside Maryland has found, in a final adjudication, that a financial institution has violated any antidiscrimination statute or regulation.</text> </level> <level label="3"> <text>The Treasurer may determine how to assess a violation under paragraph (1) or (2) of this subsection if the violation was committed by:</text> <level label="i"> <text>an affiliate of the financial institution; or</text> </level> <level label="ii"> <text>an entity acquired by the financial institution.</text> </level> </level> </level> <level label="d"> <text>The Treasurer shall consider whether the financial institution has demonstrated that during the previous 5 years, the financial institution has:</text> <level label="1"> <text>successfully made loans in Maryland through State or federal lending programs designed to assist small and minority-owned businesses;</text> </level> <level label="2"> <text>had an active outreach program to assist small and minority-owned businesses through which the financial institution has made efforts in Maryland; and</text> </level> <level label="3"> <text>established strategic partnerships in Maryland with entities whose mission is to provide technical assistance to small and minority-owned businesses.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-205" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>Subject to the limitations in this subtitle and in any other law, the Treasurer may designate any financial institution as a depositary for State money.</text> </level> <level label="b"> <text>The Treasurer may designate foreign banks and similar institutions as depositaries for the purpose of conducting State government activities outside the United States. The deposits in such institutions may not exceed the amount appropriated in the budget for conducting State government activities outside the United States.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-206" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <text>The Treasurer may not designate a financial institution or a foreign institution as a depositary unless the Governor approves the designation.</text> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-209" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>State money on deposit with a financial institution shall be secured by:</text> <level label="1"> <text>deposit insurance; or</text> </level> <level label="2"> <text>collateral as required by this section.</text> </level> </level> <level label="b"> <level label="1"> <text>The collateral for State money on deposit with a financial institution:</text> <level label="i"> <text>must have, at all times, a market value that equals or exceeds the State money that is on deposit with the financial institution and is not covered by deposit insurance; and</text> </level> <level label="ii"> <text>must be approved by the Treasurer.</text> </level> </level> <level label="2"> <text>If the collateral is a surety bond under § 6-202 of this subtitle:</text> <level label="i"> <text>the surety bond shall be in a form and amount acceptable to the Treasurer as determined by the Treasurer from time to time; and</text> </level> <level label="ii"> <text>the financial institution that provides the surety bond as collateral shall immediately notify the Treasurer if the rating assigned to the issuing insurance company by any rating agency, found acceptable to the Treasurer under § 6-202 of this subtitle, is withdrawn or downgraded, in which event the financial institution shall immediately provide the Treasurer with substitute collateral permitted under § 6-202 of this subtitle.</text> </level> </level> <level label="3"> <text>Subject to the requirements of this subsection, a financial institution may change its collateral from time to time.</text> </level> </level> <level label="c"> <level label="1"> <text>A custodian shall hold the collateral under this section for the benefit of the State.</text> </level> <level label="2"> <text>A financial institution may use as a custodian:</text> <level label="i"> <text>any banking institution that is approved by the Commissioner of Financial Regulation to conduct commercial banking business in the State;</text> </level> <level label="ii"> <text>a federal reserve bank; or</text> </level> <level label="iii"> <text>any national banking association that is approved by the Comptroller of the Currency to conduct banking business in the State.</text> </level> </level> <level label="3"> <text>A financial institution may not be approved as custodian for the collateral of a depositary unless the assets of the financial institution equal or exceed 200% of the value of the collateral to be held for the depositary.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-210" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <level label="1"> <text>On request of the Treasurer, a depositary for State money shall submit to the Treasurer or a designee of the Treasurer a report that states:</text> <level label="i"> <text>the total amount of State money on deposit with the depositary;</text> </level> <level label="ii"> <text>the total amount of collateral and deposit insurance for the money; and</text> </level> <level label="iii"> <text>the market value of the collateral for the money.</text> </level> </level> <level label="2"> <text>Each national banking association that is a depositary for State money shall submit to the Comptroller of the Currency each report for which the Comptroller asks.</text> </level> <level label="3"> <text>Each banking institution that is a depositary for State money shall submit to the Commissioner of Financial Regulation each report for which the Commissioner asks.</text> </level> <level label="4"> <text>Each other bank that is a depositary for State money shall submit to the banking authority for the state where the bank has its principal office each report for which the banking authority of that state asks.</text> </level> </level> <level label="b"> <text>On request of the Treasurer a custodian shall submit to the Treasurer or a designee of the Treasurer a report that states the total amount of collateral that a depositary has with the custodian.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-212" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <level label="1"> <text>There is a Linked Deposit Program for Small Businesses in the Department of Housing and Community Development.</text> </level> <level label="2"> <text>The purpose of the Linked Deposit Program for Small Businesses is to stimulate opportunities for small businesses to have access to credit by assisting these businesses in obtaining loans at lower than market interest rates.