Maryland Code, ECONOMIC DEVELOPMENT 10-4D-02
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-4D-02
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The purpose of the Fund is to promote State-funded research intended to develop human-relevant alternatives to using nonhuman animals in medical and product testing and research through grants and loans to public and private entities in the State.
(c) The Corporation shall administer the Fund.
(d) (1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e) The Fund consists of:
(1) revenue distributed to the Fund under § 24-2302 of the Health – General Article;
(2) money appropriated in the State budget to the Fund;
(3) interest earnings of the Fund; and
(4) any other money from any other source accepted for the benefit of the Fund.
(f) Money in the Fund may be used only to:
(1) award grants and loans for State-funded, human-relevant animal testing alternatives research in accordance with the recommendations of the Board; and
(2) pay the costs necessary to administer the Fund.
(g) (1) The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.
(2) Any interest earnings of the Fund shall be credited to the Fund.
(h) (1) The Governor may include in the State budget bill each fiscal year an appropriation to the Fund.
(2) Expenditures from the Fund may be made only in accordance with the State budget.