(a) In this section, “distressed county” means:
(1) Baltimore City; and
(2) a county:
(i) with an average rate of unemployment for the most recent 24–month period for which data are available that exceeds:
1. 150% of the average rate of unemployment for the State during that period; or
2. the average rate of unemployment for the State during that period by at least 2 percentage points;
(ii) with an average per capita personal income for the most recent 24–month period for which data are available that is equal to or less than 67% of the average per capita personal income for the State during that period; or
(iii) that no longer meets either criterion stated in item (i) or (ii) of this item but has met at least one of the criteria at some time during the preceding 24–month period.
(b) The Fund is a continuing, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(c) (1) The Fund consists of appropriations that are made to the Fund from the State budget.
(2) (i) For each fiscal year, the Governor shall include in the annual State budget an appropriation of $750,000 for the Fund.
(ii) In addition to the funds provided under subparagraph (i) of this paragraph, the Governor shall provide sufficient funds to ensure that each county receives at least $5,000 under subsection (d)(2) of this section.
(d) (1) $100,000 of the Fund shall be distributed to counties for senior citizen activities centers based on a competitive grant process administered by the Department.
(2) (i) $400,000 of the Fund shall be distributed to counties based on each county’s proportional share of the statewide population of senior citizens.
(ii) A county shall receive at least $5,000 under this paragraph.
(3) At least $250,000 of the Fund shall be distributed for senior citizen activities centers to distressed counties as follows:
(i) $150,000 shall be divided evenly; and
(ii) $100,000 shall be divided proportionately by each county’s share of the total population of senior citizens in distressed counties.
(e) The Fund shall be invested and reinvested in the same manner as other State funds.