Economic Development (GEC) — Title 10. Statewide Development Resources and Revenue Authorities
Statutes in effect as of October 1, 2026.
Subtitle 1. Maryland Economic Development Corporation
Md. Code Ann., Econ. Dev. § 10-101 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–101LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Board” means the Board of Directors of the Corporation.
(c)
(1)
“Bond” means a bond or note of the Corporation issued under this subtitle.
(2)
“Bond” includes:
(i)
a bond anticipation note;
(ii)
a revenue anticipation note;
(iii)
a grant anticipation note;
(iv)
a refunding bond;
(v)
a note in the nature of commercial paper; and
(vi)
any other evidence of indebtedness of the Corporation, whether a general or limited obligation.
(d)
“Corporation” means the Maryland Economic Development Corporation.
(e)
“Cost” includes:
(1)
the purchase price of a project;
(2)
the cost to acquire any right, title, or interest in a project;
(3)
the cost of any improvement;
(4)
the amount to be paid to discharge each obligation necessary or desirable to vest title to any part of the project in the Corporation or other owner;
(5)
the cost of any property, right, easement, franchise, and permit;
(6)
the cost of labor and equipment;
(7)
financing charges;
(8)
interest before and during construction and, if the Corporation determines, for a limited period after the completion of construction;
(9)
reserves for principal and interest and for improvements;
(10)
the cost of revenue and cost estimates, engineering and legal services, plans, specifications, studies, surveys, demonstrations, and other expenses necessary or incident to determining the feasibility of an acquisition or improvement;
(11)
administrative expenses; and
(12)
other expenses as necessary or incident to:
(i)
financing a project;
(ii)
acquiring and improving a project;
(iii)
placing a project in operation by the Corporation or other owner, including reasonable provision for working capital; and
(iv)
operating and maintaining a project.
(f)
“Finance” includes refinance.
(g)
“Governmental unit” means a county, municipal corporation, unit of State or local government, or other public body created under State or local law.
(h)
“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(i)
“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
(j)
(1)
“Person” has the meaning stated in § 9–101 of this article.
(2)
“Person” also includes:
(i)
a person that is created, owned, or controlled by the Corporation or of which the Corporation is a member;
(ii)
a for–profit or nonprofit entity; and
(iii)
a governmental unit.
(k)
(1)
“Project” means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the legislative purposes listed in § 10–104(b) of this subtitle, whether or not the property:
(i)
is or will be used or operated for profit or not for profit;
(ii)
is or will be located on a single site or multiple sites; or
(iii)
may be financed by bonds, the interest on which is exempt from income taxation under federal law.
(2)
“Project” includes:
(i)
land or an interest in land;
(ii)
structures, equipment, furnishings, rail or motor vehicles, barges, and boats;
(iii)
property and rights related to the property, appurtenances, rights–of–way, franchises, and easements;
(iv)
property that is functionally related and subordinate to property described in this subsection; and
(v)
patents, licenses, and other rights necessary or useful in the improvement or operation of a project.
(l)
(1)
“Revenues” means the income, revenue, and other money the Corporation receives from or in connection with a project, and all other income of the Corporation, subject to § 10–115(11) of this subtitle.
(2)
“Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.
Md. Code Ann., Econ. Dev. § 10-102 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–102LinkCopy Citation
This subtitle shall be liberally construed to accomplish its purposes.
Md. Code Ann., Econ. Dev. § 10-103 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–103LinkCopy Citation
A project financed under this subtitle may not include property that is eligible to be financed under Subtitle 3 of this title if any bonds issued under this subtitle to finance the property would be payable or guaranteed, directly or indirectly, by an “educational institution” or a “health care institution” as those terms are defined in § 10–301 of this title.
Md. Code Ann., Econ. Dev. § 10-104 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–104LinkCopy Citation
(a)
The General Assembly finds that:
(1)
the State’s economy continues to experience technological change and restructuring;
(2)
technological change may result in economic contraction and dislocation, but affords opportunities to expand productive employment and expand the State’s economy and tax base;
(3)
the establishment of a public corporation to acquire or improve projects:
(i)
serves the public interest by accomplishing one or more of the Corporation’s legislative purposes listed in subsection (b) of this section; and
(ii)
complements existing State marketing programs administered by the Department and through the Department’s financial assistance programs including the Maryland Industrial Development Financing Authority and the Maryland Economic Development Assistance Authority under Title 5 of this article; and
(4)
the State lacks and needs direct property development capability for economic development purposes.
(b)
The legislative purposes of the Corporation are to:
(1)
relieve unemployment in the State;
(2)
encourage the increase of business activity and commerce and a balanced economy in the State;
(3)
help retain and attract business activity and commerce in the State;
(4)
promote economic development; and
(5)
promote the health, safety, right of gainful employment, and welfare of residents of the State.
(c)
The General Assembly intends that:
(1)
the Corporation operate and exercise its corporate powers in all areas of the State;
(2)
without limiting its authority to otherwise exercise its corporate powers, the Corporation exercise its corporate powers to assist governmental units and State and local economic development agencies to contribute to the expansion, modernization, and retention of existing enterprises in the State as well as the attraction of new business to the State;
(3)
the Corporation cooperate with workforce development boards, private industry councils, representatives of labor, and governmental units in maximizing new economic opportunities for residents of the State;
(4)
the Corporation accomplish at least one of the purposes listed in subsection (b) of this section and complement existing State marketing and financial assistance programs by:
(i)
owning projects;
(ii)
leasing projects to other persons; or
(iii)
lending the proceeds of bonds to other persons to finance the costs of acquiring or improving projects that the persons own or will own; and
(5)
the Corporation not own and operate a project unless:
(i)
the Board determines by resolution that the private sector has not demonstrated serious and significant interest and development capacity to own and operate the project; or
(ii)
a representative of a governmental unit requests in writing that the Corporation own and operate the project.
Md. Code Ann., Econ. Dev. § 10-105 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–105LinkCopy Citation
(a)
There is a Maryland Economic Development Corporation.
(b)
The Corporation is a body politic and corporate and is an instrumentality of the State.
(c)
The exercise by the Corporation of a power under this subtitle is the performance of an essential governmental function.
Md. Code Ann., Econ. Dev. § 10-106 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–106LinkCopy Citation
(a)
A Board of Directors shall manage the Corporation and exercise its powers.
(b)
The Board consists of the following 12 members:
(1)
as ex officio voting members:
(i)
the Secretary; and
(ii)
the Secretary of Transportation; and
(2)
the following members, appointed by the Governor with the advice and consent of the Senate:
(i)
two representatives of local government;
(ii)
three members who are knowledgeable in real estate or commercial financing;
(iii)
three members who are knowledgeable in industrial development or industrial relations; and
(iv)
two members of the general public.
(c)
Each member of the Board shall be a resident of the State.
(d)
In appointing Board members, the Governor shall consider geographic diversity and minority representation.
(e)
(1)
The term of an appointed member is 4 years.
(2)
The terms of the appointed members are staggered as required by the terms provided for members of the Board on October 1, 2008.
(3)
At the end of a term, a member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(f)
Before taking office, each member appointed to the Board shall take the oath required by Article 1, § 9 of the Maryland Constitution.
Md. Code Ann., Econ. Dev. § 10-107 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–107LinkCopy Citation
(a)
From among its members, the Board shall elect a chair, a vice chair, and a treasurer.
(b)
The Board shall determine the manner of election of officers and their terms of office.
Md. Code Ann., Econ. Dev. § 10-108 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–108LinkCopy Citation
(a)
(1)
Seven members of the Board are a quorum.
(2)
An affirmative vote of at least seven members is needed for the Board to act.
(b)
The Board shall determine the times and places of its meetings.
Md. Code Ann., Econ. Dev. § 10-109 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–109LinkCopy Citation
(a)
(1)
Subject to the approval of the Governor, the Board shall appoint an Executive Director.
(2)
The Executive Director serves at the pleasure of the Board.
(3)
The Board shall determine the salary of the Executive Director.
(b)
(1)
The Executive Director is the chief administrative officer of the Corporation.
(2)
The Executive Director shall manage the administrative affairs and technical activities of the Corporation in accordance with policies and procedures that the Board establishes.
(c)
The Executive Director, or the Executive Director’s designee, shall:
(1)
attend all meetings of the Board;
(2)
act as secretary of the Board;
(3)
keep minutes of all proceedings of the Board;
(4)
approve all salaries, per diem payments, and allowable expenses of the Corporation, its employees, and its consultants;
(5)
approve any expenses incidental to the operation of the Corporation; and
(6)
perform the other duties that the Board directs in carrying out this subtitle.
Md. Code Ann., Econ. Dev. § 10-110 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–110LinkCopy Citation
(a)
The Board shall employ any additional professional and clerical staff as necessary to carry out this subtitle.
(b)
The Board may retain accountants, engineers, lawyers, financial advisors, or other consultants as necessary.
Md. Code Ann., Econ. Dev. § 10-111 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–111LinkCopy Citation
(a)
(1)
Except as otherwise provided in this section, in exercising its powers, the Corporation:
(i)
may carry out its corporate purposes without the consent of any State unit; and
(ii)
is not subject to:
(1)
Title 12, Subtitles 1 through 3 of this article;
(2)
the following provisions of the Local Government Article:
(A)
Title 18, Subtitle 1 (Parking Authorities Act); and
(B)
Title 18, Subtitle 2 (Ocean City Convention Center);
(3)
the following provisions of the State Finance and Procurement Article:
(A)
Title 2, Subtitles 2 (Gifts and Grants), 4 (Water and Sewerage Systems), and 5 (Facilities for the Handicapped);
(B)
Title 3 (Budget and Management);
(C)
Title 4 (Department of General Services);
(D)
Title 5A (Division of Historical and Cultural Programs);
(E)
Title 6, Subtitle 1 (Studies and Estimates);
(F)
Title 7, Subtitles 1 (State Operating Budget), 2 (Disbursements and Expenditures), and 3 (Unspent Balances);
(G)
§§ 8–127, 8–128, and 8–129 (certain restrictions on State general obligation bonds);
(H)
Title 8, Subtitle 1, Part V (State Revenue Anticipation Notes);
(I)
Title 10 (Board of Public Works – Miscellaneous Provisions); and
(J)
Division II (General Procurement Law);
(4)
the following provisions of the State Government Article:
(A)
Title 9, Subtitles 10 (State Archives and Artistic Property) and 17 (Maryland State Employees Surety Bond Committee); and
(B)
Title 11 (Consolidated Procedures for Development Permits); and
(5)
Article 41 of the Code.
(2)
(i)
The Corporation is subject to:
(1)
the Public Information Act; and
(2)
the Open Meetings Act.
(ii)
For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Corporation if no organizational business is conducted.
(b)
(1)
The Corporation, its officers, and its employees are subject to the Public Ethics Law.
(2)
The officers and employees of the Corporation are not subject to:
(i)
Division II of the State Personnel and Pensions Article; or
(ii)
the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
(c)
The Corporation is a public body under Title 5, Subtitle 4 of this article, the Maryland Industrial Development Financing Authority Act, for purposes of applying for, receiving, and making agreements in connection with:
(1)
a loan;
(2)
a grant;
(3)
insurance; or
(4)
any other form of financial assistance.
(d)
The Corporation is subject to the same State and local regulatory requirements as any private corporation.
(e)
A project of the Corporation is subject to the zoning and subdivision regulations of the jurisdiction where it is located.
(f)
The Corporation, its officers, and its employees are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.
Md. Code Ann., Econ. Dev. § 10-112 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–112LinkCopy Citation
A finding by the Board concerning the public purpose of an action, the legislative intent expressed under this subtitle, or the appropriateness of the action in serving the public purpose and satisfying the legislative intent is conclusive in a proceeding that involves the validity or enforceability of:
(1)
an agreement entered into by the Corporation under this subtitle;
(2)
a bond; or
(3)
any security relating to a bond.
Md. Code Ann., Econ. Dev. § 10-113 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–113LinkCopy Citation
(a)
The Corporation shall establish a system of financial accounting, controls, audits, and reports.
(b)
The fiscal year of the Corporation begins on July 1 and ends on the following June 30.
Md. Code Ann., Econ. Dev. § 10-114 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–114LinkCopy Citation
(a)
The Corporation may create and administer the accounts that it requires.
(b)
The Corporation shall deposit its money into a State or national bank or a federally insured savings and loan association that has a total paid–in capital of at least $1,000,000.
(c)
The Corporation may designate the trust department of a State bank, national bank, or savings and loan association as a depository to receive securities that the Corporation owns or acquires.
(d)
Unless an agreement or covenant between the Corporation and the holders of its obligations limits classes of investments, the Corporation may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a governmental unit.
Md. Code Ann., Econ. Dev. § 10-115 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–115LinkCopy Citation
The Corporation may:
(1)
adopt bylaws for the conduct of its business;
(2)
adopt a seal;
(3)
maintain offices at a place it designates in the State;
(4)
accept loans, grants, or assistance of any kind from the federal government, a governmental unit, a college or university, or a private source;
(5)
enter into contracts and other legal instruments;
(6)
sue and be sued in its own name;
(7)
acquire, purchase, hold, lease as lessee, and use any franchise, patent, or license and real, personal, mixed, tangible, or intangible property, or any interest in property, necessary or convenient to carry out its purposes;
(8)
sell, lease as lessor, transfer, and dispose of its property or interest in property;
(9)
fix and collect rates, rentals, fees, royalties, and charges for services, resources, and facilities it provides or makes available;
(10)
with the owner’s permission, enter lands, waters, or premises to make a survey, sounding, boring, or examination to accomplish a purpose authorized by this subtitle;
(11)
further define or limit the term “revenues” defined in § 10–101 of this subtitle as the term applies to a particular project, financing, or other matter;
(12)
create, own, control, or be a member of a corporation, limited liability company, partnership, or other person, whether for–profit or nonprofit;
(13)
exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(14)
do all things necessary or convenient to carry out the powers expressly granted by this subtitle.
Md. Code Ann., Econ. Dev. § 10-116 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–116LinkCopy Citation
(a)
The Corporation may:
(1)
acquire, improve, develop, manage, market, maintain, lease as lessor or as lessee, and operate a project in the State;
(2)
acquire, directly or through a person or governmental unit, by purchase, gift, or devise, property, franchises, and other interests in land, including land lying under water and riparian rights, located in or outside the State as necessary or convenient to improve or operate a project, on terms and at prices that the Corporation considers reasonable;
(3)
if approved by resolution by at least a two–thirds majority of the legislative body of each governmental unit in which the property is located, acquire real property or rights or easements in real property for a project by condemnation for public use in accordance with applicable law; and
(4)
make loans to a person to:
(i)
finance all or a part of the acquisition or improvement of a project; and
(ii)
refund outstanding bonds, mortgages, advances, loans, or other obligations of the person to finance all or part of the acquisition or improvement of a project.
