(a) In this section, "Fund" means the Maryland Horse Industry Fund. (b) There is a Maryland Horse Industry Fund in the Department. (c) (1) The Fund is a continuing, revolving special fund to be maintained by the State Treasurer. (2) The State Treasurer shall hold and the State Comptroller shall account for the Fund. (d) The Fund shall be invested and reinvested. Any interest or other investment earnings of the Fund shall be credited and paid into the Fund. (e) At the end of a fiscal year, any unspent or unencumbered balance in the Fund may not revert to the General Fund of the State. (f) The Fund consists of: (1) Money made available from an assessment on equine feed as required under § 6-107.2 of this article; (2) Money made available to the Fund by general, federal, or special fund appropriations; (3) Money made available to the Fund by gifts, grants or transfers from any government or unit or instrumentality of a government or from any private sector sources; and (4) Money made available from licensing and inspection of horse stables as required under §§ 2-711, 2-712, and 2-713 of this subtitle. (g) The Board shall use the money in the Fund in accordance with the provisions of § 2-708 of this subtitle. (h) Except for the purposes in § 2-708.1 of this subtitle, the Board may not use any money in the Fund for any other purpose of the Board.
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