Sec. 10-286. Administration of the Fund
Codified through Bill No. CB-018-2026, adopted May 12, 2026, effective July 24, 2026. Source: Municode, Supplement 2026 Update 2. Editorial notes and legislative history omitted.
Prince George's County, Md., Code § 10-286 (2026)
Sec. 10-286. Administration of the FundLinkCopy Citation
(a)
Administration. The Chief Administrative Officer, or his designee, shall administer the Fund according to accepted principles of sound accounting and fiscal management.
(b)
Financial Advisory Committee. The Chief Administrative Officer shall constitute and convene a Financial Advisory Committee ("FAC") to aid in the review of and provide credit guidance regarding financial assistance applications.
(1)
The FAC shall be composed of seven independent financial services professionals who are residents of the County and are experienced and skilled in banking, finance, real estate, commercial development, accounting, or business.
(2)
The County Council shall provide the names of five nominees to the County Executive, from which the Chief Administrative Officer shall select not less than three members of the FAC.
(3)
The Chief Administrative Officer shall accept nominations for the remaining membership on the FAC from the business community and the general public.
(4)
Members of the FAC:
(A)
(i)
If nominated by the Chief Administrative Officer, serve at the pleasure of the Chief Administrative Officer; or
(ii)
If nominated by the County Council, serve at the pleasure of the County Council;
(B)
serve for a term of five (5) years;
(C)
shall affirmatively recuse themselves from the review of any project where they or any family member have any financial interest or where any potential conflict of interest may arise; and
(D)
shall disclose any conflict of interest under Paragraph (C) of this Subsection.
(c)
Determination of rates and terms. The Chief Administrative Officer, or his designee, shall approve the rates to be charged and the terms for the financial assistance provided under this Division.
(d)
Determination of accounting methods. The Chief Administrative Officer, or his designee, shall determine the terms of and the method and procedures for accounting for:
(1)
financial assistance from the Fund; and
(2)
payments by or charges against the Fund.
(e)
Collection of accounts and records. The Director of Finance, or his designee, shall:
(1)
collect repayments on accounts, subject to the terms and conditions contained in the financial assistance documents; and
(2)
maintain records in accordance with generally accepted accounting principles.
(f)
(1)
The Office of Management and Budget shall regularly review the performance of financial assistance awards from the Fund for compliance with the terms and conditions negotiated by the Chief Administrative Officer.
(2)
If LMBE goals or requirements are part of an award of financial assistance from the Fund, in collaboration with the Office of Management and Budget, the County's Minority Business Enterprise ("MBE") Compliance Officer may review the performance of financial assistance awards for compliance with those goals or requirements.