(b)
The power of condemnation of the Corporation under subsection (a)(3) of this section may not exceed the power of condemnation of the governmental unit in which the property is located.
Md. Code Ann., Econ. Dev. § 10-117 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–117LinkCopy Citation
(a)
The Corporation may:
(1)
borrow money and issue bonds to finance any part of the cost of a project or for any other corporate purpose of the Corporation;
(2)
secure the payment of any portion of the borrowing by pledge of or mortgage or deed of trust on property or revenues of the Corporation;
(3)
combine projects for financing, make agreements with or for the benefit of the bondholders or with others in connection with the issuance or future issuance of bonds, as the Corporation considers advisable; and
(4)
otherwise provide for the security of bonds and the rights of bondholders.
(b)
In addition to the powers of the Corporation under subsection (a) of this section, for the purpose of funding the purchase or condemnation by the State for public use of the property as authorized by §§ 11–520 and 11–521 of the Business Regulation Article, the Corporation may borrow money and issue bonds to finance the cost of acquiring by purchase or completing the condemnation process by the State in accordance with applicable legal standards.
Md. Code Ann., Econ. Dev. § 10-118 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–118LinkCopy Citation
(a)
The Corporation may authorize the issuance of revenue bonds by resolution.
(b)
The Corporation may issue the bonds at one time or in one or more series from time to time.
(c)
The Corporation shall determine:
(1)
the date of the bonds;
(2)
the maturity dates of the bonds, which may not exceed 40 years from the date of issue;
(3)
the interest rates on the bonds;
(4)
the medium of payment of the principal of and interest on the bonds;
(5)
the form of the bonds;
(6)
the manner of executing the bonds;
(7)
the denominations of the bonds; and
(8)
the place at which the principal of and interest on the bonds will be payable, including at a bank or trust company in or outside the State.
(d)
An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(e)
(1)
Between successive holders, bonds are negotiable instruments under Title 3 of the Maryland Uniform Commercial Code.
(2)
Bonds may be registrable.
(f)
(1)
The Corporation shall sell the bonds by competitive or negotiated sale in a manner and for a price the Corporation determines to be in its best interests.
(2)
Bonds are exempt from §§ 8–206 and 8–208 of the State Finance and Procurement Article.
(g)
Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.
Md. Code Ann., Econ. Dev. § 10-119 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–119LinkCopy Citation
Bonds are securities:
(1)
in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:
(i)
an officer of a governmental unit;
(ii)
a bank, trust company, savings and loan association, investment company, or other person operating a banking business;
(iii)
an insurance association or other person operating an insurance business;
(iv)
a personal representative, guardian, trustee, or other fiduciary; and
(v)
any other person; and
(2)
that may be deposited with and received by a governmental unit or any officer of the State or a governmental unit for any purpose for which the deposit of bonds or other obligations of the State is authorized by law.
Md. Code Ann., Econ. Dev. § 10-120 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–120LinkCopy Citation
(a)
(1)
This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.
(2)
This section does not limit the ability of the State or a governmental unit to impose and collect an assessment, rate, fee, or charge to pay to the Corporation any cost, including the principal of and interest on a bond, under an agreement between the Corporation and the State or governmental unit.
(b)
(1)
A bond:
(i)
is not a debt, liability, or a pledge of the full faith and credit of the State or a governmental unit; and
(ii)
is payable solely from revenues provided under this subtitle.
(2)
The issuance of a bond is not directly, indirectly, or contingently a moral or other obligation of the State or a governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3)
Each bond shall state on its face that:
(i)
neither the State nor any governmental unit is obliged to pay the principal of or interest on the bond, except from revenues pledged to payment of the bond; and
(ii)
neither the full faith and credit nor the taxing power of the State or a governmental unit is pledged to the payment of the principal of or interest on the bond.
Md. Code Ann., Econ. Dev. § 10-121 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–121LinkCopy Citation
(a)
(1)
The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.
(2)
A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
(3)
A corporation or trust company incorporated in the State may:
(i)
act as depository of bond proceeds or revenues; and
(ii)
furnish an indemnity bond or pledge security that the Corporation requires.
(b)
The trust agreement or the resolution that provides for the issuance of a bond may:
(1)
state the rights and remedies of bondholders and any trustee;
(2)
contain provisions to protect and enforce the rights and remedies of bondholders;
(3)
contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;
(4)
restrict the individual rights of action of bondholders;
(5)
provide for the payment of the bond proceeds and revenues to an officer, board, or depository that the Corporation determines with the safeguards and restrictions that the Corporation determines; and
(6)
provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.
(c)
Expenses incurred in carrying out a trust agreement may be treated as part of the cost of operation of the Corporation.
Md. Code Ann., Econ. Dev. § 10-122 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–122LinkCopy Citation
(a)
The portion of the proceeds of bonds issued to pay costs of a project may be invested in investments or other obligations that mature no later than the times when the proceeds will be needed.
(b)
(1)
Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.
(2)
If the Corporation loans the proceeds of the bonds to a person as provided in § 10–125 of this subtitle, the loan recipient shall determine the investment of bond proceeds.
(c)
The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:
(1)
to the payment of any cost; or
(2)
in any other lawful manner.
Md. Code Ann., Econ. Dev. § 10-123 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–123LinkCopy Citation
(a)
(1)
The Corporation may issue bonds to refund outstanding bonds, including paying:
(i)
any redemption premium;
(ii)
interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
(iii)
if considered advisable by the Corporation, any part of the cost of a project.
(2)
Refunding bonds may be issued for any corporate purpose, including:
(i)
realizing savings in the effective costs of debt service, directly or through a debt restructuring;
(ii)
alleviating an impending or actual default; or
(iii)
relieving the Corporation of a contractual agreement that the Corporation finds to be unreasonably onerous, impracticable, or impossible to perform.
(b)
(1)
The Corporation may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.
(2)
(i)
In addition to other sources of payment that the Corporation determines, refunding bonds may be payable from escrowed bond proceeds and earnings and profits on investments.
(ii)
Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.
(c)
In the discretion of the Corporation, the proceeds of refunding bonds may be:
(1)
applied to the purchase, retirement at maturity, or redemption of outstanding bonds on a date the Corporation determines; and
(2)
pending application under item (1) of this subsection, placed in escrow.
(d)
(1)
The Corporation may invest escrowed refunding bond proceeds in investments and other obligations, maturing on appropriate dates to assure the prompt payment of the principal of, interest on, and any redemption premium on the bonds to be refunded.
(2)
(i)
Except as provided in subparagraph (ii) of this paragraph, the Corporation shall determine the investment of the proceeds of refunding bonds.
(ii)
If the Corporation loans the proceeds of refunding bonds to a person as provided in § 10–125 of this subtitle, the loan recipient shall determine the investment of the proceeds of refunding bonds.
(3)
The earnings and profits on investments or other obligations may be applied to the payment of the bonds to be refunded.
(4)
After the terms of the escrow have been fully satisfied, the balance of the proceeds and earnings and profits on investments or other obligations may be returned to the Corporation or the loan recipient for use in any lawful manner.
Md. Code Ann., Econ. Dev. § 10-124 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–124LinkCopy Citation
Except to the extent rights granted by this subtitle are restricted by resolution passed before the issuance of the bonds or by the trust agreement, a holder of a bond issued under this subtitle or a trustee under a trust agreement may sue to:
(1)
protect and enforce rights under the laws of the State, the resolution, or the trust agreement; and
(2)
enforce and compel performance of duties by the Corporation or its officers that this subtitle, the resolution, or the trust agreement requires.
Md. Code Ann., Econ. Dev. § 10-125 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–125LinkCopy Citation
(a)
The Corporation may:
(1)
lend or otherwise make available the proceeds of bonds to a person to finance costs of a project; and
(2)
enter into financing agreements, mortgages, and other instruments that it determines are necessary or desirable to evidence or secure the loan.
(b)
(1)
The lease for a project may require or authorize the lessee or another person to purchase or otherwise acquire the property for consideration that the Corporation establishes, when:
(i)
the principal of and interest on the bonds that financed the cost of the project are paid; or
(ii)
provision satisfactory to the Corporation is made for their payment.
(2)
Consideration required under paragraph (1) of this subsection may be nominal.
Md. Code Ann., Econ. Dev. § 10-126 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–126LinkCopy Citation
(a)
The Corporation may:
(1)
fix and collect rates or charges for its services;
(2)
establish the terms and conditions for the services; and
(3)
contract with a person for the use of the Corporation’s services.
(b)
The rates or charges of the Corporation are not subject to supervision or regulation by a governmental unit.
(c)
Subject to any agreement, the Corporation may apply the rates, charges, and other revenues received by the Corporation to any lawful purpose.
(d)
Except as necessary to pay debt service or implement programs of the Corporation, the net earnings of the Corporation may not benefit a person other than the State.
Md. Code Ann., Econ. Dev. § 10-127 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–127LinkCopy Citation
(a)
The Corporation may pledge or assign:
(1)
any of its revenues;
(2)
any of its rights to receive revenues;
(3)
money and securities in accounts established to secure a bond; and
(4)
a lien or security interest granted or assignment made to the Corporation.
(b)
A pledge or assignment:
(1)
is valid and binding against any person having a claim against the Corporation in tort, contract, or otherwise, regardless of whether the person has notice of the pledge or assignment; and
(2)
has priority over the claim.
(c)
A resolution, trust agreement, assignment, financing agreement or other instrument that creates a lien, security interest, assignment, or pledge under subsection (a) of this section:
(1)
shall be filed in the records of the Corporation; but
(2)
need not be filed or recorded elsewhere.
Md. Code Ann., Econ. Dev. § 10-128 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–128LinkCopy Citation
(a)
With the approval of the legislative body of each governmental unit in which a project is proposed to be located, the Board of Public Works may convey to the Corporation, for economic development purposes, any real property, including improvements, that:
(1)
was transferred to the State, by gift or otherwise for substantially below market value, as a vacant or underutilized industrial facility or site;
(2)
has existed for at least 10 years; and
(3)
is at least 10 acres.
(b)
If a person who transfers property described in subsection (a)(1) of this section to the State owns property adjoining the transferred property, the Board of Public Works shall have the first option to purchase the adjoining property at a price determined when the original property was transferred.
(c)
Property conveyed under this section may be insured under Title 9 of the State Finance and Procurement Article.
Md. Code Ann., Econ. Dev. § 10-129 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–129LinkCopy Citation
(a)
Except as provided in subsection (b) of this section, the Corporation is exempt from any requirement to pay taxes or assessments on its properties or activities, or any revenue from its properties or activities.
(b)
Property that the Corporation sells or leases to a private entity is subject to State and local real property taxes from the time of the sale or lease.
(c)
The bonds of the Corporation, including the interest on the bonds, are forever exempt from all State and local taxes.
Md. Code Ann., Econ. Dev. § 10-130 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–130LinkCopy Citation
(a)
In this section, “Fund” means the Dorchester County Economic Development Fund.
(b)
There is a Dorchester County Economic Development Fund in the Corporation.
(c)
(1)
The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The Corporation shall manage and administer the Fund on terms and conditions acceptable to the Corporation and the Department.
(3)
The Comptroller shall account and collect for the Fund and disburse the revenues to the trustee maintaining the Fund for the Corporation.
(4)
Any investment earnings of the Fund shall be paid into the Fund.
(d)
The Fund consists of revenues from the hotel surcharge imposed under § 11–102(b) of the Tax – General Article.
(e)
(1)
The Fund shall be used to:
(i)
complete the Corporation project commonly known as the Chesapeake Bay Conference Center; and
(ii)
satisfy the full and final settlement of pending construction claims related to the project and any bonds issued in connection with those claims.
(2)
The Fund may be pledged by the Corporation to pay bonds issued to satisfy the full and final settlement of pending construction claims on the project.
Md. Code Ann., Econ. Dev. § 10-131 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–131LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Corporation student housing project” means housing that is:
(i)
a residence hall, dormitory, or other housing units established under this subtitle;
(ii)
owned or operated by the Corporation; and
(iii)
on land leased by the Corporation from the University System of Maryland.
(3)
“Occupancy agreement” means a lease, license, or housing contract for any Corporation student housing project.
(b)
(1)
An institution of higher education that leases land to the Corporation for the purpose of providing student housing shall provide the following information when a student applies to be a resident of either a Corporation student housing project or a residence hall that is owned by the institution of higher education:
(i)
the names of all residences that a student may occupy;
(ii)
an indication of those residences that are Corporation student housing projects; and
(iii)
in plain language, a differentiation of the implications of the following required occupancy agreement provisions for students living in Corporation student housing projects compared to students living in residence halls that are owned by the institution of higher education:
(1)
termination;
(2)
force majeure;
(3)
parties to the agreement; and
(4)
start and end dates to the occupancy period.
(2)
The information required under paragraph (1)(iii) of this subsection shall include a statement that:
(i)
Corporation student housing projects are not owned or operated by the institution of higher education;
(ii)
the occupancy agreement that is required prior to taking possession of a unit in a Corporation student housing project is an agreement between the Corporation and the student and not between the student and the institution of higher education; and
(iii)
explains the student’s liability for rental payments if the student voluntarily or involuntarily vacates the Corporation student housing project.
(c)
(1)
An occupancy agreement between the Corporation and a student living in a Corporation student housing project shall:
(i)
indicate each reference to the Corporation in bold type;
(ii)
state that the Corporation is the owner of the Corporation student housing project;
(iii)
provide contact information for the management company of the Corporation student housing project; and
(iv)
in plain language, provide a differentiation of the implications of the following required occupancy agreement provisions for students living in Corporation student housing projects compared to students living in residence halls that are owned by the institution of higher education:
(1)
termination;
(2)
force majeure;
(3)
parties to the agreement; and
(4)
start and end dates to the occupancy period.
(2)
The information required under paragraph (1)(iv) of this subsection shall include a statement that:
(i)
Corporation student housing projects are not owned or operated by the institution of higher education;
(ii)
the occupancy agreement that is required prior to taking possession of a unit in a Corporation student housing project is an agreement between the Corporation and the student and not between the student and the institution of higher education; and
(iii)
explains the student’s liability for rental payments if the student voluntarily or involuntarily vacates the Corporation student housing project.
Md. Code Ann., Econ. Dev. § 10-132 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–132LinkCopy Citation
(a)
(1)
As soon as practical after the close of the fiscal year, an independent certified public accountant shall audit the financial books, records, and accounts of the Corporation.
(2)
The audit shall include revenue and expense detail for each of the operating facilities of the Corporation.
(3)
The Corporation shall select an accountant to conduct the audit who:
(i)
is licensed to practice accountancy in the State;
(ii)
is experienced and qualified in the accounting and auditing of public entities; and
(iii)
does not have a direct or indirect personal interest in the fiscal affairs of the Corporation.