</text> </level> </level> <level label="b"> <text>A loan qualifies under the Linked Deposit Program for Small Businesses if the loan:</text> <level label="1"> <text>satisfies the lending criteria of the financial institution;</text> </level> <level label="2"> <text>has a term not exceeding 10 years;</text> </level> <level label="3"> <text>is made to a small business qualified under Title 14, Subtitle 5 of this article;</text> </level> <level label="4"> <text>has an interest rate that the financial institution charges on a loan for a similar purpose and a similar term that is reduced by at least the lesser of:</text> <level label="i"> <text>2 percentage points; or</text> </level> <level label="ii"> <text>the difference between the financial institution’s rate on a 60–month certificate of deposit and the interest rate acceptable to the Treasurer for its deposits; and</text> </level> </level> <level label="5"> <text>has points or fees charged at loan closing not exceeding 1 percent of the loan amount.</text> </level> </level> <level label="c"> <text>The Department of Housing and Community Development shall:</text> <level label="1"> <text>confirm with the Department of General Services that each loan under the Linked Deposit Program for Small Businesses is made to a business that qualifies as a small business;</text> </level> <level label="2"> <text>establish procedures for notification by the Department of General Services if a business that has an outstanding balance of a loan under the Linked Deposit Program for Small Businesses no longer qualifies as a small business;</text> </level> <level label="3"> <text>require small businesses and lenders to notify the Department of Housing and Community Development concerning final loan disposition; and</text> </level> <level label="4"> <text>report annually to the Governor, the Treasurer, and, in accordance with § 2–1257 of the State Government Article, the General Assembly on overall performance of the Linked Deposit Program for Small Businesses.</text> </level> </level> <level label="d"> <text>The Treasurer may establish the Linked Deposit Program for Small Businesses for investment of deposits in any financial institution that:</text> <level label="1"> <text>the Treasurer has designated as a depository for State money; and</text> </level> <level label="2"> <text>makes a loan in accordance with subsection (b) of this section.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer may make one or more interest bearing deposits that are equal to:</text> <level label="i"> <text>the amount of the loan made by the financial institution in accordance with subsection (b) of this section; or</text> </level> <level label="ii"> <text>the aggregate amount of two or more loans made by one or more financial institutions in accordance with subsection (b) of this section.</text> </level> </level> <level label="2"> <text>In making an interest bearing deposit under this subsection, the Treasurer may accept a rate that is up to 2 percentage points below current market rates or an index selected by the Treasurer.</text> </level> <level label="3"> <text>The Treasurer may use up to $50,000,000 to make interest bearing deposits in an amount equivalent to the amount financial institutions loan to qualified small businesses.</text> </level> <level label="4"> <text>Notwithstanding the provisions of § 6–202 of this subtitle, the Treasurer may make an interest bearing deposit under this subsection in any financial institution without the security required in § 6–202 of this subtitle if:</text> <level label="i"> <text>the funds are initially placed for deposit with a financial institution selected by the Treasurer;</text> </level> <level label="ii"> <text>the financial institution selected by the Treasurer arranges for the further deposit of the money into one or more certificates of deposit, each in an amount of not more than the applicable Federal Deposit Insurance Corporation maximum insurance coverage limit, in one or more financial institutions for the account of the Treasurer;</text> </level> <level label="iii"> <text>at the same time the money is deposited and the certificates of deposit are issued for the benefit of the Treasurer by other financial institutions, the financial institution selected by the Treasurer receives an amount of deposits from customers of other banks or savings and loan associations equal to the amount of money initially deposited by the Treasurer;</text> </level> <level label="iv"> <text>each certificate of deposit issued for the Treasurer’s account is insured by the Federal Deposit Insurance Corporation for 100% of the principal and accrued interest of the certificate of deposit; and</text> </level> <level label="v"> <text>the financial institution selected by the Treasurer acts as custodian for the depositor with respect to the certificates of deposit issued for the Treasurer’s account.</text> </level> </level> </level> <level label="f"> <level label="1"> <text>Subject to paragraph (2) of this subsection, on notification by the Department of Housing and Community Development that a small business participating in the Linked Deposit Program for Small Businesses no longer qualifies as a small business under Title 14, Subtitle 5 of this article, the Treasurer shall reduce the amount of the interest bearing deposit with the participating financial institution by the outstanding balance of the loan made under this section to the small business that no longer qualifies under Title 14, Subtitle 5 of this article.</text> </level> <level label="2"> <text>A small business that loses its qualification due to revenue or employee growth may not be considered unqualified for purposes of paragraph (1) of this subsection.</text> </level> </level> <level label="g"> <level label="1"> <text>A loan assisted by a linked deposit is not a debt of the State or a pledge of the credit of the State.</text> </level> <level label="2"> <text>The Treasurer and the State are not liable to any financial institution for payment of the principal or interest on a loan assisted by a linked deposit.</text> </level> </level> <level label="h"> <text>The Department of Housing and Community Development and the Treasurer may adopt regulations to carry out this section.