Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-503
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-503
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) There is a Partnership Rental Housing Fund.
(c) The Fund consists of:
(1) money appropriated by the State to the Partnership Rental Housing Program;
(2) money made available to the Partnership Rental Housing Program from the sale of general obligation or other bonds including the proceeds of the sale of bonds authorized by Chapter 625 of the Acts of the General Assembly of 1988 and Chapter 97 of the Acts of the General Assembly of 1989;
(3) investment earnings of the Fund; and
(4) repayment of loans from the Fund except to the extent any State or federal law governing the proceeds of bonds prohibits the recycling of money.
(d) Subject to the approval of the Legislative Policy Committee and § 7-209 of the State Finance and Procurement Article, after the first 8 months of a fiscal year, the Department may transfer unencumbered money in the Fund among the Partnership Rental Housing Fund, the Rental Housing Programs Fund, the Homeownership Programs Fund, and the Special Loan Programs Fund, if the Secretary determines that demand is:
(1) less than anticipated for the fund from which money is being transferred; and
(2) greater than anticipated for the fund to which money is being transferred.