Maryland Fair and Agricultural Education Promise Fund - Establishment (Maryland Fair and Agricultural Education Promise Act)

SB 563 establishes the Maryland Fair and Agricultural Education Promise Fund to support agricultural fairs and education. The fund, financed by designated lottery proceeds and interest earnings, will provide annual grants totaling $1.45 million: $825,000 to the Maryland Agricultural Fair Board, $75,000 to the Maryland Agricultural Education Foundation, and $550,000 to the Maryland State Fair and Agricultural Society. These grants will advance state and county fairs, educational programs, youth initiatives (like 4-H and FFA), and fair operations. The bill repeals prior requirements for allocating horse racing fund proceeds to agricultural fairs.