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Maryland Code, State Finance and Procurement § 7-305

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this section, “capital expenditure” includes an expenditure for:

(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.

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Cite this article: FindLaw.com - Maryland Code, State Finance and Procurement § 7-305 - last updated January 01, 2025 | https://codes.findlaw.com/md/state-finance-and-procurement/md-code-state-fin-and-proc-sect-7-305/

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