Section 2-1401 - Maryland Dairy Farmer Emergency Trust Fund.
§ 2-1401. Maryland Dairy Farmer Emergency Trust Fund.
(a) "Fund" defined.- In this section, "Fund" means the Maryland Dairy Farmer Emergency Trust Fund.
(b) Fund established.- There is a Maryland Dairy Farmer Emergency Trust Fund.
(c) Purpose.- The purpose of the Fund is to provide financial assistance to dairy farmers during periods of economic hardship due to depressed milk prices.
(d) Administration by Secretary.- The Secretary shall administer the Fund.
(e) Reversion of unspent, unencumbered funds; management.-
(1) At the end of each fiscal year, any unspent or unencumbered balance in the Fund that exceeds $15,000,000 shall revert to the General Fund in accordance with § 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) Contents.-
(1) The Fund consists of:
(i) Money appropriated in the State budget to the Fund;
(ii) Any investment earnings of the Fund; and
(iii) Any other money from any other source accepted for the benefit of the Fund.
(2) The Governor may include an appropriation in the State budget each fiscal year for the Fund.
(g) Use.- The Fund may be used only to provide financial assistance to dairy farmers during periods of economic hardship due to depressed milk prices.
(h) Investments.-
(1) The 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 Fund.
(i) Procedures for application for assistance.- The Secretary shall establish procedures for dairy farmers to apply for financial assistance from the Fund.
[2008, ch. 277.]