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-213" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>Except as otherwise provided by law, in accordance with regulations and policies adopted by the Treasurer and the Comptroller, each unit of the State government shall:</text> <level label="1"> <text>pay into depositaries designated by the Treasurer for the account of the State Treasury all collections, fees, income, and other revenues that are received by the unit; and</text> </level> <level label="2"> <text>account to the Comptroller for those revenues.</text> </level> </level> <level label="b"> <text>The Comptroller shall credit the revenues that a unit pays into depositaries designated by the Treasurer for the account of the State Treasury:</text> <level label="1"> <text>to the account that the law specifies; or</text> </level> <level label="2"> <text>if the law does not specify an account, to an account that the Comptroller designates for the use of the unit.</text> </level> </level> <level label="c"> <level label="1"> <text>With the approval of the Governor, the Comptroller:</text> <level label="i"> <text>shall exempt revenues from the requirements of subsection (a) of this section if the Comptroller determines that the exemption would be in the public interest; and</text> </level> <level label="ii"> <text>may rescind an exemption.</text> </level> </level> <level label="2"> <text>The Comptroller shall keep a record that shows each exemption and the reasons for it.</text> </level> <level label="3"> <text>The records shall be kept in the Office of the Comptroller and shall be open to public inspection.</text> </level> </level> <level label="d"> <level label="1"> <text>In this subsection, “State institution” includes a hospital or center that the State operates.</text> </level> <level label="2"> <text>The Treasurer may exclude from the State Treasury the personal funds that a State institution holds for its residents or clients.</text> </level> <level label="3"> <text>A State institution shall use, as a depositary for these funds, a financial institution that the Treasurer approves.</text> </level> <level label="4"> <text>The Treasurer may require the submission of a proposed agreement between the State institution and the financial institution and may approve or disapprove the agreement.</text> </level> <level label="5"> <text>The accounts established by a State institution shall be interest bearing accounts.</text> </level> <level label="6"> <text>All interest on money of a resident or client of a State institution shall be credited to the resident or client.</text> </level> <level label="7"> <text>A State institution shall:</text> <level label="i"> <text>keep records of all transactions that involve money of a resident or client; and</text> </level> <level label="ii"> <text>provide the resident or client with a statement of those transactions at least each 6 months and on discharge. �</text> </level> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-214" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <text>Each person who collects or receives money for the State and who is not subject to § 6-213(a) of this subtitle shall:</text> <level label="1"> <text>pay the money into the State Treasury as provided by law; and</text> </level> <level label="2"> <text>account to the Comptroller for the money:</text> <level label="i"> <text>at the times and in the manner that the law specifies; or</text> </level> <level label="ii"> <text>if the law does not specify the time and manner, as the Comptroller considers necessary.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-215" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <level label="1"> <text>The Comptroller may not allow a warrant for payment of money into the State Treasury to be issued until a record is made in the Office of the Comptroller.</text> </level> <level label="2"> <text>The record shall state:</text> <level label="i"> <text>the amount of the warrant; and</text> </level> <level label="ii"> <text>the account to which the money is credited.</text> </level> </level> <level label="3"> <text>The Comptroller shall keep an abstract of each warrant for payment of money into the State Treasury.</text> </level> </level> <level label="b"> <level label="1"> <text>The Treasurer, the Chief Deputy Treasurer, or a deputy treasurer shall endorse, as a receipt, a warrant for payment of money into the State Treasury that the Comptroller or, if authorized by law, the Chief Deputy Comptroller or a deputy comptroller has signed.</text> </level> <level label="2"> <text>Unless the warrant is signed as required by this subsection, an acknowledgment for money paid into the State Treasury is not valid.</text> </level> <level label="3"> <text>The Treasurer shall keep, as a voucher, a copy of each warrant for payment of money into the State Treasury.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-216" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>The Comptroller shall keep accounts that fully and accurately state, by class, State revenues and State expenditures for each fiscal year.</text> </level> <level label="b"> <text>The accounts shall be kept in the Office of the Comptroller.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-217" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <text>The account that the Comptroller keeps for the Treasurer shall:</text> <level label="1"> <text>charge the Treasurer with:</text> <level label="i"> <text>the money that is in the State Treasury when a fiscal year begins; and</text> </level> <level label="ii"> <text>money that, on warrant, is paid into the State Treasury during the fiscal year; and</text> </level> </level> <level label="2"> <text>credit the Treasurer with money that, on warrant, is paid from the State Treasury.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-218" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <text>In an action against a person who is responsible for the receipt or collection of State money or against the surety of the person, a statement of the person’s account signed and certified by the Comptroller is prima facie evidence of the amount stated in it as due.</text> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-219" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>In this section, “claim” includes a claim that is reduced to judgment.</text> </level> <level label="b"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection and subject to the limitations in this section, the Comptroller may settle a claim of the State that has been in arrears for at least 2 years:</text> <level label="i"> <text>against a person who receives or collects State money;</text> </level> <level label="ii"> <text>against the surety of that person; or</text> </level> <level label="iii"> <text>against any other person.