WILLIAM DONALD SCHAEFER, Governor                   Ch. 311

(a) There is a Capital Grant Fund for Historic
Preservation. The [Maryland Historical] Trust shall administer
the Capital Grant Fund. The Comptroller of the Treasury shall
deposit in the Capital Grant Fund those funds authorized by
statute or budget allocation to implement and encourage
restoration and preservation of historic and cultural properties
and to implement the purposes set forth in the other provisions
of this subtitle. An expenditure may not be made under this
section unless the subject property has been listed in or
determined eligible for the Maryland Register of Historic
Properties. The [Maryland Historical] Trust may expend the
amounts in the Capital Grant Fund, with the approval of the Board
of Public Works, for the following purposes:

(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, if the grant recipient conveys a preservation
easement to the [Maryland Historical] Trust at the time the grant
is made.

(b)  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 report to the
Governor and, subject to § 2-1312 of the State Government
Article, to the General Assembly the financial status of the Fund
for the preceding 12 month period.

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