1. (a)

   1. (1) There is an Industry 4.0 Technology Grant Fund.
   2. (2) The Secretary shall administer the Fund.

   3. (3)

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

2. (b) The Fund consists of:

   1. (1) money appropriated in the State budget to the Fund; and
   2. (2) any other money from any other source accepted for the benefit of the Fund.
3. (c) The Fund may be used only for providing grants under the Program to eligible applicants.

4. (d)

   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 General Fund of the State.
   3. (3) For each of fiscal years 2025 through 2028, the Governor shall include in the annual budget bill an appropriation of $1,000,000 to the Fund.

Added by Acts 2023, c. 498, § 1, eff. Oct. 1, 2023.