(4)
(i)
Except as provided in subparagraph (ii) of this paragraph, on or before November 1 after each fiscal year, the accountant shall report the results of the audit, including the accountant’s unqualified opinion of the presentation of the financial position of the funds of the Corporation, individual financial detail for each of the operating facilities of the Corporation, and the results of the financial operations of the Corporation.
(ii)
If the accountant cannot express an unqualified opinion, the accountant shall explain in detail the reasons for the qualifications, disclaimers, or opinions, including recommendations for changes that could make future unqualified opinions possible.
(b)
The State may audit the books, records, and accounts of the Corporation.
Md. Code Ann., Econ. Dev. § 10-133 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–133LinkCopy Citation
(a)
On or before October 1 of each year, the Corporation shall submit a report to the Governor, the Maryland Economic Development Commission, and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
(b)
The report shall include a complete operating and financial statement and summarize the activities of the Corporation during the preceding fiscal year.
Md. Code Ann., Econ. Dev. § 10-134 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–134LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Fund” means the Strategic Infrastructure Revolving Loan Fund.
(3)
“Priority funding area” means an area identified under § 5–7B–02 of the State Finance and Procurement Article.
(4)
“Program” means the Strategic Infrastructure Revolving Loan Program.
(5)
“Sustainable community” means an area designated under § 6–205 of the Housing and Community Development Article.
(6)
“Transit–oriented development” has the meaning stated in § 7–101 of the Transportation Article.
(b)
(1)
There is a Strategic Infrastructure Revolving Loan Program in the Maryland Economic Development Corporation.
(2)
The purpose of the Program is to make loans for targeted investments in real estate and infrastructure projects to support transformative place–making, enhance transit–oriented development, enhance community development, and achieve inclusive and equitable economic growth objectives, with a focus on bringing underutilized assets into performance and generating revenue.
(c)
(1)
There is a Strategic Infrastructure Revolving Loan Fund in the Corporation.
(2)
The purpose of the Fund is to provide loans for the cost of infrastructure projects that meet the purposes of the Program.
(3)
The Corporation shall administer the Fund.
(4)
(i)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(ii)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(5)
The Fund consists of:
(i)
money appropriated in the State budget to the Fund;
(ii)
premiums, fees, interest payments, and principal payments on loans made under this section; and
(iii)
any other money from any other source accepted for the benefit of the Fund.
(6)
The Fund may be used only for loans made under the Program.
(7)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(8)
Expenditures from the Fund may be made only in accordance with the State budget.
(d)
(1)
An applicant for a loan under this section shall submit to the Corporation an application on the form that the Corporation requires.
(2)
The application shall include:
(i)
a detailed strategic plan for the targeted investment;
(ii)
the amount of money required for the activities described in the strategic plan;
(iii)
the money available to the applicant without financial assistance from the Program;
(iv)
the amount of financial assistance requested from the Program;
(v)
information relating to the financial status of the applicant, including, if applicable:
(1)
a current balance sheet;
(2)
a profit and loss statement; and
(3)
credit references; and
(vi)
any other relevant information that the Corporation requests.
(3)
An applicant is eligible for a loan under the Program for projects located in a sustainable community, priority funding area, or transit–oriented development area.
(4)
The Corporation shall establish an Advisory Loan Committee to review loan applications and make recommendations to the Corporation on approval.
(5)
In making loans, the Corporation shall prioritize projects that:
(i)
activate underutilized property owned by the government and institutions;
(ii)
redevelop land contiguous to rail transit stations that is owned by the State, Baltimore City, or the Washington Metropolitan Area Transit Authority;
(iii)
offer significant development or redevelopment value;
(iv)
leverage private investment; and
(v)
have the potential for significant job growth or retention.
(6)
Loans may be used:
(i)
to acquire property, including vacant sites;
(ii)
for design and development of a project; and
(iii)
for rehabilitation, construction, and demolition.
(e)
The Corporation may set the terms and conditions for loans made under the Program, including the length of the loan term and renewals, appropriate fees, and loan amount per applicant.
(f)
(1)
The Corporation shall prepare the loan documents.
(2)
The loan documents shall include:
(i)
the interest rate on the loan;
(ii)
the amount of the loan;
(iii)
repayment provisions for the loan; and
(iv)
any other provision that the Corporation determines is necessary, including a provision on taking liens and security interests in real or personal property.
(g)
(1)
If a recipient of a loan under this section violates any provision of the loan documents or ceases to meet the requirements of this section, the Corporation may, on reasonable notice to the loan recipient:
(i)
withhold further advances of loan proceeds until the loan recipient complies with the agreement or requirements; or
(ii)
exercise any other remedy provided in the loan documents.
(2)
(i)
If a loan made under this section is in default, the Corporation may foreclose on a mortgage or deed of trust held as security for the loan in the manner provided under the Maryland Rules for foreclosures in private transactions.
(ii)
The Corporation may take title in the Corporation’s name to any property foreclosed and convey title to a bona fide purchaser.
(h)
The Corporation shall adopt regulations to carry out this section.
Md. Code Ann., Econ. Dev. § 10-137 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–137LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.
(c)
“Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 10–144 of this subtitle.
(d)
“Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code.
(e)
“Qualified institution” means an entity that is designated as a qualified institution under § 10–139 of this subtitle and may include:
(1)
a regional higher education center as defined under § 10–101 of the Education Article;
(2)
an institution of higher education as defined under § 10–101 of the Education Article; or
(3)
a nonprofit organization that is affiliated with a federal agency.
(f)
“RISE zone” means a geographic area in immediate proximity to a qualified institution that is targeted for increased economic and community development that meets the requirements of § 10–140 of this subtitle and is designated as a Regional Institution Strategic Enterprise zone by the Corporation under § 10–140 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-138 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–138LinkCopy Citation
The purposes of the Regional Institution Strategic Enterprise Zone Program are to access institutional assets that have a strong and demonstrated history of commitment to economic development and revitalization in the communities in which they are located and incentivize the location of innovative start–up businesses based on technology developed, licensed, or poised for commercialization at or in collaboration with qualified Maryland institutions.
Md. Code Ann., Econ. Dev. § 10-139 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–139LinkCopy Citation
(a)
An institution may apply to the Corporation to be designated as a qualified institution.
(b)
To be eligible for designation as a qualified institution, the applicant shall:
(1)
evidence an intention:
(i)
to make a significant financial investment or commitment in an area of the State that the applicant intends to become a RISE zone;
(ii)
to use the resources and expertise of the applicant to spur economic development and community revitalization in an area of the State that the applicant intends to become a RISE zone; and
(iii)
to create a significant number of new jobs within an area of the State that the applicant intends to become a RISE zone;
(2)
have a demonstrated history of community involvement and economic development within the communities that the applicant serves; and
(3)
meet the minimum financial qualifications established by the Corporation.
(c)
If the applicant is a nonprofit organization that is not an institution of higher education, the application shall demonstrate an affiliation with a federal agency.
(d)
(1)
In addition to the requirements under subsection (b) of this section, the Corporation may establish by regulation any other requirements necessary and appropriate in order for an applicant to be designated as a qualified institution.
(2)
The Corporation shall adopt regulations that establish factors for evaluating applications under subsection (b) of this section.
(e)
In the form and content acceptable to the Corporation, an applicant shall submit to the Corporation an application that contains the information that the Secretary considers necessary to evaluate the request for designation as a qualified institution.
(f)
(1)
Within 90 days after submission of an application under this section, the Corporation shall approve or reject the application of an institution to be designated as a qualified institution.
(2)
At least 30 days before approval or rejection of an application under this section, the Corporation shall notify the Legislative Policy Committee.
(3)
The Legislative Policy Committee may provide advice to the Corporation regarding the approval or rejection of an institution as a qualified institution.
Md. Code Ann., Econ. Dev. § 10-140 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–140LinkCopy Citation
(a)
On or after July 1, 2026, a qualified institution shall apply jointly with a county, a municipal corporation, or the economic development agency of a county or municipal corporation to the Corporation to designate an area as a Regional Institution Strategic Enterprise zone.
(b)
The application shall:
(1)
be in the form and contain the information that the Corporation requires by regulation;
(2)
state the boundaries of the area of the proposed RISE zone, not exceeding 500 acres;
(3)
describe the nexus of the RISE zone with the qualified institution; and
(4)
contain a plan that identifies the target strategy and anticipated economic impacts of the RISE zone.
(c)
The Corporation may establish, by regulation, any other requirements necessary and appropriate for an area to be designated as a RISE zone.
(d)
(1)
Unless a county in which a municipal corporation is located agrees to designation of a RISE zone in the municipal corporation, qualified property in the municipal corporation may not receive a tax credit against county property tax.
(2)
Unless a municipal corporation located within a county agrees to designation of a RISE zone within its boundaries, qualified property in the county may not receive a tax credit against the municipal property tax.
(e)
(1)
Within 120 days after submission of an application under this section, the Corporation shall:
(i)
approve or reject an application for designation of a RISE zone, including approval or modification of the proposed boundaries of the RISE zone; and
(ii)
define the boundaries of the approved RISE zone.
(2)
At least 45 days before approval or rejection of an application under this section, the Corporation shall notify the Legislative Policy Committee.
(3)
The Legislative Policy Committee may provide advice to the Corporation regarding:
(i)
the approval or rejection of the RISE zone; or
(ii)
the boundaries of the RISE zone proposed by the Corporation.
(f)
(1)
(i)
Subject to subparagraph (ii) of this paragraph, the designation of an area as a RISE zone is effective for 10 years.
(ii)
Upon a joint application of a qualified institution, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation, the Corporation may renew a RISE zone for an additional 5 years.
(2)
The Corporation may not:
(i)
(1)
except as provided in item 2 of this item or paragraph (3) of this subsection, approve more than three RISE zones in a single county or municipal corporation; or
(2)
except as provided in paragraph (3) of this subsection, approve more than four RISE zones in Baltimore City; or
(ii)
approve a RISE zone the geographic area of which exceeds 500 acres.
(3)
The Corporation may approve one extraordinary RISE zone in a single county or municipal corporation for an area that, in the determination of the Secretary, promotes quantum computing.
(g)
(1)
A RISE zone may not be required to be in the immediate geographic proximity of a qualified institution if an appropriate nexus for the increased economic and community development is established with the qualified organization.
(2)
If the proposed RISE zone is in a rural part of the State, a qualified institution may not be required to be in the immediate area of the RISE zone.
(h)
The designation of an area as a RISE zone may not be construed to limit or supersede a provision of a comprehensive plan, zoning ordinance, or other land use policy adopted by a county, municipal corporation, or bicounty agency with land use authority over the area designated as a RISE zone.
Md. Code Ann., Econ. Dev. § 10-141 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–141LinkCopy Citation
(a)
The Corporation shall assign to a RISE zone a business and community development concierge who is an employee of the Corporation.
(b)
A business and community development concierge shall assist entities locating in the RISE zone with:
(1)
State, county, or municipal corporation permit and license applications;
(2)
accessing existing programs at the Corporation, the Department, the Department of Housing and Community Development, the Maryland Department of Labor, the Maryland Technology Development Corporation, or the Department of Transportation; and
(3)
any other activities the Corporation authorizes that relate to the development of the RISE zone.
Md. Code Ann., Econ. Dev. § 10-142 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–142LinkCopy Citation
(a)
(1)
To the extent provided for in this section, a business entity that locates in a RISE zone is entitled to:
(i)
for a business entity that locates in the RISE zone before January 1, 2023, the property tax credit under § 9–103.1 of the Tax – Property Article;
(ii)
for a taxable year beginning before January 1, 2023, the income tax credit under § 10–702 of the Tax – General Article; and
(iii)
priority consideration for financial assistance from programs in Title 5, Subtitle 1 of this article.
(2)
For purposes of the income tax credit authorized under paragraph (1)(ii) of this subsection, the business entity is treated as being located in an enterprise zone.
(b)
Subject to the limitations under subsection (a) of this section, a business entity that moves into or locates in a RISE zone on or after the date that the zone is designated under this part may qualify for the incentives under this section.
(c)
A business entity may not qualify for the incentives under subsection (a) of this section unless the Corporation, in consultation with the county or municipal corporation in which a RISE zone is located, certifies the business entity and its location as consistent with the target strategy of the RISE zone.
(d)
(1)
Unless a business entity makes a significant capital investment or expansion of its labor force after a RISE zone is designated, the incentives under this section are not available to a business entity that was in a RISE zone before the date that the zone is designated.
(2)
The Corporation shall adopt regulations establishing factors to determine if a business entity makes a significant capital investment or expansion of its labor force under paragraph (1) of this subsection.
Md. Code Ann., Econ. Dev. § 10-143 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–143LinkCopy Citation
(a)
(1)
(i)
A qualified institution, the Corporation, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation may establish a program to provide rental assistance to a business entity that:
(1)
moves into or locates in a RISE zone on or after the date that the zone is designated under this part; and
(2)
has been in active business not longer than 7 years at the time that the business entity applies to receive rental assistance from the program.
(ii)
A business entity may not receive rental assistance under a rental assistance program established in accordance with subparagraph (i) of this paragraph for more than 5 years.
(2)
(i)
A qualified institution, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation that establishes a rental assistance program in accordance with paragraph (1) of this subsection may submit a request to receive a distribution from the Fund.
(ii)
The application shall include:
(1)
a description of the rental assistance program;
(2)
the amount requested for distribution from the Fund in accordance with this section; and
(3)
any other information requested by the Corporation.
(iii)
The applicant shall submit the application on or before the date that the Corporation specifies.
(b)
(1)
The Corporation shall review each request for distribution of funds from the Fund for compliance with the provisions of this section and Corporation regulations.
(2)
The Corporation shall make available not more than 25% of cumulative program funds from the Fund for rental assistance programs in a single RISE zone.
(c)
If the Corporation fails to allocate the funds in the Fund under this part and rental assistance programs in a single RISE zone have previously received 25% of cumulative program funds from the Fund, the Department may distribute additional funds to applicants for that RISE zone in accordance with this part.
(d)
(1)
On or before September 15 each year, a rental assistance program that has received a distribution of funds from the Fund shall submit to the Corporation an annual report in the form and containing the information required by the Corporation.
(2)
The report required under paragraph (1) of this subsection shall detail the use of funds received under this section for the immediately preceding fiscal year and provide an update on any funds that were not disbursed during that fiscal year.
(3)
The Corporation may not distribute funds from the Fund to a rental assistance program under this section if the rental assistance program has failed to submit the report required under paragraph (1) of this subsection.
(e)
A rental assistance program that receives a distribution of funds from the Fund shall be subject to an audit at least once every 3 years by an independent certified public accountant that the applicant and the Corporation select.
(f)
Based on the findings of an audit conducted under subsection (e) of this section, the Corporation may make an assessment against a qualified institution, a county, a municipal corporation, or an economic development agency to recapture any misused or undistributed funds.
Md. Code Ann., Econ. Dev. § 10-144 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–144LinkCopy Citation
(a)
There is a Regional Institution Strategic Enterprise Fund in the Corporation.