</text> </level> </level> <level label="2"> <text>If a claim of the State is in arrears against a business entity that has permanently ceased operations, the Comptroller may settle a claim of the State regardless of the period of time for which the claim has been in arrears.</text> </level> </level> <level label="c"> <text>Before settling a claim under this section, the Comptroller shall examine the claim thoroughly and shall be satisfied that the State could not collect the claim through legal process.</text> </level> <level label="d"> <text>To settle a claim so as best to serve the interests of the State, the Comptroller may abate, wholly or partly, the principal or interest that is due to the State.</text> </level> <level label="e"> <text>The Comptroller shall discharge a person and the surety of the person when the agreed sum is paid into the State Treasury.</text> </level> <level label="f"> <level label="1"> <text>If a claim is settled without payment in full, the Comptroller shall keep a record that states the facts on which the settlement was based.</text> </level> <level label="2"> <text>The record shall be kept in the Office of the Comptroller.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-222" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <level label="1"> <text>Subject to paragraph (2) of this subsection, the Treasurer may invest or reinvest unexpended or surplus money over which the Treasurer has custody.</text> </level> <level label="2"> <text>Investments made under paragraph (1) of this subsection shall be in accordance with the limitations for the asset classes and thresholds established in regulations adopted under subsection (f) of this section.</text> </level> </level> <level label="b"> <text>The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section in accordance with the limitations of this section.</text> </level> <level label="c"> <text>Subject to § 2–1257 of the State Government Article, the Treasurer shall report by January 3 of each year to the General Assembly on investment activities for unexpended or surplus money over which the Treasurer has custody which have been conducted during the previous fiscal year. At a minimum, the report shall specify for General Fund investments and all other investments:</text> <level label="1"> <text>the inventory of investments with maturity dates and the book and market value as of June 30;</text> </level> <level label="2"> <text>the net income earned;</text> </level> <level label="3"> <text>the percentage share of each category of investment in the portfolio; and</text> </level> <level label="4"> <text>any sale of investments prior to the maturity date.</text> </level> </level> <level label="d"> <text>An investment made pursuant to this section shall be made:</text> <level label="1"> <text>with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims;</text> </level> <level label="2"> <text>in a manner designed to reasonably match the anticipated cash flow of the State so that sufficient funds are available to pay obligations upon proper presentation for payment;</text> </level> <level label="3"> <text>so that a reasonable amount of cash or cash equivalents is available for unanticipated cash needs;</text> </level> <level label="4"> <text>with due regard for minimizing risk while maximizing return;</text> </level> <level label="5"> <text>using competitive purchasing practices except when impractical;</text> </level> <level label="6"> <text>in accordance with a written investment policy;</text> </level> <level label="7"> <text>so that the securities and collateral may continue to be priced on a market to market basis; and</text> </level> <level label="8"> <text>to avoid the enhancement of the personal financial position of the Treasurer or any employee of the Treasurer who has responsibilities for such investments.</text> </level> </level> <level label="e"> <level label="1"> <level label="i"> <text>Consistent with minority business purchasing standards applicable to units of State government under this article and consistent with the fiduciary duties of the Treasurer, the Treasurer shall attempt to use to the greatest extent feasible minority business enterprises for brokerage and investment management services under this section.</text> </level> <level label="ii"> <text>For purposes of this subsection, brokerage and investment management services shall include services relating to all allocated asset classes authorized in the regulations adopted under subsection (f) of this section.</text> </level> </level> <level label="2"> <level label="i"> <text>To assist the Treasurer in achieving the goal described under paragraph (1) of this subsection, the Treasurer shall undertake measures to remove any barriers that limit full participation by minority business enterprises in brokerage and investment management services opportunities afforded under this section.</text> </level> <level label="ii"> <text>The measures undertaken by the Treasurer shall include the use of a wide variety of media, including the Treasurer’s website, to provide notice to a broad and varied range of potential providers about the brokerage and investment management services opportunities afforded by the Treasurer.</text> </level> </level> <level label="3"> <text>In conjunction with the Governor’s Office of Small, Minority, and Women Business Affairs, the Treasurer shall develop guidelines to assist in identifying and evaluating qualified minority business enterprises in order to help the Treasurer achieve the objective for greater use of minority business enterprises for brokerage and investment management services under this section.</text> </level> <level label="4"> <text>On or before September 1 each year, the Treasurer shall submit a report to the Governor’s Office of Small, Minority, and Women Business Affairs and, subject to § 2–1257 of the State Government Article, the General Assembly on:</text> <level label="i"> <text>the identity of the minority business enterprise brokerage and investment management services firms used by the Treasurer in the immediately preceding fiscal year;</text> </level> <level label="ii"> <text>the percentage and dollar value of the assets under the custody of the Treasurer that are under the investment control of minority business enterprise brokerage and investment management services firms for each allocated asset class; and</text> </level> <level label="iii"> <text>the measures the Treasurer undertook in the immediately preceding fiscal year in accordance with paragraph (2)(ii) of this subsection.