(a) There is a Chesapeake and Atlantic Coastal Bays 2010 Trust Fund.
(b) The purpose of the Fund is to provide financial assistance necessary to advance Maryland’s progress in meeting the goals established in the 2014 Chesapeake Bay Watershed Agreement for the restoration of the Chesapeake Bay and its tributaries, including the Patuxent River, and to restore the health of the Atlantic Coastal Bays and their tributaries, by focusing limited financial resources on nonpoint source pollution control projects in all regions of the State.
(c) The Secretary shall administer the Fund.
(d) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2) The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e) The Fund consists of:
(1) Money appropriated in the State budget for the Fund;
(2) Money distributed to the Fund under §§ 2–1104 and 2–1302.1 of the Tax – General Article; and
(3) Any other money from any other source accepted for the benefit of the Fund.
(f) (1) The Fund may be used only for the implementation of nonpoint source pollution control projects to:
(i) Support State and local watershed implementation plans by targeting limited financial resources on the most effective nonpoint source pollution control projects; and
(ii) Improve the health of the Atlantic Coastal Bays and their tributaries.
(2) It is the intent of the General Assembly that, when possible, moneys in the Fund shall be granted to local governments and other political subdivisions for agricultural, forestry, stream and wetland restoration, and urban and suburban stormwater nonpoint source pollution control projects, including up to 25% in matching funds to local governments and other political subdivisions that have enacted a stormwater remediation fee under § 4–202.1 of the Environment Article.
(g) (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 retained to the credit of the Fund.
(h) Money expended from the Fund for the restoration of the Chesapeake and Atlantic Coastal Bays and their tributaries, including the Patuxent River, is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for bay restoration.
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