(b)
The Executive Director of the Corporation shall manage and supervise the Fund.
(c)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(d)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund; and
(2)
any other money from any other source accepted for the benefit of the Fund.
(e)
The Corporation may use the Fund to:
(1)
finance, in coordination with qualified institutions, counties, and municipal corporations, the provision of rental assistance to business entities located in RISE zones; and
(2)
pay the related administrative, legal, and actuarial expenses of the Corporation.
(f)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any investment earnings of the Fund shall be credited to the Fund.
(g)
Expenditures from the Fund may be made only in accordance with the State budget.
Md. Code Ann., Econ. Dev. § 10-145 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–145LinkCopy Citation
(a)
The Corporation shall submit a report on the effectiveness of the incentives authorized under this part with the annual report submitted in accordance with § 10–133 of this subtitle.
(b)
The report required under this section shall include the following information for the preceding fiscal year:
(1)
the number of business entities that received assistance from the Corporation under § 10–141 of this subtitle and the type of assistance provided;
(2)
the number of business entities certified by the Corporation under § 10–142 of this subtitle;
(3)
the number of business entities that received rental assistance from a program established in accordance with § 10–143 of this subtitle that received a distribution from the Fund; and
(4)
the number of small, minority–owned, or women–owned businesses described under each of items (1) through (3) of this subsection.
Md. Code Ann., Econ. Dev. § 10-146 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–146LinkCopy Citation
(a)
Subject to subsection (b) of this section, this part and the tax credits and benefits authorized under it shall terminate on January 1, 2030.
(b)
After the termination of this part, a business entity may continue to receive a benefit authorized under this part until the date that the RISE zone in which the business entity is located would otherwise have expired but for subsection (a) of this section.
Md. Code Ann., Econ. Dev. § 10-149 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–149LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Fund” means the Build Our Future Grant Fund.
(c)
“Program” means the Build Our Future Grant Program.
Md. Code Ann., Econ. Dev. § 10-150 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–150LinkCopy Citation
(a)
There is a Build Our Future Grant Program in the Corporation.
(b)
The purpose of the Program is to provide grant funding for infrastructure projects intended to support innovation in an eligible technology sector.
(c)
Grants may be awarded to private companies, nonprofit entities, local governments, or colleges and universities in the State.
(d)
The Corporation shall administer the Program.
Md. Code Ann., Econ. Dev. § 10-151 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–151LinkCopy Citation
(a)
To carry out the purpose of the Program, the Corporation may award grants in accordance with this part to approved recipients carrying out infrastructure projects intended to support innovation in any of the following eligible technology sectors:
(1)
advanced manufacturing;
(2)
aerospace;
(3)
agriculture;
(4)
artificial intelligence;
(5)
biotechnology;
(6)
blue technology;
(7)
cybersecurity;
(8)
defense;
(9)
energy and sustainability;
(10)
life sciences;
(11)
quantum; and
(12)
sensor and robotics.
(b)
Examples of eligible projects include:
(1)
sensitive compartmented information facilities;
(2)
wet laboratories;
(3)
cyber ranges;
(4)
prototype manufacturing centers; and
(5)
other specialized workforce training, skill certification, or research–related spaces.
(c)
Grant awards may be used to defray the cost a grantee incurs to acquire, construct, rehabilitate, install, improve, or equip an eligible innovation infrastructure project.
(d)
(1)
A single entity may be awarded not more than $2,000,000 in grant funds in a fiscal year.
(2)
(i)
For a grant award up to $1,000,000, a grantee shall provide matching funds that are at least 200% of the grant amount.
(ii)
For a grant award exceeding $1,000,000, and up to $2,000,000, a grantee shall provide matching funds that are at least 400% of the grant amount.
(iii)
Funds received by a grantee through other State grant programs are not counted toward the grantee’s matching funds requirement.
(3)
A grantee must demonstrate an ability to cover the full estimated costs of the project for which the grant is awarded.
(4)
(i)
Not more than 50% of the appropriation to the Fund in a fiscal year may be awarded to colleges and universities in that fiscal year.
(ii)
Grants to colleges and universities from the Fund must be awarded to projects that:
(1)
are performed in collaboration with private industry; or
(2)
offer the prospect of significant economic impact and the opportunity to develop entrepreneurship or clusters of technological innovation in the State.
(e)
When providing funding from the Fund, the Corporation shall prioritize applicants located in a Regional Institution Strategic Enterprise zone that is designated under Part II of this subtitle.
Md. Code Ann., Econ. Dev. § 10-152 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–152LinkCopy Citation
A grantee may be subject to repayment of the grant in an amount determined by the Corporation if the grantee fails to:
(1)
comply with reporting requirements established by the Corporation; or
(2)
demonstrate appropriate use of grant funds.
Md. Code Ann., Econ. Dev. § 10-153 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–153LinkCopy Citation
(a)
There is a Build Our Future Grant Fund.
(b)
The Corporation shall administer the Fund.
(c)
The purpose of the Fund is to provide grants for infrastructure projects to support innovation in eligible technology sectors under this part.
(d)
(1)
The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
any interest earnings of the Fund; and
(3)
any other money from any other source accepted for the benefit of the Fund.
(f)
(1)
The Fund may be used to:
(i)
provide grants in accordance with this part; and
(ii)
pay the administrative costs of the Program.
(2)
During each fiscal year, the Corporation may use not more than 10% of the money appropriated to the Fund to administer the Program.
(g)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any interest earnings of the Fund shall be credited to the Fund.
(h)
Expenditures from the Fund may be made only in accordance with the State budget.
Md. Code Ann., Econ. Dev. § 10-154 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–154LinkCopy Citation
On or before July 1, 2026, and each July 1 thereafter, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the projects funded through and the economic impact of the Program.
Md. Code Ann., Econ. Dev. § 10-155 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–155LinkCopy Citation
The Corporation may adopt regulations to carry out this part.
Md. Code Ann., Econ. Dev. § 10-156 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 1. Maryland Economic Development Corporation
§ 10–156LinkCopy Citation
This part and the grant program under it shall terminate on June 30, 2030.
Subtitle 2. Maryland Food Center Authority
Md. Code Ann., Econ. Dev. § 10-201 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–201LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Authority” means the Maryland Food Center Authority.
(c)
“Bond” means a bond, note, or any other obligation issued under this subtitle.
(d)
“Center” means the Maryland Food Center.
(e)
“Costs”, with respect to a development or project, means:
(1)
the purchase price;
(2)
the cost of any property, right, easement, and franchise considered necessary to construct and establish a development or project;
(3)
the cost of relocation of wholesale food dealers or tenants under § 10–212 of this subtitle;
(4)
the cost of labor, materials, and equipment, including expenses of relocating public utility facilities under § 10–210 of this subtitle;
(5)
financing charges;
(6)
interest before and during construction;
(7)
the cost of revenue and cost estimates, engineering, architectural, and legal services, plans, specifications, surveys, and other expenses necessary or incident to determining the feasibility or practicability of the construction of a development or project;
(8)
administrative expenses; and
(9)
other expenses necessary or incident to:
(i)
the financing of a development or project;
(ii)
constructing and establishing a development or project; and
(iii)
placing a development or project into operation.
(f)
“Development” means:
(1)
the Center;
(2)
a commercial seafood development; and
(3)
any other multiproject food–related or agriculturally related real estate development that the Authority undertakes to further the purposes of this subtitle.
(g)
(1)
“Food” means agricultural and other edible food products and floricultural and horticultural products.
(2)
“Food” includes the following:
(i)
butter;
(ii)
cheese;
(iii)
eggs;
(iv)
fruits;
(v)
meats;
(vi)
meat products;
(vii)
poultry;
(viii)
seafood; and
(ix)
vegetables.
(3)
“Food” may be in packaged or fresh form.
(4)
“Food” shall be liberally construed.
(h)
“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(i)
“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
(j)
(1)
“Project” means a facility, operation, or portion of a development that the Authority undertakes to further the purposes of this subtitle.
(2)
“Project” includes:
(i)
(1)
a market;
(2)
a food handling, processing, storage, or distribution facility; and
(3)
a commercial seafood facility or operation;
(ii)
a facility or service ancillary or appurtenant to a development or a project that the Authority determines will enhance the public convenience or attractiveness of the development or project, including:
(1)
a bank;
(2)
a parking or other transportation facility;
(3)
a restaurant;
(4)
a store; and
(5)
any other commercial enterprise;
(iii)
land, structures, equipment, furnishings, rail or motor vehicles, barges, and boats in a development or project;
(iv)
property and rights in a development or project; and
(v)
land and facilities that are functionally related to a development or project.
Md. Code Ann., Econ. Dev. § 10-202 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–202LinkCopy Citation
(a)
This subtitle shall be liberally construed to accomplish its purposes.
(b)
The establishment of developments and projects under this subtitle is:
(1)
for the benefit of the residents of the State and its political subdivisions; and
(2)
a public purpose.
Md. Code Ann., Econ. Dev. § 10-203 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–203LinkCopy Citation
A development or project under this subtitle may not include the development of an aquaculture development or project for the commercial raising of finfish, shellfish, or aquatic plants.
Md. Code Ann., Econ. Dev. § 10-204 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–204LinkCopy Citation
(a)
The General Assembly finds that:
(1)
(i)
the marketing of food is a matter of public interest and the maintenance of wholesale market places is and has always been recognized as a public function;
(ii)
public health and safety are adversely affected by the unsafe, obsolete, and unsanitary conditions of existing food markets;
(iii)
the vast quantities of food and related food products brought annually from all parts of the United States into the wholesale markets in the State must pass through market facilities that are obsolete and inadequate to meet present needs;
(iv)
the scattered locations of and difficulty of access to wholesale markets constitute an economic loss, and the obsolescence of markets is responsible for much of the high cost of food handling and for deterioration that takes place both in the wholesale markets and between the markets and the consumer’s doorstep;
(v)
modern consolidated facilities would result in an annual saving; and
(vi)
there is a need for a consolidated wholesale food market in the State, and, in spite of this need, efforts on the part of the State, the City of Baltimore, the wholesale food trade, growers, and the transportation industry have failed to effect the consolidation of wholesale markets satisfactorily;
(2)
(i)
constructing, operating, and maintaining wholesale markets, and in particular a consolidated market for the State, would require the expenditure of a large sum of money; and
(ii)
the financial systems of the political subdivisions of the State are not designed to undertake projects described under item (i) of this item on a nonprofit, self–liquidating basis, and the best method of creating a market is to establish and authorize a market authority as a public corporation to:
(1)
acquire land for a market development;
(2)
construct and operate a market development; and
(3)
make loans to and otherwise assist persons engaged in the wholesale food industry who want to locate in a market development;
(3)
it is in the public interest to:
(i)
eliminate or correct the conditions described in item (1) of this subsection regarding the marketing of food; and
(ii)
establish an economical and modern method of marketing wholesale food in the State by constructing a modern, sanitary, and accessible market development that may include:
(1)
warehouse facilities used by wholesalers or retailers principally engaged in the sale of food and used for storage of food and beverages and nonfood products sold from time to time in connection with the sale of food at retail; and
(2)
any ancillary or appurtenant facility that the Authority determines will enhance the public convenience or attractiveness of the market development including:
(A)
a bank;
(B)
a parking or other transportation facility;
(C)
a restaurant;
(D)
a store; or
(E)
any other commercial enterprise; and
(4)
(i)
there exists a need and the opportunity to capitalize on the vast resources of finfish and shellfish that can be found in the State’s coastal waters;
(ii)
development of the seafood industry on the Eastern Shore could:
(1)
provide an opportunity for the State to capitalize on these resources;
(2)
create new jobs; and
(3)
produce other economic benefit to the State;
(iii)
a centralized seafood project is needed for the development of these resources and resulting economic benefit; and
(iv)
the development of the project and these resources would be in the public interest and can best be accomplished through the Authority.
(b)
The General Assembly finds that it is desirable that, when sufficient revenue will be derived from the operation of a project or development to amortize its cost within a reasonable period, the cost be defrayed if practicable by issuing bonds or other debt instruments payable from the revenue derived from project operations.
Md. Code Ann., Econ. Dev. § 10-205 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–205LinkCopy Citation
(a)
There is a Maryland Food Center Authority.
(b)
The Authority is a body politic and corporate and an instrumentality of the State.
(c)
The exercise by the State, a political subdivision of the State, or the Authority of a power under this subtitle is the performance of an essential governmental function.
(d)
(1)
The Authority consists of 12 members.
(2)
(i)
Each member shall be a resident of the State.
(ii)
One member shall reside in Howard County.
(3)
Of the 12 members:
(i)
four shall be ex officio members:
(1)
the Director of Agricultural Extension;
(2)
the Comptroller;
(3)
the Secretary of Agriculture; and
(4)
the Secretary of General Services; and
(ii)
eight shall be outstanding residents appointed by the Governor with the advice and consent of the Senate.
(e)
(1)
The term of an appointed member is 5 years.
(2)
At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(3)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(f)
(1)
Thirty days after giving written notice to the member, the Governor may remove an appointed member for inefficiency, neglect, or misconduct.
(2)
The member is entitled to a hearing before the Governor, if a written request for a hearing is made to the Governor no later than 10 days after receiving the notice.
(3)
If a member is removed, the Governor shall promptly appoint a successor.
(g)
(1)
From among its members, the Authority shall elect a chair and a vice chair.
(2)
The Authority shall elect a secretary–treasurer who need not be a member of the Authority.
(h)
(1)
The Authority shall meet at least quarterly.
(2)
At least 10 days before each meeting, written notice of the meeting shall be given to each member of the Authority.
(i)
Seven members of the Authority are a quorum.
(j)
(1)
A majority vote of the members present at a meeting having a quorum is needed for the Authority to act.
(2)
An ex officio voting member may designate another individual to vote in that member’s absence.
(k)
(1)
The Authority may pay an appointed member up to $1,000 a year on a per diem basis for services.
(2)
A member of the Authority is entitled to reimbursement for expenses under the Standard State Travel Regulations.
(3)
Reimbursement and compensation under this subsection may only be paid from money provided under this subtitle.
(l)
The Authority shall adopt rules and regulations necessary for the conduct of its affairs.
Md. Code Ann., Econ. Dev. § 10-206 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–206LinkCopy Citation
The Authority may employ or retain officers, staff, and agents, including engineering, architectural, fiscal, and construction experts and attorneys, and set their compensation.
