1. (a) There is a Maryland Fair and Agricultural Education Promise Fund.
2. (b) The purpose of the Fund is to provide grants that advance agricultural fairs and education in the State.
3. (c) The Comptroller shall administer the Fund.

4. (d)

   1. (1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
   2. (2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

5. (e) The Fund consists of:

   1. (1) Money appropriated in the State budget to the Fund;
   2. (2) Interest earnings; and
   3. (3) Any other money from any other source accepted for the benefit of the Fund.

6. (f) The Fund may be used only:

   1. (1) To provide annual grants in accordance with § 10-2203 of this subtitle; and
   2. (2) For administrative expenses of the Comptroller in carrying out this subtitle.

7. (g)

   1. (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
   2. (2) Any interest earnings of the Fund shall be credited to the Fund.
8. (h) Expenditures from the Fund may be made only in accordance with the State budget.
9. (i) For each fiscal year, the Governor shall include in the annual budget bill an appropriation of $200,000 to the Fund.

Added by Acts 2026, c. 163, § 1, eff. June 1, 2026.