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<section article="gec" article_name="Economic Development" number="10-523" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation">
  <level label="a">
    <level label="1">
      <text>The Corporation may receive annual funding through an appropriation in the State budget.</text>
    </level>
    <level label="2">
      <text>The Corporation may also receive money for projects included in the budgets of State units.</text>
    </level>
    <level label="3">
      <level label="i">
        <text>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:</text>
        <level label="1">
          <text>for fiscal year 2021, $2,875,000; and</text>
        </level>
        <level label="2">
          <text>for each of the fiscal years 2022 through 2025, $2,735,000.</text>
        </level>
      </level>
      <level label="ii">
        <level label="1">
          <text>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.</text>
        </level>
        <level label="2">
          <text>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.</text>
        </level>
      </level>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>All unexpended and unencumbered money appropriated to the Corporation shall remain with the Corporation for future use.</text>
    </level>
  </level>
  <level label="c">
    <text>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.</text>
  </level>
  <level label="d">
    <text>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.</text>
  </level>
</section>
