(a) Continuing; nonlapsing.- The Fund is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(b) Composition.-
(1) The Fund consists of appropriations that are made to the Fund from the State budget.
(2) For each fiscal year, the Governor shall include in the annual State budget an appropriation of $500,000 for the Fund.
(c) Distribution.-
(1) Subject to paragraph (2) of this subsection, money from the Fund shall be distributed to counties for senior citizen activities centers based on a competitive grant process administered by the Department.
(2) At least 50% of the Fund shall be distributed for senior citizen activities centers on the basis of need, as determined by the Department, to counties:
(i) that have developed and submitted a local strategic plan for economic development that has been approved by the Secretary of Business and Economic Development; and
(ii) for which:
1. the average rate of unemployment for the most recent 18-month period for which data is available is greater than 150% of the average rate of unemployment for the entire State during that same period; or
2. the average per capita personal income for the most recent 24-month period for which data is available is equal to or less than 67% of the average personal per capita income for the entire State during that same period.
(d) Investments.- The Fund shall be invested and reinvested in the same manner as other State funds.
(a) Continuing; nonlapsing.- The Fund is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(b) Composition.-
(1) The Fund consists of appropriations that are made to the Fund from the State budget.
(2) For each fiscal year, the Governor shall include in the annual State budget an appropriation of $500,000 for the Fund.
(c) Distribution.-
(1) Subject to paragraph (2) of this subsection, money from the Fund shall be distributed to counties for senior citizen activities centers based on a competitive grant process administered by the Department.
(2) At least 50% of the Fund shall be distributed for senior citizen activities centers on the basis of need, as determined by the Department, to counties:
(i) that have developed and submitted a local strategic plan for economic development that has been approved by the Secretary of Business and Economic Development; and
(ii) for which:
1. the average rate of unemployment for the most recent 18-month period for which data is available is greater than 150% of the average rate of unemployment for the entire State during that same period; or
2. the average per capita personal income for the most recent 24-month period for which data is available is equal to or less than 67% of the average personal per capita income for the entire State during that same period.
(d) Investments.- The Fund shall be invested and reinvested in the same manner as other State funds.
(a) Continuing; nonlapsing.- The Fund is a continuing, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(b) Composition.-
(1) The Fund consists of appropriations that are made to the Fund from the State budget.
(2) For each fiscal year, the Governor shall include in the annual State budget an appropriation of $500,000 for the Fund.
(c) Distribution.-
(1) Subject to paragraph (2) of this subsection, money from the Fund shall be distributed to counties for senior citizen activities centers based on a competitive grant process administered by the Department.
(2) At least 50% of the Fund shall be distributed for senior citizen activities centers on the basis of need, as determined by the Department, to counties:
(i) that have developed and submitted a local strategic plan for economic development that has been approved by the Secretary of Business and Economic Development; and
(ii) for which:
1. the average rate of unemployment for the most recent 18-month period for which data is available is greater than 150% of the average rate of unemployment for the entire State during that same period; or
2. the average per capita personal income for the most recent 24-month period for which data is available is equal to or less than 67% of the average personal per capita income for the entire State during that same period.
(d) Investments.- The Fund shall be invested and reinvested in the same manner as other State funds.