</text> </level> </level> </level> <level label="f"> <level label="1"> <text>The Treasurer shall adopt regulations that establish a State investment policy.</text> </level> <level label="2"> <text>The State investment policy shall specify:</text> <level label="i"> <text>asset classes in which the Treasurer may invest or reinvest certain unexpended or surplus funds; and</text> </level> <level label="ii"> <text>thresholds for the maximum investment in each asset class authorized under item (i) of this paragraph.</text> </level> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-223" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>Except as otherwise prohibited by law, the Treasurer may invest or reinvest, in a deposit with a financial institution in the State, unexpended or surplus money over which the Treasurer has custody if:</text> <level label="1"> <text>the deposit is interest bearing; and</text> </level> <level label="2"> <text>as provided for a depositary for State money:</text> <level label="i"> <text>the financial institution provides collateral that has a market value that equals or exceeds the amount by which a deposit exceeds the deposit insurance; and</text> </level> <level label="ii"> <text>a custodian holds the collateral.</text> </level> </level> </level> <level label="b"> <text>The Treasurer may sell, redeem, or exchange an investment or reinvestment made under this section.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-224" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>Notwithstanding any other provision of law, the Treasurer may invest or reinvest unexpended or surplus State money in obligations that the Maryland Environmental Service issues for a capital project if:</text> <level label="1"> <text>there is a commitment of federal funds for the project;</text> </level> <level label="2"> <text>the Service has not received the federal funds;</text> </level> <level label="3"> <text>the amount of the investment does not exceed the federal commitment; and</text> </level> <level label="4"> <text>as to any investment or reinvestment that exceeds $500,000, the Board of Public Works approves the investment or reinvestment.</text> </level> </level> <level label="b"> <text>The Treasurer shall set the conditions of the investment or reinvestment, including the term, the interest rate, and any service charge.</text> </level> <level label="c"> <text>The Maryland Environmental Service shall repay the investment or reinvestment when the term that the Treasurer sets ends or, if sooner, when the Service receives the final federal funds.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-225" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>Notwithstanding any other provision of law, the Treasurer may invest or reinvest State money in any obligation that the Maryland Higher Education Loan Corporation guarantees if:</text> <level label="1"> <text>a financial institution holds the obligation; and</text> </level> <level label="2"> <text>the Governor approves the financial institution.</text> </level> </level> <level label="b"> <level label="1"> <text>The Treasurer may set the conditions of the investment or reinvestment, including the term and any service charge.</text> </level> <level label="2"> <text>The investments and reinvestments under this section may not exceed:</text> <level label="i"> <text>for any 1 obligation, 80% of its principal;</text> </level> <level label="ii"> <text>for any 1 financial institution, the amount by which its holdings in the obligations exceed 1% of the total deposits of the financial institution; and</text> </level> <level label="iii"> <text>for all obligations, $10,000,000.</text> </level> </level> </level> <level label="c"> <text>If the Treasurer invests or reinvests in an obligation under this section, the financial institution that holds the obligation is the collecting agent of the State for the investment or reinvestment.</text> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-226" future_version_removed="true" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <level label="1"> <text>Except as otherwise specifically provided by law or by regulation of the Treasurer, the Treasurer shall credit to the General Fund any interest on or other income from State money that the Treasurer invests.</text> </level> <level label="2"> <level label="i"> <text>This paragraph does not apply in fiscal years 2024 through 2028.</text> </level> <level label="ii"> <text>Notwithstanding any other provision of law, and unless inconsistent with a federal law, grant agreement, or other federal requirement or with the terms of a gift or settlement agreement, net interest on all State money allocated by the State Treasurer under this section to special funds or accounts, and otherwise entitled to receive interest earnings, as accounted for by the Comptroller, shall accrue to the General Fund of the State.</text> </level> <level label="iii"> <text>The provisions of subparagraph (ii) of this paragraph do not apply to the following funds:</text> <level label="1"> <text>Maryland Housing Loan Funds of 1976, 1978, 1979, and 1984;</text> </level> <level label="2"> <text>Microsoft Cost Share Fund;</text> </level> <level label="3"> <text>Subsequent Injury Fund;</text> </level> <level label="4"> <text>Uninsured Employers’ Fund;</text> </level> <level label="5"> <text>Jane E. Lawton Conservation Loan Program;</text> </level> <level label="6"> <text>Energy Overcharge Restitution Fund;</text> </level> <level label="7"> <text>PEPCO/Connectiv Settlement Fund;</text> </level> <level label="8"> <text>Baseball Capital Improvements Fund;</text> </level> <level label="9"> <text>State Victims of Crime Fund;</text> </level> <level label="10"> <text>Juvenile Accountability Incentive Block Grant Fund;</text> </level> <level label="11"> <text>Victim and Witness Protection and Relocation Fund;</text> </level> <level label="12"> <text>Unclaimed Restitution – Victims of Crime;</text> </level> <level label="13"> <text>Justice Assistance Grant;</text> </level> <level label="14"> <text>Byrne Justice Assistance Grant;</text> </level> <level label="15"> <text>Maryland Election Modernization Fund;</text> </level> <level label="16"> <text>Scriven Estate Fund;</text> </level> <level label="17"> <text>Volunteer Company Assistance Fund;</text> </level> <level label="18"> <text>Radoff Memorial Fund;</text> </level> <level label="19"> <text>Archives Endowment Account within the Archives Fund;</text> </level> <level label="20"> <text>Ellefson Endowment