(a) There is a Volunteer Company Assistance Fund. (b) (1) The Fund is a special, nonlapsing fund that is not subject to § 7- 302 of the State Finance and Procurement Article. (2) The Treasurer shall hold the Fund separately and the Comptroller shall account for the Fund. (c) After consultation with the Association, the Governor may include in the State budget each year an appropriation to the Fund. (d) (1) Any investment earnings of the Fund shall be credited to the Fund. (2) Repayments on loans from the Fund shall be placed in the Fund and made available to fund grant or loan requests. (e) For the purpose of making loans under this subtitle, the Association shall: (1) develop loan criteria; (2) develop loan terms, including interest rates; and (3) recommend to the Board of Public Works the approval or denial of loans.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.