1. (a) In this section, “Fund” means the Michael Erin Busch Sports Fund.
2. (b) There is a Michael Erin Busch Sports Fund.
3. (c) The purpose of the Fund is to provide funding for the Youth and Amateur Sports Grants Program established under § 10-612.1 of this subtitle.
4. (d) The Authority shall administer the Fund.

5. (e)

   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.

6. (f) The Fund consists of:

   1. (1) revenue distributed to the Fund under § 9-120(b)(1)(iv) of the State Government Article;
   2. (2) money appropriated in the State budget to the Fund;
   3. (3) interest earnings or other income earned from the investment of any money in the Fund; and
   4. (4) any other money from any other source accepted for the benefit of the Fund.

7. (g) The Fund may be used only to:

   1. (1) make grants under the Youth and Amateur Sports Grants Program; and
   2. (2) pay the costs necessary to administer and operate the Youth and Amateur Sports Grants Program, including marketing and advertising costs.

8. (h)

   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.
9. (i) Expenditures from the Fund may be made only in accordance with the State budget.

<Section effective July 1, 2024. See, also, section 10-612.2 effective until July 1, 2024.>

Added by Acts 2021, c. 33, § 1, eff. March 14, 2021. Amended by Acts 2021, c. 150, § 1, eff. June 1, 2021.