Md. Code Ann., Econ. Dev. § 10-207 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–207LinkCopy Citation
(a)
Except as otherwise provided in this subtitle, the Authority:
(1)
is not subject to the following provisions of the State Finance and Procurement Article:
(i)
Title 2, Subtitles 4 (Water and Sewerage Systems) and 5 (Facilities for the Handicapped);
(ii)
Title 4, Subtitles 7 (State Board of Architectural Review) and 8 (Energy);
(iii)
§§ 5A–304 and 5A–305 (Historic Landmarks; certain architectural easements);
(iv)
§ 7–114.1 (Archeological Costs);
(v)
§§ 8–127, 8–128, and 8–129 (Certain Restrictions on State General Obligation Debt);
(vi)
Part V of Title 8, Subtitle 1 (State Revenue Anticipation Notes);
(vii)
Title 10 (Board of Public Works – Miscellaneous Provisions); and
(viii)
Division II of the State Finance and Procurement Article (General Procurement Laws); and
(2)
may construct developments and projects without obtaining the consent of any other unit of State government and without any proceeding, the satisfaction of any condition, or the occurrence of any event.
(b)
(1)
In carrying out its duties relating to developments and projects, the Authority shall comply with Title 14, Subtitle 3 of the State Finance and Procurement Article (Minority Business Participation).
(2)
The Authority shall take affirmative steps to include minority businesses in its markets to at least the same extent as applicable to a procurement subject to Title 14, Subtitle 3 of the State Finance and Procurement Article.
(c)
A development or project is subject to applicable State health laws and regulations of the Secretary of Health and the Secretary of the Environment.
(d)
A development or project is subject to all zoning and subdivision regulations of the political subdivision in which the development or project is located.
Md. Code Ann., Econ. Dev. § 10-208 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–208LinkCopy Citation
(a)
The money of the Authority may be invested.
(b)
Any income from the investment of money of the Authority shall be credited to the Authority.
Md. Code Ann., Econ. Dev. § 10-209 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–209LinkCopy Citation
(a)
The Authority may:
(1)
sue and be sued;
(2)
adopt a seal;
(3)
acquire, hold, and dispose of property for its corporate purposes;
(4)
sell, lease, or otherwise convey, in any manner that the Authority considers appropriate, any property it owns to accomplish the purposes of this subtitle;
(5)
enter into contracts and leases, including contracts or leases relating to the construction, operation, maintenance, management, and use of developments and projects, concessions, stalls, auction houses, docking facilities, and other facilities, and execute any instrument necessary or convenient, on the terms and for any corporate purpose that the Authority considers advisable;
(6)
issue bonds in accordance with this subtitle;
(7)
use the proceeds of the bonds, other money available under this subtitle, or any grant or money from the State or federal government or any of their units or instrumentalities to accomplish the purposes of this subtitle;
(8)
borrow money for a corporate purpose and mortgage or otherwise encumber its property as security for the loan;
(9)
accept gifts, contributions, or loans of money, supplies, goods, and services, and accept appropriations, allotments, and loans of money from the State or federal government, a federal corporation, a unit or instrumentality of the federal government, or a political subdivision or instrumentality of the State;
(10)
exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law;
(11)
dredge approaches and acquire, construct, maintain, equip, and operate wharves, docks, piers, and other structures, and any facilities necessary for commerce; and
(12)
do all things necessary or convenient to carry out the powers expressly granted by this subtitle.
(b)
(1)
Subject to paragraph (2) of this subsection, the Authority may delegate any power or duty it considers appropriate to a member, an officer, an agent, or an employee of the Authority.
(2)
A contract is not binding on the Authority unless it is approved or authorized by a majority of the members of the Authority.
Md. Code Ann., Econ. Dev. § 10-210 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–210LinkCopy Citation
(a)
Subject to subsection (b) of this section, the Authority may adopt rules and regulations relating to:
(1)
the use of streets, alleys, driveways, and docking slips on the Authority’s property;
(2)
the establishment of parking areas on the Authority’s property; and
(3)
the safety and welfare of persons using the Authority’s property.
(b)
The rules and regulations that the Authority adopts may not be inconsistent with the laws governing the political subdivision in which a development is located.
Md. Code Ann., Econ. Dev. § 10-211 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–211LinkCopy Citation
(a)
The Authority may acquire in its own name property, franchises, and licenses by:
(1)
purchase on terms and conditions and in the manner the Authority considers appropriate; or
(2)
condemnation for public use in accordance with applicable law.
(b)
(1)
If the Authority considers it expedient to establish or construct a development or project on any land, street, alley, or public place that is owned by a political subdivision, the political subdivision may:
(i)
lease the land, street, alley, or public place to the Authority on terms agreed to by the Authority and the political subdivision; or
(ii)
convey title to the land, street, alley, or public place to the Authority on payment to the political subdivision of the reasonable value of the property, as determined by the Authority and the political subdivision, in cash or bonds of the Authority at par.
(2)
(i)
Notwithstanding paragraph (1) of this subsection, a political subdivision may lease or convey to the Authority without consideration any property that is owned by the political subdivision and suitable for use by the Authority for the purposes of this subtitle.
(ii)
A lease or conveyance under this paragraph requires approval by the political subdivision or, for Baltimore City, by the Board of Estimates.
(3)
Before an acquisition under this subsection, the Authority, on request of a political subdivision, shall remove or relocate at the expense of the Authority any public utility facilities, whether publicly or privately owned or operated, located on the property.
(c)
The Authority may not acquire a site under this section for the establishment or construction of a development, or establish or construct a development on a site, unless the site is approved:
(1)
for Baltimore City, by the Board of Estimates; and
(2)
for any other political subdivision, by the county commissioners, county executive, or in a charter county without a county executive, the county council, or in a municipal corporation, by its governing body.
(d)
The Authority need not accept and pay for any property or rights it acquires except from money provided under this subtitle.
Md. Code Ann., Econ. Dev. § 10-212 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–212LinkCopy Citation
(a)
The Authority may:
(1)
develop, establish, acquire, improve, own, operate, and maintain developments and projects in the State; and
(2)
pay the cost of developments or projects, including improvements to any waterways at a development or project, from:
(i)
the proceeds of bonds;
(ii)
other money available under this subtitle; or
(iii)
money from the State or federal government or any of their units or instrumentalities.
(b)
Construction of a development may not begin unless a comprehensive study establishes that the construction and operation of the development would be economically and environmentally sound.
(c)
Except for the Center, construction of a development may not begin unless:
(1)
an analysis of the economic benefits of the proposed development is submitted to the Legislative Policy Committee, in accordance with § 2-1257 of the State Government Article; and
(2)
the Legislative Policy Committee is given 45 days after receipt to comment on the proposal.
(d)
(1)
This subsection does not apply to facilities constructed on land leased or sold by the Authority to a private entity.
(2)
Before contracting to construct a facility at a development or project, the Authority shall solicit sealed bids.
(e)
(1)
All plans and any issue of bonds to finance a development or project require approval by the Board of Public Works by resolution before the bonds are sold.
(2)
All leases of real property and plans and contracts for the acquisition conveyance of real property require approval by the Board of Public Works.
Md. Code Ann., Econ. Dev. § 10-213 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–213LinkCopy Citation
(a)
The Authority may assist wholesale food dealers and tenants who want to locate or relocate their operations in a development or project if, in the judgment of the Authority:
(1)
the wholesale food dealers and tenants will provide the greatest opportunity of success for a development or project; and
(2)
the cost of the assistance is the most likely to be recouped.
(b)
To assist a wholesale food dealer or tenant, the Authority may:
(1)
acquire, by negotiation and purchase, the land, structures, equipment, or leases, or an interest in them, of the wholesale food dealer or tenant; and
(2)
pay the reasonable expenses of moving personal property that must be moved to locate or relocate the operations of the wholesale food dealer or tenant in a development or project.
Md. Code Ann., Econ. Dev. § 10-214 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–214LinkCopy Citation
(a)
The Authority may:
(1)
fix and collect rates and charges for the use of the facilities of a development or project;
(2)
establish the terms and conditions for the use of the facilities; and
(3)
contract with a person for the person’s use of the facilities of a development or project.
(b)
The rates and charges under subsection (a) of this section shall be fixed and revised to provide appropriate revenues from a development or project, as the Authority determines.
(c)
The rates and charges under subsection (a) of this section are not subject to supervision or regulation by any other unit of the State or a political subdivision.
Md. Code Ann., Econ. Dev. § 10-215 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–215LinkCopy Citation
A political subdivision in which a development or project is located may:
(1)
vacate any street, alley, or other public place necessary to ensure the proper operation of the development or project and the full use of its facilities; and
(2)
grant to the Authority the exclusive right to use the vacated street, alley, or other public place for the purpose of the development or project on terms agreed to by the Authority and the political subdivision.
Md. Code Ann., Econ. Dev. § 10-216 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–216LinkCopy Citation
Subject to the terms and conditions agreed to by the Authority and the State or the political subdivision, the State or a political subdivision in which a development or project is located may provide for:
(1)
cleaning the development or project; and
(2)
removing and disposing of refuse from the development or project.
Md. Code Ann., Econ. Dev. § 10-217 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–217LinkCopy Citation
(a)
(1)
“Person” has the meaning stated in § 9-101 of this article.
(2)
“Person” also includes a public or quasi-public corporation.
(b)
Subject to subsection (c) of this section, the Authority may provide financing to a person to accomplish the purposes of this subtitle:
(1)
on property that is owned or otherwise held or controlled by the Authority or the State; or
(2)
on, under, or in property that is owned or otherwise held or controlled by any other person.
(c)
(1)
This subsection does not apply to an expenditure of money:
(i)
in connection with the acquisition of property or the preparation of plans;
(ii)
to the employment of staff of the Authority; or
(iii)
for other matters that customarily are preliminary to the commencement of construction.
(2)
If the Authority provides financing to a person to accomplish the purposes of this subtitle, the Authority may not expend any bond proceeds to acquire or improve a facility until the Authority, with the approval of the Board of Public Works, has entered into a binding contract with the person.
(3)
The contract shall:
(i)
be secured to the satisfaction of the Board of Public Works; and
(ii)
require the person to pay to the Authority or its designee:
(1)
the principal of and interest on bonds sold under this subtitle as they become due;
(2)
any fiscal agency charges for paying principal and interest;
(3)
any charges or fees set by the Authority for its administrative costs and expenses; and
(4)
any premium on bonds retired by call or purchased as provided in this subtitle.
(d)
The Authority may charge to and equitably apportion between persons financed by the Authority under this section all or part of the Authority’s administrative costs and expenses incurred in exercising its powers and performing its duties under this subtitle.
(e)
If property is transferred by the Authority to a person financed under this section, the person shall pay any State and local property taxes that accrue after the transfer.
Md. Code Ann., Econ. Dev. § 10-218 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–218LinkCopy Citation
(a)
The Authority may authorize the issuance of federally tax-exempt or federally taxable revenue bonds by resolution.
(b)
The Authority may issue revenue bonds:
(1)
to pay any part of the cost of developments or projects;
(2)
to fund a deficit in accordance with subsection (i) of this section;
(3)
to pay the cost of improvements of developments or projects in accordance with subsection (j) of this section;
(4)
to refund outstanding bonds issued under this subtitle; and
(5)
for any other purpose set forth in this subtitle.
(c)
The Authority may issue the bonds at one time or in one or more series from time to time.
(d)
The Authority shall determine:
(1)
the dates of the bonds;
(2)
the maturity dates of the bonds, which may not exceed 40 years from the date of their issue;
(3)
the interest rates on the bonds;
(4)
the medium of payment of the principal of and interest on the bonds;
(5)
interest payment dates on the bonds, which shall occur twice in every 12 months;
(6)
the form of the bonds;
(7)
the manner of executing the bonds;
(8)
the denominations of the bonds; and
(9)
the places at which the principal of and interest on the bonds will be payable, including a bank or trust company in or outside the State.
(e)
The bonds may be redeemed before maturity at the option of the Authority at the prices and under terms and conditions that the Authority sets before the bonds are issued.
(f)
An officer’s signature or facsimile on a bond remains valid even if the officer leaves office before the bond is delivered.
(g)
(1)
The Authority shall sell the bonds either by competitive or negotiated sale in a manner and for a price that the Authority determines to be in its best interests.
(2)
The bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.
(h)
(1)
Before it prepares definitive revenue bonds, the Authority may issue temporary revenue bonds meeting the requirements of this section that are exchangeable for definitive revenue bonds when issued.
(2)
The Authority may replace bonds that are mutilated, lost, or destroyed.
(3)
The Authority may issue replacement bonds or bonds exchanged for temporary revenue bonds without:
(i)
another proceeding; or
(ii)
the satisfaction of any other condition.
(i)
(1)
If the proceeds of the bonds are less than the amount required for the purpose for which the bonds were authorized, the Authority may issue additional bonds to fund the amount of the deficit.
(2)
Unless otherwise provided in the resolution authorizing the issuance of bonds or in the trust agreement, the additional bonds are:
(i)
considered to be of the same issue as the first issue; and
(ii)
entitled to payment from the same funds as the first issue, without preference or priority of the bonds of the first issue.
(j)
(1)
The resolution authorizing the issuance of bonds may provide for the issuance of additional bonds to pay the cost of any necessary improvements.
(2)
The additional bonds:
(i)
may be limited in amount by the resolution or trust agreement;
(ii)
shall be considered part of the first issue authorized by the resolution; and
(iii)
shall be issued under the restrictions and limitations provided by the resolution or trust agreement.
Md. Code Ann., Econ. Dev. § 10-219 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–219LinkCopy Citation
Bonds are securities:
(1)
in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:
(i)
an officer or unit of the State or a political subdivision;
(ii)
a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;
(iii)
an insurance company, insurance association, or other person conducting an insurance business;
(iv)
a personal representative, guardian, trustee, or other fiduciary; and
(v)
any other person; and
(2)
that may be deposited with and received by a unit of the State or a political subdivision for any purpose for which the deposit of bonds or other obligations of the State is authorized by law.
Md. Code Ann., Econ. Dev. § 10-220 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–220LinkCopy Citation
(a)
A bond is not a debt or a pledge of the faith and credit of the State or a political subdivision, and is payable solely from development or project revenues as provided in accordance with this subtitle.
(b)
Each bond shall state on its face that the Authority, the State, and a political subdivision of the State are not obliged to pay the principal of or interest on the bond except from the development or project revenues pledged to the payment of the bond.
Md. Code Ann., Econ. Dev. § 10-221 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–221LinkCopy Citation
(a)
(1)
The Authority may secure a bond by a trust agreement between the Authority and a corporate trustee.
(2)
A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
(b)
The trust agreement or the resolution that provides for the issuance of a bond may:
(1)
provide for the protection and enforcement of rights and remedies of bondholders, including covenants setting forth the duties of the Authority in relation to:
(i)
acquisition, improvement, maintenance, operation, and insurance of the development or project; and
(ii)
custody, safeguarding, and application of money;
(2)
provide for the rights and remedies of bondholders and of the trustee;
(3)
restrict the individual right of action by bondholders as is customary in trust agreements securing bonds of corporations;
(4)
provide for the deposit of the proceeds of the sale of bonds and the revenue of a development or project with an officer, board, or depositary that the Authority designates as custodian; and
(5)
provide for the method of disbursing the proceeds and revenues with safeguards and restrictions that the Authority determines.
