Home Table of Contents

§ 2-1401. Maryland Dairy Farmer Emergency Trust Fund

West's Annotated Code of MarylandAgricultureEffective: October 1, 2008

West's Annotated Code of Maryland
Agriculture
Title 2. Department of Agriculture (Refs & Annos)
Subtitle 14. Maryland Dairy Farmer Emergency Trust Fund (Refs & Annos)
Effective: October 1, 2008
MD Code, Agriculture, § 2-1401
§ 2-1401. Maryland Dairy Farmer Emergency Trust Fund
Currentness
Fund defined
(a) In this section, “Fund” means the Maryland Dairy Farmer Emergency Trust Fund.
In general
(b) There is a Maryland Dairy Farmer Emergency Trust Fund.
Purpose of Fund
(c) The purpose of the Fund is to provide financial assistance to dairy farmers during periods of economic hardship due to depressed milk prices.
Administration
(d) The Secretary shall administer the Fund.
Reversion of balance to General Fund
(e)(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.
Contents of Fund
(f)(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.
Use of Fund
(g) The Fund may be used only to provide financial assistance to dairy farmers during periods of economic hardship due to depressed milk prices.
Investment of Fund moneys
(h)(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.
Applications for financial assistance
(i) The Secretary shall establish procedures for dairy farmers to apply for financial assistance from the Fund.

Credits

Added by Acts 2008, c. 277, § 1, eff. July 1, 2008.
MD Code, Agriculture, § 2-1401, MD AGRIC § 2-1401
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document