(a)    There is a Markell Hendricks Youth Crime Prevention and Diversion Parole Fund.

(b)    The purpose of the Fund is to provide grant assistance to local law enforcement agencies to administer:

(1)    a diversion program under § 3–8A–10(m)(2) of the Courts Article; or

(2)    a youth engagement program or event in a high–crime area.

(c)    The Executive Director shall administer the Fund.

(d)    (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, in conjunction with the Executive Director, shall account for the Fund.

(e)    (1)    The Fund consists of:

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

(ii)    investment earnings of the Fund; and

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

(2)    The Governor shall appropriate annually at least $50,000 for the Fund.

(f)    The Fund may be used only to provide grants to local law enforcement agencies for the purposes established under subsection (b) of this section.

(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.

(i)    The accounts and transactions of the Fund shall be subject to audit by the Legislative Auditor as provided in § 2–1220 of the State Government Article.