(a)    There is a Maryland Heritage Areas Authority Financing Fund.

(b)    (1)    The Authority shall use the Fund as a continuing, nonlapsing, revolving fund for carrying out the purposes of this subtitle.

(2)    No part of the Fund may revert or be credited to the General Fund or to any other special fund of the State.

(c)    The Authority shall place all of the following receipts in the Fund:

(1)    Proceeds from the sale of bonds;

(2)    Revenues that the Authority collects or receives from any source under this subtitle; and

(3)    Any additional revenue, gift, donation, or moneys received or paid to it from any other source authorized by law.

(d)    The Authority shall pay all expenses and make all expenditures from the Fund.

(e)    (1)    The Authority may pledge and charge all or a portion of the receipts of the Fund for the payment of:

(i)    Debt service on bonds of the Authority; and

(ii)    All reasonable charges and expenses related to borrowing by the Authority and management of the obligations of the Authority.

(2)    A pledge made under paragraph (1) of this subsection is effective as provided in § 13-1119 of this subtitle and any applicable resolution of the Authority.

(f)    The State Treasurer shall:

(1)    Invest and reinvest the Fund in the same manner as State funds; and

(2)    Transfer any investment earnings to the credit of the Fund.

(g)    (1)    In this subsection, “Program Open Space funds transferred to the Authority” means the moneys appropriated to the Fund from Program Open Space funds under § 5–903(a) of the Natural Resources Article.

(2)    Except as provided in paragraph (3) of this subsection, Program Open Space funds transferred to the Authority may not be used to pay the operating expenses of the Authority, debt service of bonds issued by the Authority, or administrative expenses related to bonds issued by the Authority.

(3)    (i)    Up to 10% of Program Open Space funds transferred to the Authority may be used to pay the operating expenses of the Authority.

(ii)    Up to 50% of Program Open Space funds transferred to the Authority may be expended for debt service on bonds issued by the Authority.

(iii)    For fiscal year 2012 only, an additional $500,000 of Program Open Space funds transferred to the Authority may be used to pay operating expenses in the Department of Planning.