Fund;</text> </level> <level label="21"> <text>Albert C. Ritchie Memorial Fund;</text> </level> <level label="22"> <text>Senior Prescription Drug Assistance Program Fund;</text> </level> <level label="23"> <text>Fair Campaign Financing Fund;</text> </level> <level label="24"> <text>State Employees and Retirees Health and Welfare Benefits Fund;</text> </level> <level label="25"> <text>Major Information Technology Development Project Fund;</text> </level> <level label="26"> <text>State Retirement Agency Funds;</text> </level> <level label="27"> <text>Postretirement Health Benefits Trust Fund;</text> </level> <level label="28"> <text>Maryland Emergency Medical System Operations Fund;</text> </level> <level label="29"> <text>State Wildlife Management and Protection Fund;</text> </level> <level label="30"> <text>Fisheries Management and Protection Fund;</text> </level> <level label="31"> <text>Ocean Beach Replenishment Fund;</text> </level> <level label="32"> <text>Community Services Trust Fund;</text> </level> <level label="33"> <text>Waiting List Equity Fund;</text> </level> <level label="34"> <text>Health Care Coverage Fund;</text> </level> <level label="35"> <text>Health Services Cost Review Commission Fund;</text> </level> <level label="36"> <text>Hospital Uncompensated Care Fund;</text> </level> <level label="37"> <text>funds in the accounts of Morgan State University;</text> </level> <level label="38"> <text>funds in the accounts of St. Mary’s College of Maryland;</text> </level> <level label="39"> <text>funds in the accounts of the University System of Maryland;</text> </level> <level label="40"> <text>Maryland Prepaid College Trust Fund;</text> </level> <level label="41"> <text>Nurse Support Program Assistance Fund;</text> </level> <level label="42"> <text>funds in the accounts of the Baltimore City Community College;</text> </level> <level label="43"> <text>Education Trust Fund;</text> </level> <level label="44"> <text>Section 8 construction and administration funds administered by the Department of Housing and Community Development;</text> </level> <level label="45"> <text>MacArthur Grant Fund;</text> </level> <level label="46"> <text>all special funds within the Department of Commerce;</text> </level> <level label="47"> <text>Maryland Water Quality Revolving Loan Fund;</text> </level> <level label="48"> <text>Maryland Drinking Water Revolving Loan Fund;</text> </level> <level label="49"> <text>Bay Restoration Fund;</text> </level> <level label="50"> <text>Migratory Game Bird Fund;</text> </level> <level label="51"> <text>Deer Stamp Fund;</text> </level> <level label="52"> <text>Wildlife Habitat Incentive Fund;</text> </level> <level label="53"> <text>Fisheries Research and Development Fund;</text> </level> <level label="54"> <text>Strategic Energy Investment Fund;</text> </level> <level label="55"> <text>Criminal Injuries Compensation Fund;</text> </level> <level label="56"> <text>50% of the interest from the 9–1–1 Trust Fund;</text> </level> <level label="57"> <text>all accounts within the State Reserve Fund;</text> </level> <level label="58"> <text>local revenue accounts collected by the Judiciary;</text> </level> <level label="59"> <text>Assistive Technology Loan Fund;</text> </level> <level label="60"> <text>Veterans Trust Fund;</text> </level> <level label="61"> <text>Transportation Trust Fund;</text> </level> <level label="62"> <text>Foreclosed Property Registry Fund;</text> </level> <level label="63"> <text>Asbestos Worker Protection Fund;</text> </level> <level label="64"> <text>Maryland Innovation Initiative Fund;</text> </level> <level label="65"> <text>Family Security Trust Fund, subject to § 7–4A–03(d) of the Health Occupations Article;</text> </level> <level label="66"> <text>Baltimore City Community Enhancement Transit–Oriented Development Fund;</text> </level> <level label="67"> <text>the Maryland Legal Services Corporation Fund;</text> </level> <level label="68"> <text>Mortgage Loan Servicing Practices Settlement Fund;</text> </level> <level label="69"> <text>Maryland Offshore Wind Business Development Fund;</text> </level> <level label="70"> <text>the Maryland First Scholarship Fund;</text> </level> <level label="71"> <text>Natalie M. LaPrade Medical Cannabis Commission Fund;</text> </level> <level label="72"> <text>the Spay/Neuter Fund;</text> </level> <level label="73"> <text>State Brain Injury Trust Fund;</text> </level> <level label="74"> <text>the Baltimore City Public School Construction Facilities Fund;</text> </level> <level label="75"> <text>the Baltimore City Public School Construction Financing Fund;</text> </level> <level label="76"> <text>the Prekindergarten Expansion Fund;</text> </level> <level label="77"> <text>the Energy–Efficient Homes Construction Fund;</text> </level> <level label="78"> <text>the Maryland E–Nnovation Initiative Fund;</text> </level> <level label="79"> <text>the Innovation Investment Fund;</text> </level> <level label="80"> <text>the Regional Advanced Manufacturing Partnership of Maryland Fund;</text> </level> <level label="81"> <text>the Newborn Screening Program Fund;</text> </level> <level label="82"> <text>the Economic Development Marketing Fund;</text> </level> <level label="83"> <text>the Uniformed Services Personnel and Veteran–Owned Small Business No–Interest Loan Fund;</text> </level> <level label="84"> <text>the Baltimore Regional Neighborhood Initiative Program Fund;</text> </level> <level label="85"> <text>the Strategic Demolition and Smart Growth Impact Fund;</text> </level> <level label="86"> <text>the Seed Community Development Anchor Institution Fund;</text> </level> <level label="87"> <text>the Next Generation Scholars of Maryland Program Fund;</text> </level> <level label="88"> <text>the Construction Education and Innovation Fund;</text> </level> <level label="89"> <text>the Uninsured Motorist Education and Enforcement Fund;</text> </level> <level label="90"> <text>the Performance Incentive Grant Fund;</text> </level> <level label="91"> <text>the Internet Crimes Against Children Task Force Fund;</text> </level> <level label="92"> <text>the Community Program Fund;</text> </level> <level label="93"> <text>the Addiction Treatment Divestiture Fund;</text> </level> <level label="94"> <text>the Maryland Energy Innovation Fund;</text> </level> <level label="95"> <text>the State Lakes Protection and Restoration Fund;</text> </level> <level label="96"> <text>the National Capital Strategic Economic Development Fund;</text> </level> <level label="97"> <text>the Advance Directive Program Fund;</text> </level> <level label="98"> <text>the