In this section the following words have the meanings indicated. “Account” means the Catastrophic Event Account. “Fund” means the State Disaster Recovery Fund established under § 14–110.5 of the Public Safety Article. Subject to the provisions of this section, the Account is established to enable the State or a local government to respond without undue delay to: a natural disaster or other catastrophic situation; federal employee financial hardship from a full or partial federal government shutdown due to a lapse in federal appropriations that cannot be taken care of within the resources of existing appropriations; or former federal employee financial hardship from the closure, relocation, or mass layoff of a unit of the federal government, or other similar circumstances. The Governor may provide an appropriation in the budget bill to the Account. Subject to paragraph (2) of this subsection, after a 10–day review and comment period by the Legislative Policy Committee, the Governor may transfer funds by budget amendment from the Account to: the expenditure accounts of the appropriate unit of State government or unit of local government; or subject to subsection (e)(2)(ii) of this section, the State Disaster Recovery Fund. If the federal government is in a full or partial shutdown due to a lapse in appropriations, after a 2–day review and comment period by the Legislative Policy Committee, the Governor may transfer funds by budget amendment from the Account to the Federal Government Employee Assistance Loan Fund established under § 7–327 of this subtitle. Funds appropriated to the Catastrophic Event Account: may not be used to offset operating deficiencies in regular programs of State government; but may be expended to assist a unit of State government or unit of local government in funding costs in connection with: a natural disaster; a catastrophic situation; a full or partial federal government shutdown due to a lapse in appropriations; or a closure, relocation, or mass layoff of a unit of the federal government; and may be transferred to the State Disaster Recovery Fund if: the balance of the Fund has been depleted due to use or transfer; or the estimated costs for providing adequate disaster relief for a natural disaster or catastrophic situation are in excess of the Fund’s balance. The Account is a continuing, nonlapsing fund which is not subject to § 7–302 of this subtitle. The Treasurer shall separately hold, and the Comptroller shall account for, the Account. The Account shall be invested and reinvested in the same manner as other State funds. Any investment earnings shall be subject to § 7–311(d) of this subtitle. Money appropriated to the Account does not revert to the Revenue Stabilization Account.