(c)
(1)
Except as provided in paragraph (2) of this subsection and § 10-222 of this subtitle, a trust agreement may pledge or assign revenues to be received from the development or project.
(2)
No portion of a development or project may be conveyed or mortgaged without the express consent of the Board of Public Works.
(d)
The trust agreement may authorize the use of money realized from the sale or disposition of any of the property of a development or project to pay principal of and interest on the bonds.
(e)
Expenses incurred in carrying out a trust agreement may be treated as part of the cost of maintenance, repair, and operation of a development or project.
(f)
A bank or trust company incorporated in the State may act as a depositary of the proceeds of the bonds or the revenues and furnish indemnity bonds or pledge securities as required by the Authority.
Md. Code Ann., Econ. Dev. § 10-222 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–222LinkCopy Citation
(a)
The Authority shall apply the proceeds of the bonds for the purposes for which the bonds are authorized.
(b)
(1)
The Authority shall set aside a sufficient amount of the revenues derived from a development or project in a sinking fund or other similar fund at regular intervals to the extent required in the trust agreement or resolution.
(2)
The sinking fund is pledged to paying:
(i)
the principal of and the interest on the bonds as they become due; and
(ii)
the redemption or purchase price of bonds retired by call or purchase as specified in the trust agreement or resolution.
(c)
To the extent provided in the trust agreement or resolution, the Authority may exclude from the amount to be deposited in the sinking fund the revenues that may be necessary or convenient:
(1)
to pay for maintenance, repair, and operation of a development or project;
(2)
for reserves; and
(3)
for improvements to a development or project.
(d)
(1)
The lien of the pledge of revenues under subsection (b) of this section is valid and binding from the time the pledge is made.
(2)
The lien of the pledge is valid and binding against each party with a claim against the Authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
Md. Code Ann., Econ. Dev. § 10-223 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–223LinkCopy Citation
The Authority may authorize the issuance of a single issue of revenue bonds by resolution for the combined purposes of:
(1)
paying the cost of improvements of developments or projects; and
(2)
refunding bonds.
Md. Code Ann., Econ. Dev. § 10-224 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–224LinkCopy Citation
Except to the extent rights granted by this subtitle are restricted by resolution passed before the issuance of the bonds or by the trust agreement, a holder of a bond issued under this subtitle, or of any attached coupons, or a trustee under a trust agreement may sue to:
(1)
protect and enforce a right under the laws of this State, the resolution, or the trust agreement; and
(2)
enforce the performance of duties by the Authority, the State, or a political subdivision or officer or any of them that this subtitle or the trust agreement requires, including fixing, charging, and collecting of rates and charges to use facilities that are subject to the resolution or trust agreement.
Md. Code Ann., Econ. Dev. § 10-225 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–225LinkCopy Citation
(a)
The Authority may pledge or assign:
(1)
any of its revenues;
(2)
its rights to receive its revenues;
(3)
money or securities in accounts established to secure a bond; or
(4)
a lien or security interest granted or assignment made to the Authority.
(b)
(1)
A pledge or assignment under subsection (a) of this section is valid and binding from the time the pledge or assignment is made.
(2)
A lien, security interest, or assignment under subsection (a) of this section:
(i)
attaches immediately to the revenues or property pledged and then received by the Authority, without any physical delivery or further act; and
(ii)
is valid and binding against any person having a claim against the Authority, regardless of whether the person has notice of the pledge, and without the recording or filing of an instrument.
Md. Code Ann., Econ. Dev. § 10-226 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–226LinkCopy Citation
(a)
Subject to § 10-217(e) of this subtitle, the Authority is exempt from taxation or assessments on any part of a development or project, the Authority’s activities in operating and maintaining a development or project, and revenues from a development or project.
(b)
The bonds of the Authority, including the interest on the bonds, are forever exempt from State and local taxes.
Md. Code Ann., Econ. Dev. § 10-227 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–227LinkCopy Citation
The Legislative Auditor may conduct a fiscal and compliance audit of the accounts and transactions of the Authority as provided in § 2–1220 of the State Government Article.
Md. Code Ann., Econ. Dev. § 10-228 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–228LinkCopy Citation
(a)
Each year, the Authority shall submit a report to the Governor and, in accordance with § 2-1257 of the State Government Article, the General Assembly.
(b)
The report shall include a financial statement covering the operations of developments during the preceding fiscal year.
Md. Code Ann., Econ. Dev. § 10-229 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 2. Maryland Food Center Authority
§ 10–229LinkCopy Citation
This subtitle may be cited as “The Maryland Food Center Authority Act”.
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
Md. Code Ann., Econ. Dev. § 10-301 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–301LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Authority” means the Maryland Health and Higher Educational Facilities Authority.
(c)
(1)
“Bond” means a bond issued by the Authority under this subtitle.
(2)
“Bond” includes a revenue bond, a revenue refunding bond, a note, and any other obligations.
(d)
“Cost”, with respect to a project financed under this subtitle, includes:
(1)
the purchase price of a project;
(2)
the cost to acquire any right, title, or interest in a project;
(3)
the cost of any improvement;
(4)
the cost of any property, right, easement, and franchise;
(5)
the cost of demolition, removal, or relocation of structures;
(6)
the cost of acquiring land to which the structures may be moved;
(7)
the cost of equipment;
(8)
financing charges;
(9)
interest before and during construction and, if the Authority determines, for a limited period after the completion of construction;
(10)
reserves for principal and interest and for improvements;
(11)
the cost of revenue and cost estimates, architectural, engineering, financial, and legal services, plans, specifications, studies, surveys, and other expenses necessary or incident to determining the feasibility of improving a project; and
(12)
other expenses as necessary or incident to:
(i)
financing a project;
(ii)
acquiring and improving a project; and
(iii)
placing a project in operation.
(e)
“Educational institution” means an institution of higher education or a noncollegiate educational institution.
(f)
“Finance” includes refinance.
(g)
(1)
“Health care institution” means an institution in the State that is operated by a person, a local government, or, subject to paragraph (3) of this subsection, the State, is available to the public, and is:
(i)
a nonprofit hospital as defined under § 19–301 of the Health – General Article that:
(1)
is licensed as a hospital by the Secretary of Health under § 19–318 of the Health – General Article; or
(2)
has obtained a certificate of need issued by the Maryland Health Care Commission under § 19–120 of the Health – General Article, but is not licensed as a hospital by the Secretary of Health under § 19–318 of the Health – General Article;
(ii)
a nonprofit related institution as defined under § 19–301 of the Health – General Article that is licensed as a related institution by the Secretary of Health under § 19–318 of the Health – General Article;
(iii)
a combination of institutions listed in items (i) and (ii) of this paragraph;
(iv)
except as provided in paragraph (3) of this subsection:
(1)
a nonprofit comprehensive health center that provides outpatient primary health services available to the general public; or
(2)
a nonprofit life care or continuing care community that provides self–contained residence facilities for the retired or elderly;
(v)
any combination of health care entities listed in item (iv) of this paragraph;
(vi)
an entity affiliated or associated with an institution listed in items (i) through (v) of this paragraph, if the Authority determines by resolution that the financing of a project for the entity serves the public purpose of that institution; or
(vii)
a nonprofit health service plan that holds a certificate of authority and provides health insurance policies or contracts in the State in accordance with the Insurance Article.
(2)
“Health care institution” includes a nonprofit corporation organized to construct or acquire an institution under paragraph (1) of this subsection.
(3)
“Health care institution” does not include a facility described in paragraph (1)(iv) of this subsection that is owned and operated by the State, except for the following facilities if approved by the Board of Public Works and the Joint Audit and Evaluation Committee:
(i)
a nonprofit comprehensive health center that is a medical or health care facility of the University System of Maryland; or
(ii)
a nonprofit life care or continuing care community that provides self–contained residence facilities for the retired or elderly.
(4)
For purposes of this subsection the facilities of the University of Maryland Medical System Corporation are not considered to be owned and operated by the State.
(h)
“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(i)
“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
(j)
(1)
“Institution of higher education” means an educational institution in the State that:
(i)
by law or charter:
(1)
is a public or nonprofit educational institution; and
(2)
is authorized to provide:
(A)
a program of education beyond the high school level and award a bachelor’s or advanced degree; or
(B)
a program of 2 or more years’ duration that is accepted for full credit toward a bachelor’s degree; and
(ii)
meets the standards and regulations that the Maryland Higher Education Commission prescribes, and is authorized to issue a certificate, diploma, or degree under Title 12 of the Education Article.
(2)
“Institution of higher education” includes:
(i)
a community college for which a board of community college trustees is established under § 16–101 of the Education Article;
(ii)
a regional community college established under § 16–202 of the Education Article;
(iii)
the Baltimore City Community College established under § 16–501 of the Education Article; and
(iv)
the College of Southern Maryland established under § 16–603 of the Education Article.
(3)
“Institution of higher education” does not include an institution owned and operated by the State other than an institution listed in paragraph (2) of this subsection.
(k)
“Noncollegiate educational institution” means a noncollegiate educational institution as defined in § 2–206 of the Education Article that:
(1)
has received a certificate of approval from the State Board of Education; or
(2)
is an institution operated by a bona fide church organization.
(l)
“Participating institution” means a participating educational institution or a participating health care institution that receives assistance under this subtitle.
(m)
(1)
With respect to an educational institution:
(i)
“project” means a structure or facility that is required or useful for an educational institution;
(ii)
“project” includes:
(1)
a structure suitable for use as a dormitory or other housing facility, dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, maintenance facility, storage facility, utility facility, or parking facility; and
(2)
equipment and other similar items; and
(iii)
“project” does not include books, fuel, supplies, or other items that customarily result in a current operating charge.
(2)
With respect to a health care institution:
(i)
“project” means a structure or facility that is required or useful for the effective operation of a health care institution;
(ii)
“project” includes:
(1)
a structure suitable for use as a hospital, clinic, or other health care facility, laboratory, training facility for nursing or another health program, laundry, a residence for nurses or interns, or a parking facility; and
(2)
equipment and other similar items; and
(iii)
“project” does not include fuel, supplies, or other items that customarily result in a current operating charge.
(n)
“Sinking fund” means a fund established under § 10–328 of this subtitle.
(o)
(1)
“Trust agreement” means an agreement entered into by the Authority to secure a bond.
(2)
“Trust agreement” may include a bond contract, bond resolution, or other contract with or for the benefit of a bondholder.
Md. Code Ann., Econ. Dev. § 10-302 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–302LinkCopy Citation
(a)
This subtitle is necessary for the welfare of the State and its residents and shall be construed liberally to accomplish its purposes.
(b)
This subtitle:
(1)
is supplemental authorization and is in addition to the powers conferred by other laws; and
(2)
does not derogate any powers.
Md. Code Ann., Econ. Dev. § 10-303 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–303LinkCopy Citation
(a)
The General Assembly finds that, for the benefit of the people of the State, the increase of their commerce, welfare, and prosperity, and the improvement of their health and living conditions:
(1)
it is essential that:
(i)
people have the fullest opportunity to learn and to develop intellectual capacities;
(ii)
educational institutions in the State have the appropriate means to assist people in achieving required levels of learning and development of intellectual capacities;
(iii)
health care institutions in the State have appropriate means to expand and establish hospitals and other related health care facilities; and
(iv)
educational institutions and health care institutions in the State are able to finance projects at the least cost to their users;
(2)
existing facilities for education and health care and existing financing vehicles available to these institutions are insufficient to meet these needs; and
(3)
these institutions are not able with present means to improve and adequately finance sufficient facilities, in order to provide the facilities at the least cost to their users.
(b)
The purposes of the Authority are to:
(1)
assist educational institutions and health care institutions in the acquisition, improvement, and financing of projects; and
(2)
provide assistance that enables educational institutions and health care institutions to finance, at the least cost to their users, the facilities and structures that are needed to accomplish the purposes of this subtitle.
Md. Code Ann., Econ. Dev. § 10-306 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–306LinkCopy Citation
(a)
There is a Maryland Health and Higher Educational Facilities Authority.
(b)
The Authority is a body politic and corporate and is an instrumentality of the State.
(c)
The exercise of a power under this subtitle is the performance of an essential governmental function.
(d)
The exercise of a power under this article is:
(1)
for the benefit of the people of the State;
(2)
to increase their commerce, welfare, and prosperity; and
(3)
to improve their health, education, and living conditions.
Md. Code Ann., Econ. Dev. § 10-307 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–307LinkCopy Citation
(a)
The Authority consists of the following nine members:
(1)
eight residents of the State appointed by the Governor; and
(2)
the Treasurer or a deputy treasurer designated by the Treasurer.
(b)
Each year the Governor shall designate one member as chair and one as vice chair.
(c)
Before taking office, each member shall take an oath to administer the duties of the office faithfully and impartially.
(d)
(1)
The term of an appointed member is 5 years and begins on July 1.
(2)
The terms of members are staggered as required by the terms in effect for members of the Authority on October 1, 2008.
(3)
At the end of a term, a member continues to serve until a successor is appointed and qualifies.
(4)
The Governor shall fill any vacancy for the unexpired term.
(e)
The Governor may remove an appointed member at any time.
Md. Code Ann., Econ. Dev. § 10-308 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–308LinkCopy Citation
(a)
(1)
Five members of the Authority are a quorum.
(2)
The affirmative vote of a majority of members present at a meeting having a quorum is required for the Authority to take any action.
(3)
The Authority may take action under this subtitle by passing a resolution at a regular or special meeting.
(4)
A resolution shall take effect immediately and without being published or posted.
(b)
A member of the Authority:
(1)
may not receive compensation as a member of the Authority; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations.
Md. Code Ann., Econ. Dev. § 10-309 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–309LinkCopy Citation
(a)
(1)
Subject to the approval of the Governor, the Authority shall appoint an Executive Director.
(2)
The Executive Director serves at the pleasure of the Authority.
(3)
The Authority shall determine the compensation of the Executive Director.
(4)
The Executive Director may not be a member of the Authority.
(b)
Subject to the supervision of the Authority, the Executive Director is the chief administrative officer of the Authority.
(c)
The Executive Director:
(1)
shall keep a record of the proceedings of the Authority; and
(2)
is the custodian of all books and documents filed with the Authority, the records of the Authority, and the seal of the Authority.
Md. Code Ann., Econ. Dev. § 10-310 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–310LinkCopy Citation
(a)
(1)
Subject to the approval of the Governor, the Authority may appoint a full-time or part-time General Counsel.
(2)
The General Counsel serves at the pleasure of the Authority.
(3)
The Authority shall determine the compensation of the General Counsel.
(4)
The General Counsel may not be a member of the Authority.
(b)
The General Counsel, if appointed, is the legal advisor to the Authority and, at the direction of the Authority, shall represent the Authority in judicial or other proceedings.
Md. Code Ann., Econ. Dev. § 10-311 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–311LinkCopy Citation
(a)
The Authority may determine the duties of all its officers.
