§ 11-404.1

Maryland § 11-404.1

• Jurisdiction: Maryland
• Article gbr: Business Regulation
• Title: 11

Text

(a) If in any fiscal year revenues to the Special Fund established under § 11–402 of this subtitle are insufficient to fully fund all grants required under §§ 11–403 and 11–404 of this subtitle, the Comptroller shall proportionally reduce the amount of payments required under §§ 11–403(a)(2) and (4), 11–403(c)(2), and 11–404 of this subtitle.

(b) If in any fiscal year revenues to the Special Fund established under § 11–402 of this subtitle are sufficient to fully fund all grants required under §§ 11–403 and 11–404 of this subtitle, after all required deductions from the Special Fund are made, the Comptroller shall pay from the Special Fund an annual grant of:

(1) $300,000 to be allocated in the following way:

(i) 70% to the Maryland–Bred Race Fund; and

(ii) 30% to the Maryland Standardbred Race Fund, to be divided equally between the Sire Stakes Program and the Foaled Stakes Program; and

(2) $260,000 to the Maryland Agricultural Education and Rural Development Assistance Fund established under § 2–206 of the State Finance and Procurement Article, with $130,000 to be allocated to support the operations of the Rural Maryland Council.