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§ 11-404.1. Additional annual grants

West's Annotated Code of MarylandBusiness RegulationEffective: June 1, 2013

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 11. Horse Racing (Refs & Annos)
Subtitle 4. Special Fund (Refs & Annos)
Effective: June 1, 2013
MD Code, Business Regulation, § 11-404.1
§ 11-404.1. Additional annual grants
(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.

Credits

Added by Acts 2005, c. 410, § 1, eff. May 10, 2005. Amended by Acts 2013, c. 425, § 1, eff. June 1, 2013; Acts 2016, c. 8, § 5.
MD Code, Business Regulation, § 11-404.1, MD BUS REG § 11-404.1
Current through legislation effective through June 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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