(a) (1) In this section the following words have the meanings indicated.
(2) “Donation” includes an in–kind donation.
(3) “Inaugural committee” means an entity formed by the Governor and Lieutenant Governor for the exclusive purpose of receiving private donations and making disbursements to finance the inaugural festivities of the Governor and Lieutenant Governor.
(4) “Inaugural festivities” includes any ceremony, party, reception, or other event that is organized, approved, or authorized by the Governor and Lieutenant Governor to celebrate the inauguration of the Governor and Lieutenant Governor.
(b) The inaugural festivities of the Governor and Lieutenant Governor may be financed with private donations only if the private donations are:
(1) received by or on behalf of an inaugural committee; and
(2) disclosed by the inaugural committee in accordance with this section.
(c) An inaugural committee may not receive or disburse money or any other thing of value unless the inaugural committee files a statement of organization with the State Board that includes:
(1) the appointment of a treasurer; and
(2) any other information that the State Board requires.
(d) (1) The treasurer shall maintain detailed and accurate records of all donations received and disbursements made by or on behalf of the inaugural committee.
(2) A person who makes an in–kind private donation to an inaugural committee shall provide to the treasurer sufficiently detailed information to allow the treasurer to maintain an adequate record of the donation.
(3) An inaugural committee shall retain the records required to be kept under this subsection for a period of 2 years after filing a final report.
(e) An inaugural committee shall:
(1) deposit all monetary donations received in a designated bank account; and
(2) make all disbursements from the designated bank account.
(f) The treasurer of an inaugural committee shall file a report with the State Board as required in this section:
(1) using an electronic format;
(2) with the electronic signature of the treasurer at the time of filing the report;
(3) under oath or affirmation; and
(4) subject to the penalties for perjury.
(g) A report filed by the treasurer of an inaugural committee under this section shall include the information required by the State Board with respect to all donations received and disbursements made by or on behalf of the inaugural committee during the reporting period.
(h) The treasurer of an inaugural committee shall file a report in full and accurate detail on or before:
(1) March 7 of the inauguration year, for the period from the date of organization of the inaugural committee through the preceding March 1;
(2) July 7 of the inauguration year, for the period from the closing date of the previous report through the preceding July 1;
(3) January 7 of the year following the inauguration, for the period from the closing date of the previous report through the preceding January 1; and
(4) January 7 of each subsequent year, for the period from the closing date of the previous report through the preceding January 1, until the inaugural committee files a final report.
(i) The State Board shall make the reports submitted under this section publicly available on the Internet.
(j) (1) The State Board shall assess a late filing fee for failure to properly file a report or amended report under this section.
(2) The fee is $10 for each day or part of a day that a report or amended report is overdue.
(3) The maximum fee payable for a report or amended report is $500.
(4) Late filing fees under this subsection shall be paid by:
(i) the inaugural committee; or
(ii) if the inaugural committee has insufficient funds with which to pay a late filing fee in a timely manner, the treasurer.
(5) Late filing fees shall be distributed to the Fair Campaign Financing Fund established under § 15–103 of this article.
(6) If the treasurer of an inaugural committee fails to provide all the information required on a report under this section:
(i) the State Board shall notify the treasurer in writing of the particular deficiencies; and
(ii) the treasurer shall file an amended report that includes all of the information required within 30 days after service of the notice.
(7) (i) The State Board shall accept an overdue report or amended report that is submitted without payment of the late filing fee, but the report or amended report is not considered filed until the fee has been paid.
(ii) After an overdue report or amended report is received under subparagraph (i) of this paragraph, no further late filing fee shall be incurred.
(8) The treasurer of an inaugural committee that fails to properly file a report or amended report may seek relief from a late filing fee imposed under this subsection for just cause as provided in § 13–337 of this title.
(k) An inaugural committee may not make:
(1) a contribution to a political committee;
(2) an independent expenditure;
(3) a disbursement for an electioneering communication as defined in § 13–307 of this title; or
(4) a disbursement for any purpose other than financing the inaugural festivities of the Governor and Lieutenant Governor.
(l) An inaugural committee shall terminate and file a final report within 1 year of the later of:
(1) the end of the Governor and Lieutenant Governor’s most recent term of office; or
(2) the payment of the final debt or other obligation of the inaugural committee.
(m) Before filing a final report, an inaugural committee shall pay all outstanding obligations and dispose of all its remaining assets by:
(1) returning the remaining balance in the account of the inaugural committee to the donors on a pro rata basis; or
(2) contributing the remaining balance in the account of the inaugural committee to:
(i) a charitable organization; or
(ii) the Fair Campaign Financing Fund established under § 15–103 of this article.