2013 Maryland Code
STATE FINANCE AND PROCUREMENT
§ 10-306 - Transfers of State real or personal property -- Accounting for proceeds

§10-306.

(a) In this section, “capital asset” means an asset of a substantial permanent nature.

(b) If the consideration received for the disposition of any real or personal property of the State or any unit of the State government is other real or personal property, the real or personal property received shall be held and accounted for in the same manner as other property under the jurisdiction and control of the unit of the State government that receives the real or personal property.

(c) (1) Except as provided in paragraphs (2) and (3) of this subsection, if cash is received as consideration for the disposition of a capital asset of the State or any unit of the State government, the cash shall be applied to the State Annuity Bond Fund Account for the payment of the principal of and interest on the bonded indebtedness of the State.

(2) If the capital asset is real property that is being leased or sold to a private party for the purpose of realizing a transit-oriented development as defined under § 7-101 of the Transportation Article, at the discretion of the State agency that is disposing of the property, all or a portion of the cash proceeds resulting from the transaction shall be deposited in the Baltimore City Community Enhancement Transit-Oriented Development Fund established under Title 15 of the Economic Development Article for the purposes of that Fund.

(3) (i) If cash is received as consideration for the disposition of a capital asset, and if the capital asset was originally purchased with special funds, the cash shall be applied to the special fund.

(ii) Notwithstanding subparagraph (i) of this paragraph, cash received as consideration for the disposition of helicopters, auxiliary helicopter equipment, ground support equipment, or other capital equipment related to helicopters shall be applied to the State Annuity Bond Fund Account for the payment of the principal of and interest on the bonded indebtedness of the State.

(4) If cash is received as consideration for the disposition of any real or personal property of the State or any unit of the State government, other than a capital asset, the cash shall be accounted for and paid into the State Treasury.