§ 27-5 Enterprise Development Fund.
Published by the Baltimore City Department of Legislative Reference.
Balt., Md., Pub. Local Laws § 27-5 (2026)
§ 27-5 Enterprise Development Fund.LinkCopy Citation
(a)City may establish.
In order to accomplish the legislative purposes of <cite data-path="27">this subtitle</cite>, the City may implement the Program and establish the Fund.
(b)Board of Estimates to manage.
The Program shall be administered and the Fund shall be held, managed, supervised, and accounted for by or at the direction of the Board of Estimates.
(c)Delegation by Board.
The Board of Estimates in its sole and absolute discretion may:
(1)
delegate to an economic development agency the full responsibility and discretion to administer the Program and to hold, manage, supervise and account for the Fund on behalf of the City; or
(2)
create a local authority to administer the Program and to hold, manage, supervise and account for the Fund on behalf of the City and grant it such powers and duties as the Board of Estimates deems necessary or convenient consistent with the conditions, limitations and purposes of <cite data-path="27">this subtitle</cite>.
(d)Components of Fund.
The funds shall be a continuing, non-lapsing, revolving Fund that consists of:
(1)
moneys appropriated by the City;
(2)
any dividends, profits, royalties or other earnings received as a result of any equity investment made pursuant to <cite data-path="27">this subtitle</cite>;
(3)
any repayment of principal of and interest on a loan made pursuant to <cite data-path="27">this subtitle</cite>;
(4)
premiums and fees received from loans made or guaranteed pursuant to <cite data-path="27">this subtitle</cite>;
(5)
proceeds from the sale, lease, rental or other disposal of property, goods or other collateral held or acquired by the City to secure the repayment of a loan made or guaranteed pursuant to <cite data-path="27">this subtitle</cite>;
(6)
moneys from any source to effect the purposes of <cite data-path="27">this subtitle</cite>, including, without limitation, any federal or private grant; and
(7)
investment earnings on the Fund.
(e)Investments.
(1)
The Fund shall be segregated from other funds of the City.
(2)
The Fund shall be invested and reinvested in the same manner as other funds of the City. Any investment earnings on the Fund (including, without limitation, dividends, profits, royalties or other earnings received as a result of equity investments made by the Fund, interest on loans made from the Fund and premiums and fees received from loans guaranteed by the Fund) to the extent not expended or obligated within any fiscal year pursuant to <cite data-path="27">this subtitle</cite> shall be paid into the general fund of the City.
(f)Uses of Fund.
The City shall use the Fund exclusively:
(1)
to pay all expenses incurred pursuant to <cite data-path="27">this subtitle</cite>, including expenses for administrative, legal, actuarial and other services;
(2)
to make equity investments or loans pursuant to <cite data-path="27|§27-6">Section 27-6</cite>;
(3)
to make any payment required in connection with a loan guaranteed pursuant to <cite data-path="27|§27-7">Section 27-7</cite>; and
(4)
to make any payment on behalf of an enterprise to any third party pursuant to <cite data-path="27|§27-7|(c)">Section 27-7(c)</cite> for the extension of credit or for a loan guaranty by that third party.
(g)Obligations of Fund.
Any obligation incurred by the City pursuant to <cite data-path="27">this subtitle</cite> shall be a limited obligation of the City payable exclusively from moneys on deposit in the Fund. In no event shall the City be held liable for any debts or obligations of an enterprise financially assisted pursuant to <cite data-path="27">this subtitle</cite>.
(h)Limit on unobligated balance.
The unobligated balance in the Fund as of the beginning of any fiscal year may not exceed $3,000,000.