§15–103.

    (a)    There is a Fair Campaign Financing Fund.

    (b)    The Comptroller shall administer the Fund in accordance with this section.

    (c)    In accordance with this title, the Comptroller shall:

        (1)    credit to the Fund:

            (i)    all money collected or appropriated under this title;

            (ii)    voluntary contributions to the Fund made electronically through the State Board’s website;

            (iii)    fees, fines, and penalties assessed under this article or the General Provisions Article that are expressly allocated to the Fund by law;

            (iv)    an anonymous contribution paid to the Fund under § 13–239 of this article;

            (v)    an illegal contribution paid to the Fund under § 13–239.1 of this article;

            (vi)    surplus campaign funds paid to the Fund under § 13–247 of this article; and

            (vii)    contributions to the Fund made through the checkoff on the individual income tax return established under § 2–113.1 of the Tax – General Article;

        (2)    subject to the usual investing procedures for State funds, invest the money in the Fund; and

        (3)    make distributions from the Fund promptly on authorization by the State Board.

    (d)    The Comptroller shall distribute public contributions:

        (1)    only on authorization of the State Board; and

        (2)    as to each eligible gubernatorial ticket, to the campaign account of a single campaign finance entity established under Title 13, Subtitle 2 of this article to receive public contributions.

    (e)    The Comptroller shall submit a statement of the Fund’s balance to the State Board each month.

    (f)    (1)    On or before June 30 of the third year immediately preceding a year of a gubernatorial election, the State Board shall determine whether the balance of the Fund is sufficient to provide for a full contribution for:

            (i)    in a primary election, two gubernatorial tickets; and

            (ii)    in a general election, one gubernatorial ticket.

        (2)    If the balance of the Fund is determined to be insufficient to provide the public contributions described under paragraph (1) of this subsection:

            (i)    on or before August 1 of the third year immediately preceding a year of a gubernatorial election, the State Board shall send a notice to the Governor of the amount of money needed to provide the public contributions described under paragraph (1) of this subsection; and

            (ii)    the Governor shall include in the annual budget bill for the appropriate fiscal year an appropriation in an amount equal to the amount submitted to the Governor under item (i) of this paragraph.

        (3)    For fiscal year 2023, the Governor shall include in the annual budget bill an appropriation of at least $4,000,000 to the Fund.

    (g)    To pay costs directly related to the administration of this title, the State Board may expend in each fiscal year an amount of money in the Fund that does not exceed the lesser of:

        (1)    3% of the Fund’s balance, as calculated on the last day of the immediately preceding fiscal year; or

        (2)    $100,000.