(a) In this section, “Fund” means the Special Fund for Preservation of Cultural Arts in Maryland.
(b) There is a Special Fund for Preservation of Cultural Arts in Maryland.
(c) The purpose of the Fund is to provide supplemental grants to cultural arts organizations in the State that qualify for general operating support grants from the Maryland State Arts Council.
(d) The Secretary of Commerce shall administer the Fund.
(e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f) The Fund consists of:
(1) revenue distributed to the Fund under § 2–202(a)(1)(ii) of the Tax – General Article; and
(2) any other money from any other source accepted for the benefit of the Fund.
(g) The Fund shall be used to provide supplemental grants for operating and programmatic improvements that strengthen the organizational capacity and financial stability of cultural arts organizations in the State that qualify for general operating support grants from the Maryland State Arts Council.
(h) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2) Any investment earnings of the Fund shall be credited to the General Fund of the State.
(i) For each appropriation to the Fund, the Governor may:
(1) include the funds in the State budget subject to appropriation by the General Assembly; or
(2) transfer the funds by budget amendment from the Fund to the expenditure account of the Maryland State Arts Council.
(j) Supplemental grants made from the Fund are supplemental to and may not take the place of funding that otherwise would be appropriated for qualifying organizations.
Structure Maryland Statutes