(a) In this section, “Fund” means the Maryland Racing Operations Fund.

(b) There is a Maryland Racing Operations Fund.

(c) The purpose of the Fund is to assist the Authority in financing the acquisition, construction, rehabilitation, or other capital expenses or operating expenses for thoroughbred racetracks in the State.

(d) The Authority shall administer the Fund.

(e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.

(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(f) The Fund consists of:

(1) money distributed to the Fund from the Racing and Community Development Financing Fund established under § 10-657.3 of this title;

(2) money appropriated in the State budget to the Fund;

(3) interest earnings of the Fund; and

(4) any other money from any other source accepted for the benefit of the Fund.

(g) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Any interest earnings of the Fund shall be credited to the Fund.

(h) Expenditures from the Fund may be made only in accordance with the State budget.