Maryland Code, STATE FINANCE AND PROCUREMENT 7-305
Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 7-305
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- 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.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) acquisition of land, buildings, or equipment; or
(2) new construction.
(b) At the end of a fiscal year, the unspent part of an appropriation for a capital expenditure made through the State budget or a supplementary appropriation act other than an enabling act for a general obligation loan:
(1) does not revert to the General Fund; and
(2) with the approval of the Board of Public Works, may be carried in a capital account until it is spent in accordance with subsection (c) of this section or until the authority to spend the appropriation for a project terminates.
(c) Money carried in a capital account under subsection (b) of this section may be spent only for a capital purpose.
(d) Unless otherwise provided by law, the authority to spend the appropriation for a project terminates:
(1) 2 years after the effective date of the appropriation act that authorizes the project, if:
(i) evidence that a required matching fund will be provided has not been presented to the Board; or
(ii) no part of the project is under contract and the Board has not encumbered money for any part of the project;
(2) 1 year after the latest of abandonment, completion, or acceptance of the project; or
(3) except to the extent the Board has encumbered money for a State project or program authorized by an appropriation act, 7 years after the effective date of the appropriation act that authorized the project unless:
(i) the appropriation act provides otherwise; or
(ii) in an emergency, the Board unanimously grants a temporary exception for 1 year.