Make Office Vacancies Extinct Matching Fund;</text> </level> <level label="99"> <text>the Blueprint for Maryland’s Future Fund;</text> </level> <level label="100"> <text>the School Construction Revolving Loan Fund;</text> </level> <level label="101"> <text>the Safe Schools Fund;</text> </level> <level label="102"> <text>the Maryland Violence Intervention and Prevention Program Fund;</text> </level> <level label="103"> <text>the Computing Education and Professional Development Fund;</text> </level> <level label="104"> <text>the Maryland Prenatal and Infant Care Grant Program Fund;</text> </level> <level label="105"> <text>the Healthy School Facility Fund;</text> </level> <level label="106"> <text>the Natalie M. LaPrade Medical Cannabis Compassionate Use Fund;</text> </level> <level label="107"> <text>the Maryland Police Training and Standards Commission Fund;</text> </level> <level label="108"> <text>the Pretrial Services Program Grant Fund;</text> </level> <level label="109"> <text>the Supplemental Facilities Fund;</text> </level> <level label="110"> <text>the Hemp Farming Fund;</text> </level> <level label="111"> <text>the Prince George’s County Public–Private Partnership Fund;</text> </level> <level label="112"> <text>the Zero–Emission Vehicle School Bus Transition Fund;</text> </level> <level label="113"> <text>the Rape Kit Testing Grant Fund;</text> </level> <level label="114"> <text>the Pedestrian Safety Fund;</text> </level> <level label="115"> <text>the Legal Representation Fund for Title IX Proceedings;</text> </level> <level label="116"> <text>the Student Peer Mediation Program Fund;</text> </level> <level label="117"> <text>the Markell Hendricks Youth Crime Prevention and Diversion Parole Fund;</text> </level> <level label="118"> <text>the Federal Government Employee Assistance Loan Fund;</text> </level> <level label="119"> <text>the Racing and Community Development Financing Fund;</text> </level> <level label="120"> <text>the Racing and Community Development Facilities Fund;</text> </level> <level label="121"> <text>the Supplemental Public School Construction Facilities Fund;</text> </level> <level label="122"> <text>the Supplemental Public School Construction Financing Fund;</text> </level> <level label="123"> <text>the Nancy K. Kopp Public School Facilities Priority Fund;</text> </level> <level label="124"> <text>the Prescription Drug Affordability Fund;</text> </level> <level label="125"> <text>the Maryland Small Business Innovation Research and Technology Transfer Incentive Matching Fund;</text> </level> <level label="126"> <text>the Michael Erin Busch Sports Fund;</text> </level> <level label="127"> <text>the Coordinated Community Supports Partnership Fund;</text> </level> <level label="128"> <text>the Opioid Restitution Fund;</text> </level> <level label="129"> <text>the Historically Black Colleges and Universities Reserve Fund;</text> </level> <level label="130"> <text>the Rural Broadband Assistance Fund;</text> </level> <level label="131"> <text>the Digital Inclusion Fund;</text> </level> <level label="132"> <text>the Digital Connectivity Fund;</text> </level> <level label="133"> <text>the K–9 Compassionate Care Fund;</text> </level> <level label="134"> <text>the Maternal and Child Health Population Health Improvement Fund;</text> </level> <level label="135"> <text>the Inclusion Fund;</text> </level> <level label="136"> <text>the Regional Institution Strategic Enterprise Fund;</text> </level> <level label="137"> <text>the Hagerstown Multi–Use Sports and Events Facility Fund;</text> </level> <level label="138"> <text>the Pre–Seed Builder Fund;</text> </level> <level label="139"> <text>the Resilient Maryland Revolving Loan Fund;</text> </level> <level label="140"> <text>the Notary Public Fund;</text> </level> <level label="141"> <text>the Health Equity Resource Community Reserve Fund;</text> </level> <level label="142"> <text>the Access to Counsel in Evictions Special Fund;</text> </level> <level label="143"> <text>the Homeowner Protection Fund;</text> </level> <level label="144"> <text>the Maggie McIntosh School Arts Fund;</text> </level> <level label="145"> <text>the Climate Catalytic Capital Fund;</text> </level> <level label="146"> <text>the Park System Critical Maintenance Fund;</text> </level> <level label="147"> <text>the Park System Capital Improvements and Acquisition Fund;</text> </level> <level label="148"> <text>the Great Maryland Outdoors Fund;</text> </level> <level label="149"> <text>the Abortion Care Clinical Training Program Fund;</text> </level> <level label="150"> <text>the Sports Entertainment Facilities Financing Fund;</text> </level> <level label="151"> <text>the Major Sports and Entertainment Event Program Fund;</text> </level> <level label="152"> <text>the Prince George’s County Blue Line Corridor Facility Fund;</text> </level> <level label="153"> <text>the Senator George C. Edwards Fund;</text> </level> <level label="154"> <text>the 9–8–8 Trust Fund;</text> </level> <level label="155"> <text>the Maryland AIDS Drug Assistance Program Fund;</text> </level> <level label="156"> <text>the Local Cybersecurity Support Fund;</text> </level> <level label="157"> <text>the Maryland Loan Assistance Repayment Program Fund for Nurses and Nursing Support Staff;</text> </level> <level label="158"> <text>the Maryland Makerspace Initiative Fund;</text> </level> <level label="159"> <text>the Sustainable Maryland Program Fund;</text> </level> <level label="160"> <text>the On–Site Wastewater Professionals Fund;</text> </level> <level label="161"> <text>the Child Care Capital Support Revolving Loan Fund;</text> </level> <level label="162"> <text>the Maryland New Start Pilot Microloan Program Fund;</text> </level> <level label="163"> <text>the Department of General Services Broker Rebate Fee Fund;</text> </level> <level label="164"> <text>the Patient Safety Center Fund;</text> </level> <level label="165"> <text>the False Claims Fund;</text> </level> <level label="166"> <text>the Resiliency Hub Grant Program Fund;</text> </level> <level label="167"> <text>the Family and Medical Leave Insurance Fund;</text> </level> <level label="168"> <text>the Cannabis Business Assistance Fund;</text> </level> <level label="169"> <text>the Cannabis Public Health Fund;</text> </level> <level label="170"> <text>the Community Reinvestment and Repair Fund;</text> </level> <level label="171"> <text>the Young Adult Service Year Option Pathway Fund;</text> </level> <level label="172"> <text>the Maryland Service Year Option Pathway Fund;</text> </level> <level label="173"> <text>the