(b)
The Authority may appoint additional officers.
(c)
(1)
Additional officers serve at the pleasure of the Authority.
(2)
The Authority shall determine the compensation of the additional officers.
Md. Code Ann., Econ. Dev. § 10-312 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–312LinkCopy Citation
The Authority may employ professional and other staff and retain engineers, architects, accountants, construction and financial experts, managers, and other professionals that it considers necessary and set their compensation.
Md. Code Ann., Econ. Dev. § 10-313 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–313LinkCopy Citation
(a)
The Authority shall follow State procedures to obtain, for internal administrative functions, office space, supplies, facilities, materials, equipment, and professional services.
(b)
Each member, the Executive Director, each other officer, and each employee of the Authority shall be covered by a surety bond or an insurance policy of the type and in the amount of coverage determined by the State Treasurer under § 5–108 of the State Government Article.
Md. Code Ann., Econ. Dev. § 10-314 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–314LinkCopy Citation
(a)
The Authority may:
(1)
adopt bylaws for the conduct of its business;
(2)
sue and be sued;
(3)
adopt a seal;
(4)
maintain an office at a place it designates;
(5)
issue bonds in accordance with this subtitle;
(6)
accept a grant, loan, or other assistance in any form from any public or private source, subject to the provisions of this subtitle;
(7)
charge to and equitably allocate among participating institutions the administrative costs and expenses of carrying out this subtitle; and
(8)
do all things necessary or convenient to carry out the powers expressly granted by this subtitle.
(b)
(1)
A health care institution may not use any money received from a bond issued by the Authority to match any State loan or grant that is available for improvement of a health care institution.
(2)
The Authority shall comply with the terms and conditions of assistance received in accordance with subsection (a)(6) of this section.
(c)
The Authority may delegate to a member or officer a power granted to the Authority by this subtitle, including the power to execute a bond, certificate, deed, lease, mortgage, agreement, or other document or instrument.
Md. Code Ann., Econ. Dev. § 10-315 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–315LinkCopy Citation
(a)
The Authority may:
(1)
(i)
acquire, directly or through a participating institution acting as its agent, by purchase, gift, or devise, any property, franchises, and other interests in land, including submerged land and riparian rights, located in or outside the State, as necessary or convenient to construct, acquire, or operate a project, on terms and at prices the Authority considers reasonable; and
(ii)
take title to the property in the name of the Authority or the participating institution as its designated agent;
(2)
determine the location and character of a project to be financed under this subtitle, or designate a participating institution as its agent to do so;
(3)
directly, or through a participating institution acting as its designated agent, acquire, improve, maintain, operate, lease as lessee or lessor, and regulate a project, and enter into contracts for any of these purposes and for the management of a project;
(4)
fix and collect rates, rentals, fees, and charges for services and facilities that a project provides or makes available;
(5)
directly, or through a participating institution acting as its designated agent, establish rules and regulations for the use of a project;
(6)
mortgage, pledge, or otherwise encumber a project and its site or hold a mortgage or other encumbrance on a project and its site for the benefit of the holders of bonds issued to finance the project; and
(7)
make a loan to a participating institution to:
(i)
improve or acquire a project in accordance with an agreement between the Authority and the participating institution;
(ii)
refinance any part of a project; and
(iii)
refund or repay bonds, mortgages, advances, loans, or other obligations of the participating institution to the Authority, any person, or any unit of federal, State, or local government incurred to finance any part of a project.
(b)
The Authority may undertake a joint project for two or more participating institutions.
(c)
A loan from the Authority to a participating institution under subsection (a)(7)(i) of this section may not exceed the total cost of the project as determined by the participating institution and approved by the Authority.
Md. Code Ann., Econ. Dev. § 10-316 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–316LinkCopy Citation
(a)
Expenses incurred under this subtitle are payable only from money obtained under this subtitle.
(b)
The Authority may not incur a liability in excess of money obtained under this subtitle.
Md. Code Ann., Econ. Dev. § 10-317 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–317LinkCopy Citation
(a)
(1)
The Executive Director and each other officer authorized by the Authority may:
(i)
allow copies to be made of the minutes and records of the Authority; and
(ii)
certify records under seal showing that the copies are true copies.
(2)
A person may rely on the certified record.
(b)
The records of the Authority are public records subject to reasonable inspection.
Md. Code Ann., Econ. Dev. § 10-318 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–318LinkCopy Citation
(a)
At least once each year the Authority shall have its books audited by a certified public accountant.
(b)
The Authority shall pay for the cost of the audit from money available to it under this subtitle.
Md. Code Ann., Econ. Dev. § 10-319 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–319LinkCopy Citation
(a)
On or before October 1 of each year, the Authority shall report to the Governor on its activities for the preceding fiscal year.
(b)
The report shall include a complete operating and financial statement covering the operations of the Authority during the preceding fiscal year.
Md. Code Ann., Econ. Dev. § 10-320 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–320LinkCopy Citation
(a)
A law to terminate the Authority may not take effect until adequate provision is made to pay each outstanding bond and other obligation of the Authority.
(b)
On termination of the Authority, its rights and property pass to the State.
Md. Code Ann., Econ. Dev. § 10-323 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–323LinkCopy Citation
(a)
(1)
The Authority may periodically:
(i)
issue bonds for any corporate purpose, including operating expenses;
(ii)
refund those bonds;
(iii)
purchase its bonds with any funds available; and
(iv)
hold, pledge, cancel, or resell bonds.
(2)
By resolution, the Authority may authorize the chair, vice chair, one of its members, or a committee of its members to determine, provide for, or approve any matters relating to bonds that the Authority considers appropriate including:
(i)
specifying, determining, prescribing, and approving matters, documents, and procedures that relate to the authorization, sale, security, issuance, delivery, and payment of and for the bonds;
(ii)
creating security for the bonds;
(iii)
providing for the administration of bond issues; and
(iv)
taking other actions it considers appropriate concerning the bonds.
(3)
The power granted in paragraph (2) of this subsection is in addition to powers conferred on the Authority by this subtitle and does not limit any power of the Authority under this subtitle.
(4)
(i)
Subject to subparagraph (ii) of this paragraph, the Authority may authorize the Executive Director to take any of the actions described in paragraph (2) of this subsection.
(ii)
If the Authority authorizes the Executive Director to take any of the actions described in paragraph (2) of this subsection, the Authority shall prescribe limits within which the Executive Director may exercise discretion.
(b)
(1)
Except as otherwise provided by the Authority, each issue of its bonds is a general obligation of the Authority payable from any revenues or money of the Authority that are available and not otherwise pledged.
(2)
The provisions of paragraph (1) of this subsection are subject to any agreements with:
(i)
holders of particular bonds pledging any particular revenues or money; and
(ii)
any participating institution.
(c)
For each issue of its bonds, the Authority shall pass a resolution that:
(1)
specifies and describes the project for which the proceeds of the bond issuance are intended;
(2)
generally describes the public purpose and the financing transaction to be accomplished;
(3)
specifies the maximum principal amount of the bonds that may be issued by the Authority; and
(4)
imposes any terms or conditions on the issuance and sale of the bonds that the Authority considers appropriate.
(d)
Subject to any provision for their registration, bonds are negotiable instruments for all purposes regardless of whether they are payable from a special fund.
(e)
(1)
The bonds may be:
(i)
serial bonds;
(ii)
term bonds; or
(iii)
both in the discretion of the Authority.
(2)
Subject to any delegation under subsection (a)(2) of this section, the resolution authorizing bonds may provide:
(i)
the dates of the bonds;
(ii)
the maturity dates of the bonds;
(iii)
the interest rates on the bonds;
(iv)
the time at which the bonds will be payable;
(v)
the denominations of the bonds;
(vi)
whether the bonds will be in a coupon or registered form;
(vii)
any registration privileges of the bonds;
(viii)
the manner of execution of the bonds;
(ix)
the place at which the bonds will be payable; and
(x)
any terms of redemption of the bonds.
(3)
The bonds shall mature within a period not to exceed 50 years after their date.
(4)
The bonds shall be payable in United States currency.
(f)
The bonds may be sold by competitive or negotiated sale at a price determined by the Authority.
(g)
Pending preparation of the definitive bonds, the Authority may issue interim receipts or certificates that will be exchanged for definitive bonds.
(h)
(1)
A trust agreement authorizing bonds may contain provisions that are part of the contract with the bondholders.
(2)
The provisions may include:
(i)
pledging the following to secure payment of bonds, subject to any existing agreements with bondholders:
(1)
the full faith and credit of the Authority;
(2)
the full faith and credit of a participating institution;
(3)
revenues of a project;
(4)
a revenue–producing contract the Authority has made with a person or public entity; or
(5)
the proceeds of the sale of bonds;
(ii)
the rentals, fees, and other charges, the amounts to be raised in each year, and the use and disposition of the revenues;
(iii)
setting aside of reserves and sinking funds and their disposition;
(iv)
limits on the right of the Authority or its agents to restrict and regulate the use of a project;
(v)
limits on the purpose to which the proceeds of sale of bonds may be applied;
(vi)
limits on issuing additional bonds, the terms under which additional bonds may be issued and secured, and refunding outstanding bonds;
(vii)
the procedure to amend or abrogate the terms of a contract with bondholders and the requirements for consent;
(viii)
limits on the amount of project revenues to be expended for operating, administrative, or other expenses of the Authority;
(ix)
the acts or omissions that constitute default by the Authority and the rights and remedies of the bondholders in the event of a default;
(x)
the conveyance or mortgaging of a project and its site to secure the bondholders; and
(xi)
creation and disposition of a collateral fund, instead of conveyance or mortgage, for the purpose of securing the bondholders.
(i)
The members of the Authority and a person executing the bonds may not be held liable personally on the bonds.
Md. Code Ann., Econ. Dev. § 10-324 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–324LinkCopy Citation
(a)
The Authority may secure bonds by a trust agreement.
(b)
The corporate trustee under a trust agreement may be a trust company or a bank that has the powers of a trust company in or outside the State.
(c)
In addition to the provisions described in § 10–323(h) of this subtitle, the trust agreement may contain:
(1)
either:
(i)
a provision conveying or mortgaging all or a portion of the project; or
(ii)
a provision creating a collateral account;
(2)
other provisions that the Authority considers reasonable and proper for the security of bondholders; and
(3)
a provision that restricts the individual right of action by bondholders.
(d)
An expense incurred in carrying out the trust agreement or a resolution may be treated as part of the cost of the operation of a project.
Md. Code Ann., Econ. Dev. § 10-325 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–325LinkCopy Citation
Bonds are securities:
(1)
in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:
(i)
an officer or unit of the State or a political subdivision;
(ii)
a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;
(iii)
an insurance company, insurance association, or other person conducting an insurance business;
(iv)
a personal representative, guardian, trustee, or other fiduciary; and
(v)
any other person; and
(2)
that may be deposited with and received by a unit of the State or a political subdivision for any purpose for which the deposit of bonds or obligations of the State is authorized by law.
Md. Code Ann., Econ. Dev. § 10-326 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–326LinkCopy Citation
(a)
A bond:
(1)
is not a debt, liability, or a pledge of the faith and credit of the State or a political subdivision of the State; and
(2)
is payable solely from money available in accordance with this subtitle.
(b)
Each bond shall state on its face that:
(1)
the State and its political subdivisions are not obliged to pay the bond or the interest on the bond except from revenues of the project or the portion of the project for which the bond is issued; and
(2)
the faith, credit, and taxing power of the State and its political subdivisions are not pledged to pay the principal of or the interest on the bond.
(c)
The issuance of bonds does not directly, indirectly, or contingently obligate the State or its political subdivisions:
(1)
to levy or pledge a tax to pay the bonds; or
(2)
to make an appropriation to pay the bonds.
(d)
This section does not prevent the Authority or a participating institution from pledging its full faith and credit to pay bonds.
Md. Code Ann., Econ. Dev. § 10-327 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–327LinkCopy Citation
(a)
The Authority may:
(1)
fix and collect rates, rents, fees, and charges for the use of a project and for the services furnished or to be furnished by a project; and
(2)
contract with a person or governmental entity to exercise its authority under this section.
(b)
The rates, rents, fees, and charges established by the Authority under this section shall be fixed and adjusted so that the aggregate amount of the rates, rents, fees, and charges from the project, when added to other available money, is sufficient to:
(1)
pay for maintaining, repairing, and operating the project;
(2)
pay the principal of and the interest on the bonds that the Authority issued for the project as they become due and payable; and
(3)
create and maintain reserves required or provided for in a trust agreement.
(c)
The rates, rents, fees, and charges established by the Authority under this section are not subject to supervision or regulation by any unit of the State other than the Authority.
Md. Code Ann., Econ. Dev. § 10-328 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–328LinkCopy Citation
(a)
(1)
The Authority shall set aside a sufficient amount of the revenues derived from a project in a sinking fund or other similar fund at regular intervals to the extent required in the trust agreement.
(2)
The sinking fund is pledged to pay:
(i)
the principal of and the interest on the bonds as they become due; and
(ii)
the redemption or purchase price of bonds retired by call or purchase as specified in the trust agreement.
(3)
To the extent provided in the trust agreement, the Authority may exclude from the amount to be deposited in the sinking fund the revenues that may be necessary:
(i)
to pay for project maintenance, repair, and operation;
(ii)
for reserves; and
(iii)
for improvements to the project.
(b)
(1)
The pledge of revenues under subsection (a) of this section is valid and binding from the time the pledge is made.
(2)
(i)
The rates, rents, charges, fees, and other revenue or money that the Authority pledges and receives are subject immediately to the lien of the pledge.
(ii)
Neither physical delivery of the rates, rents, charges, fees, and other revenue or money nor any other act is required to validate the lien.
(3)
The lien of the pledge is valid and binding against each party with a claim against the Authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
(c)
The trust agreement and any other agreement or lease creating a pledge under this section need not be filed or recorded, except in the records of the Authority.
Md. Code Ann., Econ. Dev. § 10-329 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–329LinkCopy Citation
A sinking fund:
(1)
may be held:
(i)
for all of the bonds issued to finance projects at a particular participating institution without distinction or priority of one bond over another bond;
(ii)
for a particular project and for the bonds issued for that project; and
(iii)
for bonds having a lien subordinate to the lien securing other bonds; and
(2)
shall be subject to the trust agreement.
Md. Code Ann., Econ. Dev. § 10-330 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–330LinkCopy Citation
(a)
Proceeds from the sale of bonds and other revenues received under this subtitle are trust funds to be held and applied solely as provided in this subtitle.
(b)
(1)
Each officer, bank, or trust company that receives money from the Authority under this subtitle shall act as trustee of the money and shall hold and apply the money for the purposes specified under this subtitle.
(2)
The officer, bank, or trust company holding money is subject to:
(i)
any regulation adopted under this subtitle; and
(ii)
the trust agreement securing the bonds.
