§ 10-523
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/md/economic-development/10-523A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–523.
(1)The Corporation may receive annual funding through an appropriation in the State budget.
(2)The Corporation may also receive money for projects included in the budgets of State units.
(i)To assist the Corporation in complying with subsection
(c)of this section, the Governor shall include each year in the State budget bill an appropriation to the Corporation for rural business development and assistance as follows:
1. for fiscal year 2021, $2,875,000; and
2. for each of the fiscal years 2022 through 2025, $2,735,000.
(ii)1. Except as provided in subsubparagraph 2 of this subparagraph, in addition to any money provided under subparagraph
(i)of this paragraph, the Governor may include each year in the State budget bill an appropriation to the Corporation in an amount not exceeding $5,000,000 for rural land acquisition and easement programs, including programs to assist young and beginning farmers.
2. For fiscal year 2024, the Governor shall include in the annual budget bill a General Fund appropriation in the amount of $10,000,000 to the Corporation for the Next Generation Farmland Acquisition Program.
(1)The funds appropriated to the Corporation under subsection (a)(3)(i)2 of this section shall be used to support the Corporation’s rural business loan programs and small matching grant programs.
(2)All unexpended and unencumbered money appropriated to the Corporation shall remain with the Corporation for future use.
(c)The Corporation shall conduct its financial affairs so that, by fiscal year 2026, it is self–sufficient and in no further need of general operating support by the State.
(d)The Corporation may use up to 3% of the money received under § 13–306(a)(3)(ii)2 of the Tax – Property Article for administrative costs associated with the Next Generation Farmland Acquisition Program.