HARRY HUGHES, Governor

2583

(1)  Acquisition of property or partial interests in
property by the Trust for use for its own authorized purposes or
resale subject to appropriate preservation easements;

(2)  Preservation, restoration, rehabilitation, or
reconstruction of properties owned by the Trust, for use for its
own authorized purposes or possible resale subject to appropriate
preservation easements; and

(3)  Grants to nonprofit foundations or organizations,
political subdivisions, or individuals for the purpose of
acquiring, preserving, restoring, or rehabilitating properties or
structures [that the Maryland Historical Trust determines are of
historical, architectural, or cultural significance], if the
grant recipient conveys a preservation easement to the Maryland
Historical Trust at the time the grant is made.

(b)   [Until July 1, 1984, the] THE Maryland Historical Trust
also may make grants, not to exceed 10 percent of all grants made
by the Trust under this section, to business entities for the
purposes and pursuant to the conditions set forth in subsection
(a)(3) of this section.

(c)  If operating budget funds are appropriated for these
purposes, those operating funds may also be used by the Trust or
given as grants to nonprofit foundations or organizations,
political subdivisions, business entities or individuals for
historic preservation education and promotion, to include but not
limited to, planning, research, survey, and documentation as
authorized.

(d)  The Maryland Historical Trust shall deposit in the
Capital Grant Fund all moneys which it derives from any property
acquired, preserved, restored, rehabilitated, or reconstructed
with moneys from the Capital Grant Fund.

(e)  THE TRUST SHALL INCLUDE IN ITS ANNUAL [By January 1 of
each year, the Trust shall submit a] report to the Governor and,
subject to § 2-1312 of the State Government Article, to the
General Assembly [reporting] the financial status of the Fund for
the preceding 12 month period.

(F) BY JANUARY 1 OF EACH YEAR, THE TRUST SHALL INVESTIGATE
AND EVALUATE ALL APPLICATIONS RECEIVED BY THE TRUST FOR
ASSISTANCE FROM THE CAPITAL GRANT FUND FOR THE FOLLOWING FISCAL
YEAR AND SUBMIT A REPORT TO THE GOVERNOR AND THE GENERAL ASSEMBLY
INCLUDING A LIST OF THE ELIGIBLE APPLICATIONS RANKED IN ORDER OF
STATEWIDE PRIORITY AS DETERMINED BY TRUST EVALUATION.

[181J.

Subject to the terms of § 181I, the Trust is authorized to
sell, convey, assign, lease, or otherwise transfer or dispose of
any property held by it and enter into any contracts incident