1. (a) There is a Maryland Geological Survey Fund in the Department.
2. (b) The purpose of the Fund is to finance the direct and indirect costs of administering this subtitle, including long-term budgeting and planning for Survey projects, procurements, and equipment purchases.
3. (c) The Department 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 for:

   1. (1) Covering the costs of the operation of the Survey;
   2. (2) Purchasing and maintaining equipment for use by the Department or the Survey;
   3. (3) Funding projects undertaken and overseen by the Survey;
   4. (4) Administering this subtitle; and
   5. (5) Administrative expenses calculated in accordance with § 1-103(b)(2) of this article.

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.

Added by Acts 2024, c. 85, § 1, eff. Oct. 1, 2024; Acts 2024, c. 86, § 1, eff. Oct. 1, 2024.