(a)    There is a State Archives Fund.

(b)    The Comptroller shall credit to the State Archives Fund any money that:

(1)    is appropriated or given to the Archives for publication of the series known as “The Archives of Maryland”;

(2)    is received from the sale of the series;

(3)    is received from public grants and private contributions; or

(4)    is received from fees collected in accordance with § 9–1007(c) of this subtitle.

(c)    (1)    The Commission may utilize the proceeds of public grants, private contributions, and fees collected under § 9–1007(c)(3) of this subtitle to create an Archives Endowment Account within the State Archives Fund, if this use is consistent with the terms of the public grants and private contributions.

(2)    If an endowment is created, the principal of the endowment may not be expended, except pursuant to a recommendation of the Commission.

(d)    (1)    The Archives shall use money received by the State Archives Fund for “The Archives of Maryland” to prepare, edit, and publish volumes of the series, including reprints of unavailable volumes.

(2)    The Archives may use other money in the Fund for the general dissemination of archival materials. This includes the preparation and distribution of books and other publications using archival materials.

(3)    Earnings from the endowment may be used for research on Maryland citizens who achieve national, State, or local prominence, for research on historical and geographical aspects of Maryland, and for an outreach program into the schools.

(e)    The Treasurer shall invest money from the State Archives Fund, including money in the Archives Endowment Account, for the use of the Fund, and all earnings shall be credited to the Fund.

(f)    Expenditures from the Fund, including earnings from the Archives Endowment Account, shall be made pursuant to an appropriation approved by the General Assembly in the annual State budget or by the budget amendment procedure provided for in § 7–209 of the State Finance and Procurement Article.

(g)    The Fund is a continuing, nonlapsing fund which is not subject to § 7–302 of the State Finance and Procurement Article.

(h)    The Fund and the Endowment Account are subject to audit by the Legislative Auditor.