Camden Yards Baseball Sports Facility Supplemental Financing Fund;</text> </level> <level label="174"> <text>the Camden Yards Football Sports Facility Supplemental Financing Fund;</text> </level> <level label="175"> <text>the Bus Rapid Transit Fund;</text> </level> <level label="176"> <text>the Cannabis Regulation and Enforcement Fund;</text> </level> <level label="177"> <text>the Medical Cannabis Compassionate Use Fund;</text> </level> <level label="178"> <text>the Behavioral Health Workforce Investment Fund;</text> </level> <level label="179"> <text>the Build Our Future Grant Fund;</text> </level> <level label="180"> <text>the Human–Relevant Research Fund;</text> </level> <level label="181"> <text>the Equitech Growth Fund;</text> </level> <level label="182"> <text>the Maryland Forestry Education Fund;</text> </level> <level label="183"> <text>the Transit–Oriented Development Capital Grant and Revolving Loan Fund;</text> </level> <level label="184"> <text>the Local Land Trust Revolving Loan Fund;</text> </level> <level label="185"> <text>the State Disaster Recovery Fund;</text> </level> <level label="186"> <text>the Black Bass Conservation Fund;</text> </level> <level label="187"> <text>the Non–Depository Special Fund;</text> </level> <level label="188"> <text>the Teacher Retention and Development Fund;</text> </level> <level label="189"> <text>the Protecting Against Hate Crimes Grant Fund;</text> </level> <level label="190"> <text>the Fallen Transportation Workers Scholarship Fund;</text> </level> <level label="191"> <text>the Maryland Geological Survey Fund;</text> </level> <level label="192"> <text>the Access to Attorneys, Advocates, and Consultants for Special Education Fund;</text> </level> <level label="193"> <text>the Rental Assistance for Community School Families Fund;</text> </level> <level label="194"> <text>the Community Health and Safety Works Grant Program Fund;</text> </level> <level label="195"> <text>the Camden Yards Football Sports Facility Capital Works Fund;</text> </level> <level label="196"> <text>the Camden Yards Football Sports Facility Emergency Repair Fund;</text> </level> <level label="197"> <text>the ENOUGH Grant Fund;</text> </level> <level label="198"> <text>the Talent Innovation Fund;</text> </level> <level label="199"> <text>the Climate Technology Founder’s Fund;</text> </level> <level label="200"> <text>the Whole Watershed Fund;</text> </level> <level label="201"> <text>the Radiation Emergency Response Fund;</text> </level> <level label="202"> <text>the Victims of Domestic Violence Program Grant Fund;</text> </level> <level label="203"> <text>the Proposed Programs Collaborative Grant Fund;</text> </level> <level label="204"> <text>the Maryland Pay Per Apprentice Program Fund;</text> </level> <level label="205"> <text>the West North Avenue Development Authority Fund;</text> </level> <level label="206"> <text>the Academic Excellence Fund;</text> </level> <level label="207"> <text>the Abandoned and Neglected Cemeteries Fund;</text> </level> <level label="208"> <text>the Assistive Technology Services Fund;</text> </level> <level label="209"> <text>the Private Dam Repair Fund;</text> </level> <level label="210"> <text>the Natural Resources Property Maintenance Fund;</text> </level> <level label="211"> <text>the Department of Social and Economic Mobility Special Fund;</text> </level> <level label="212"> <text>the Population Health Improvement Fund;</text> </level> <level label="213"> <text>the Aging Resilience Fund;</text> </level> <level label="214"> <text>the Resilience Through Restoration Capital Grant Fund;</text> </level> <level label="215"> <text>the Shore Erosion Control Construction Loan Fund;</text> </level> <level label="216"> <text>the Maryland Community Investment Venture Fund;</text> </level> <level label="217"> <text>the Maryland Fair and Agricultural Education Promise Fund;</text> </level> <level label="218"> <text>the Public Health Workforce Development Fund;</text> </level> <level label="219"> <text>the Green and Renewable Energy Efficiency for Nonprofits Loan Fund;</text> </level> <level label="220"> <text>the Maryland’s Future Fund;</text> </level> <level label="221"> <text>the Maryland Advanced Manufacturing Grant Program Fund;</text> </level> <level label="222"> <text>the Maryland Growth Initiative Fund; and</text> </level> <level label="223"> <text>the Suitland Development Authority Fund.</text> </level> </level> </level> </level> <level label="b"> <level label="1"> <text>Notwithstanding any other provision of law, the Treasurer may invest separately or commingled in 1 or more pools amounts to be invested by law or regulation for State agencies.</text> </level> <level label="2"> <text>The Treasurer shall allocate net earnings on amounts commingled in a pool to the appropriate State agencies entitled to receive interest earnings under subsection (a) of this section.</text> </level> </level> </section> <section article="gsf" article_name="State Finance and Procurement" number="6-229" title_number="6" title_name="Revenues" subtitle_number="2" subtitle_name="State Treasury"> <level label="a"> <text>The Treasurer may make an agreement with a financial institution as to terms, conditions, and compensation for a banking service that the financial institution provides to the State or any State agency.</text> </level> <level label="b"> <text>An agreement under this section:</text> <level label="1"> <text>shall specify the charges to be paid for a banking service;</text> </level> <level label="2"> <text>may allow the deposit of money with the financial institution in an amount determined by the Treasurer that permits the financial institution to earn sufficient compensation to offset the charges for its banking service; and</text> </level> <level label="3"> <text>shall require the financial institution to invest any money on deposit that exceeds any amount allowed by the Treasurer under item (2) of this subsection and unless otherwise specifically provided by law to pay to the State the proceeds of the investment to the General Fund of the State.</text> </level> </level> <level label="c"> <text>The Treasurer, with the concurrence of the Comptroller, may authorize a State agency to open and maintain an account with a financial institution that has an agreement with the Treasurer under this section.</text> </level> <level label="d"> <text>An account established under subsection (c) of this section shall comply with the provisions of this subtitle and regulations and policies adopted by the Treasurer and the Comptroller.</text> </level> </section>