Section 4-801 - Special Fund for Preservation of Cultural Arts in Maryland. - Maryland Statutes

§ 4-801. Special Fund for Preservation of Cultural Arts in Maryland.
 

(a)  "Fund" defined.- In this section, "Fund" means the Special Fund for Preservation of Cultural Arts in Maryland. 

(b)  Established.- There is a Special Fund for Preservation of Cultural Arts in Maryland. 

(c)  Purpose.- The purpose of the Fund is to provide emergency grants to cultural arts organizations, including museums, or similar entities in the State. 

(d)  Administration.- The Secretary of Business and Economic Development shall administer the Fund. 

(e)  Character.-  

(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)  Composition.- The Fund consists of: 

(1) revenue distributed to the Fund under § 2-202(1)(ii) of the Tax - General Article; and 

(2) any other money from any other source accepted for the benefit of the Fund. 

(g)  Use.-  

(1) Subject to paragraph (2) of this subsection, the Fund may be used only for preventing the closure, termination, or financial distress of cultural arts organizations, including museums, or similar entities in the State. 

(2) For fiscal year 2011: 

(i) $450,000 from the Fund shall be used to provide a grant to the Baltimore Symphony Orchestra; and 

(ii) $50,000 from the Fund shall be used to provide a grant to the National Philharmonic. 

(h)  Investment.-  

(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)  Appropriation.- 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 Department of Business and Economic Development only after the proposed budget amendment has been: 

(i) submitted to the Senate Budget and Taxation Committee and the House Appropriations Committee of the General Assembly; and 

(ii) approved by the Legislative Policy Committee. 

(j)  Supplemental funding.- Money expended from the Fund for cultural arts organizations, including museums, or other similar entities is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for those organizations or similar entities. 
 

[2009, ch. 661; 2010, ch. 484, § 3.]