Md. Code Ann., Econ. Dev. § 10-331 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–331LinkCopy Citation
(a)
(1)
The Authority may issue bonds to refund outstanding bonds of the Authority, including paying:
(i)
any redemption premium;
(ii)
interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
(iii)
if considered advisable by the Authority, any part of the cost of acquiring or improving a project.
(2)
Refunding bonds may be issued for any corporate purpose, including:
(i)
realizing savings in the effective costs of debt service, directly or through a debt restructuring; or
(ii)
alleviating a potential or actual default.
(b)
A refunding bond that the Authority issues under this section shall be issued in the same manner and is subject to this subtitle to the same extent as any other bond.
(c)
(1)
The Authority may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.
(2)
(i)
In addition to other sources of payment that the Authority determines, refunding bonds may be payable from escrowed bond proceeds and earnings and profits on investments.
(ii)
Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.
Md. Code Ann., Econ. Dev. § 10-332 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–332LinkCopy Citation
(a)
The Authority may apply the proceeds of refunding bonds to the purchase, retirement at maturity, or redemption of outstanding bonds on the earliest or a subsequent redemption date for those bonds.
(b)
The Authority may place proceeds of refunding bonds in escrow before applying the proceeds to refund bonds.
Md. Code Ann., Econ. Dev. § 10-333 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–333LinkCopy Citation
(a)
Pending their use in accordance with this subtitle, proceeds of bonds issued under § 10-331 of this subtitle may be invested in:
(1)
obligations of or guaranteed by the United States; or
(2)
certificates of deposit or time deposits secured by obligations of or guaranteed by the United States.
(b)
(1)
Bond proceeds placed in escrow under subsection (a) of this section shall mature at such time or times as the Authority considers appropriate to assure the prompt payment of principal, interest, and redemption premium, if any, on the bonds that are to be refunded.
(2)
The instruments in which the Authority invests proceeds of bonds issued for all or part of the cost of improvement or acquisition of a project shall mature soon enough to pay the cost of the improvement or acquisition.
(c)
(1)
The Authority may apply the interest, income, and profit from the investments described in subsection (a) of this section:
(i)
to pay the bonds that are to be refunded; or
(ii)
to pay the costs of acquiring or improving a project.
(2)
After the terms of escrow are satisfied, the balance of the refunding bond proceeds, interest, income, and profit, if any, may be returned to the Authority for use by it in any lawful manner.
Md. Code Ann., Econ. Dev. § 10-334 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–334LinkCopy Citation
(a)
The Authority may issue negotiable bond anticipation notes in anticipation of the sale of bonds for any corporate purpose.
(b)
Bond anticipation notes issued under this section shall be issued in the same manner as bonds.
(c)
Bond anticipation notes issued under this section and the resolution authorizing them may contain any provisions, conditions, or limitations that may be included in a trust agreement.
(d)
The Authority may issue bond anticipation notes to pay any other bond anticipation notes.
(e)
Bond anticipation notes shall be paid from:
(1)
revenues of the Authority;
(2)
money available and not otherwise pledged; or
(3)
the proceeds of the sale of the bonds in anticipation of which the notes were issued.
Md. Code Ann., Econ. Dev. § 10-335 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–335LinkCopy Citation
(a)
The Authority shall convey title to a project and release collateral in accordance with this section when the following conditions are met:
(1)
(i)
the principal of and interest on bonds issued to finance the project, including any refunding bonds, have been fully paid and retired; or
(ii)
adequate provision has been made to fully pay and retire the bonds;
(2)
all other conditions of the trust agreement have been satisfied; and
(3)
the lien of the trust agreement has been released.
(b)
On satisfaction of the conditions under subsection (a) of this section, the Authority promptly shall execute any deeds, conveyances, releases, and documents and take any other action necessary to convey title to the project to the participating institution and release collateral free of all liens and encumbrances created through the Authority.
Md. Code Ann., Econ. Dev. § 10-336 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–336LinkCopy Citation
(a)
A bondholder, a holder of any coupons attached to bonds, or a trustee under a trust agreement securing the bonds may sue to:
(1)
protect and enforce rights under the laws of the State or a trust agreement; and
(2)
enforce and compel the performance of duties by the Authority or its officer, employee, or agent that this subtitle or a trust agreement requires, including fixing and collecting rates, rents, fees, and charges that the trust agreement requires to be fixed and collected.
(b)
The rights under this section are subject to any trust agreement.
Md. Code Ann., Econ. Dev. § 10-337 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–337LinkCopy Citation
(a)
The Authority, its agent, or its lessee is not required to pay a tax or assessment on:
(1)
a project or property that it acquires or uses under this subtitle; or
(2)
the income from that project or property.
(b)
The principal of and interest on bonds, the transfer of bonds, and any income derived from the bonds, including profits made in their sale or transfer, are forever exempt from all State and local taxes.
Md. Code Ann., Econ. Dev. § 10-340 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–340LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Affiliate” means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.
(c)
(1)
“Closure cost” means costs incurred in connection with the closure or delicensing of a hospital.
(2)
“Closure cost” includes expenses of operating a hospital, payments to employees, employee benefits, fees of consultants, insurance, security services, utilities, legal fees, capital costs, costs of terminating contracts with vendors, suppliers of goods and services and others, debt service, contingencies, and other necessary or appropriate costs and expenses.
(d)
“Control” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person through equity interest, membership interest, or contract other than a commercial contract for goods or nonmanagement services, or otherwise, whether or not the power is exercised or sought to be exercised.
(e)
“Hospital” means an institution defined as a hospital under § 19–301 of the Health – General Article and that is licensed as a hospital by the Secretary of Health under § 19–318 of the Health – General Article.
(f)
“Program” means the Maryland Hospital Bond Program under this part.
(g)
(1)
“Public obligation” means a bond, note, evidence of indebtedness, or other obligation, to repay borrowed money issued by the Authority, the State, a unit, instrumentality, or public corporation of the State, a governmental entity described in § 19–205(a) of the Local Government Article, a county, or a municipal corporation.
(2)
“Public obligation” does not include an obligation, or portion of an obligation, if:
(i)
the principal of and interest on the obligation or the portion of the obligation is:
(1)
insured by an effective municipal bond insurance policy; and
(2)
issued on behalf of a hospital that voluntarily closed in accordance with § 19–120(l) of the Health – General Article; and
(ii)
the proceeds of the obligation or the portion of the obligation are used to finance wholly or partly:
(1)
a facility or part of a facility that is used primarily to provide outpatient services at a location other than the hospital; or
(2)
a facility or part of a facility that is used primarily by physicians who are not employees of the hospital to provide services to nonhospital patients.
Md. Code Ann., Econ. Dev. § 10-341 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–341LinkCopy Citation
This part applies to:
(1)
the closure of a hospital under § 19-120(l) of the Health - General Article; and
(2)
the delicensure of a hospital under § 19-325 of the Health - General Article.
Md. Code Ann., Econ. Dev. § 10-342 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–342LinkCopy Citation
(a)
The General Assembly finds that the failure to provide for the payment of public obligations of a closed or delicensed hospital could seriously impair the ability of health care facilities and State and local governments to secure subsequent financing through the issuance of tax-exempt bonds.
(b)
The purpose of this part is to preserve the access of health care facilities in the State to adequate financing through a program that facilitates the refinancing and payment of public obligations of a closed or delicensed hospital.
(c)
It is the intent of this part that the Health Services Cost Review Commission, the Maryland Health Care Commission, and the Authority shall consult with and consider each others’ recommendations in making the determinations required under this part.
Md. Code Ann., Econ. Dev. § 10-343 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–343LinkCopy Citation
(a)
There is a Maryland Hospital Bond Program in the Authority.
(b)
For public obligations issued on behalf of a hospital before October 1, 2008, the Program shall provide for the payment and refinancing of public obligations of a hospital, if:
(1)
(i)
the closure of the hospital is in accordance with § 19–120(l) of the Health – General Article; or
(ii)
the delicensure of the hospital is in accordance with § 19–325 of the Health – General Article;
(2)
a public obligation issued on behalf of the hospital is outstanding; and
(3)
the hospital plan for closure or delicensure and the related financing plan is acceptable to:
(i)
the Secretary of Health, in consultation with the Maryland Health Care Commission; and
(ii)
the Authority.
(c)
For public obligations issued on behalf of a hospital on or after October 1, 2008, the Program shall provide for the payment and refinancing of public obligations of a hospital, if:
(1)
(i)
the closure of the hospital is in accordance with § 19–120(l) of the Health – General Article; or
(ii)
the delicensure of the hospital is in accordance with § 19–325 of the Health – General Article;
(2)
a public obligation issued on behalf of the hospital is outstanding;
(3)
the hospital plan for closure or delicensure and the related financing plan is acceptable to:
(i)
the Secretary of Health, in consultation with the Maryland Health Care Commission; and
(ii)
the Authority; and
(4)
the Health Services Cost Review Commission determines that implementation of the Program is in the public interest, taking into account the amount of system–wide savings to the health care system in the State that might be expected as a result of the closure.
Md. Code Ann., Econ. Dev. § 10-344 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–344LinkCopy Citation
(a)
(1)
The Maryland Health Care Commission shall notify in writing:
(i)
the Authority and the Health Services Cost Review Commission when a hospital files a written notice of intent to close under § 19–120(l) of the Health – General Article; and
(ii)
the Authority when a petition for delicensure of a hospital is filed with the Secretary of Health under § 19–325 of the Health – General Article.
(2)
The Commission shall give the notice required by this subsection within 5 days after the date of the filing.
(b)
The Secretary of Health shall notify the Authority and the Health Services Cost Review Commission in writing of each determination to delicense a hospital under § 19–325 of the Health – General Article at least 150 days before the scheduled date of delicensure.
(c)
The notifications under this section shall include the name and location of the hospital and the scheduled date of its closure or delicensure.
Md. Code Ann., Econ. Dev. § 10-345 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–345LinkCopy Citation
(a)
As to each hospital that files a notice of intent to close under § 10-344(a)(1)(i) of this subtitle, the Maryland Health Care Commission shall provide to the Authority and the Health Services Cost Review Commission notice that includes:
(1)
for a hospital that is located in a county with three or more hospitals, a statement that the hospital, in consultation with the Maryland Health Care Commission, held a public information hearing in the county where the hospital is located;
(2)
for a hospital that is located in a county with fewer than three hospitals, notification of its finding on whether the proposed closing is:
(i)
in the public interest; and
(ii)
not inconsistent with the State health plan or an institution-specific plan that the Maryland Health Care Commission developed; and
(3)
the name and location of the hospital and the scheduled date of the closure.
(b)
The Maryland Health Care Commission shall submit the notifications required under this section at least 150 days before the scheduled date of the closure.
Md. Code Ann., Econ. Dev. § 10-346 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–346LinkCopy Citation
(a)
(1)
A hospital that intends to close or is scheduled to be delicensed shall provide the Authority and the Health Services Cost Review Commission with a written statement of any outstanding public obligations issued on its behalf.
(2)
The statement shall include:
(i)
the name of each issuer of the public obligation;
(ii)
the outstanding principal amount of each public obligation;
(iii)
the due dates for payment or any mandatory redemption or purchase of each public obligation;
(iv)
the due dates for the payment of interest on each public obligation and the interest rates; and
(v)
the documents and information about the public obligation that the Authority or the Health Services Cost Review Commission requests.
(b)
(1)
A hospital with public obligations issued on or after October 1, 2008, that intends to close or is scheduled to be delicensed, shall provide to the Secretary of Health a closure plan that is acceptable to the Secretary, in consultation with the Maryland Health Care Commission.
(2)
The closure plan required under this subsection shall include the plan of the hospital for the provision of care to its patients and to the population in its service area.
(c)
The hospital shall file the items required under subsections (a) and (b) of this section:
(1)
within 10 days after the date of filing the written notice of intent to close under § 19–120(l) of the Health – General Article with the Maryland Health Care Commission; or
(2)
at least 150 days before the scheduled date of delicensure under § 19–325 of the Health – General Article.
Md. Code Ann., Econ. Dev. § 10-347 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–347LinkCopy Citation
(a)
The Health Services Cost Review Commission may determine to provide for the payment of all or part of the reasonable closure costs of a hospital having outstanding public obligations if the Health Services Cost Review Commission determines that the payment is necessary or appropriate to:
(1)
encourage and assist the hospital to close; or
(2)
implement the Program created by this part.
(b)
In making the determinations under subsection (a) of this section, the Health Services Cost Review Commission shall consider:
(1)
the system–wide savings to the State health care system expected to result from the closure or delicensure of the hospital during the longer of:
(i)
the period when the fee will be assessed to provide for the payment of the closure costs or any bond issued to finance the closure costs; or
(ii)
5 years after the date of closure or delicensure; and
(2)
the recommendations of the Maryland Health Care Commission and the Authority.
(c)
Within 60 days after receiving the notice of closure or delicensure required by § 10–344(a)(1)(i) or (b) of this subtitle, the Health Services Cost Review Commission shall:
(1)
determine whether to provide for the payment of all or a part of the closure costs of the hospital in accordance with this section; and
(2)
give written notification of its determination to the Maryland Health Care Commission and the Authority.
(d)
This section does not require the Health Services Cost Review Commission to provide for the payment of any closure costs of a closed or delicensed hospital.
(e)
In a proceeding involving the validity or enforceability of a bond issued to finance closure costs or any security for the bond, the determinations of the Health Services Cost Review Commission under this section are conclusive and binding.
Md. Code Ann., Econ. Dev. § 10-348 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–348LinkCopy Citation
(a)
Within 60 days after receiving the statement required by § 10-346 of this subtitle, the Authority shall prepare a schedule of payments necessary to meet the public obligations of the hospital.
(b)
(1)
As soon as practicable after receiving a notice of closure or delicensure, required by § 10-344(a)(1)(i) or (b) of this subtitle, and after consulting with the issuer of each public obligation and the Health Services Cost Review Commission, the Authority shall prepare a proposed plan to finance or otherwise provide for the payment of public obligations.
(2)
The proposed plan may include a tender, redemption, advance refunding, or other technique that the Authority considers appropriate.
(c)
As soon as practicable after receiving notification that the Health Services Cost Review Commission has determined to provide for the payment of closure costs of a hospital under § 10-347 of this subtitle, the Authority shall prepare a proposed plan to finance or provide for the payment of closure costs stated in the notice.
(d)
On request of the Health Services Cost Review Commission, the Authority may begin preparing the plan required by this section before the Authority receives notice under § 10-344(a)(1)(i) or (b) of this subtitle.
(e)
The Authority shall promptly submit the schedule of payments and the proposed plan required by this section to the Health Services Cost Review Commission.
Md. Code Ann., Econ. Dev. § 10-349 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–349LinkCopy Citation
(a)
The Authority may issue bonds to finance or otherwise provide for the payment of public obligations or closure costs of a hospital in accordance with a plan developed under § 10-348 of this subtitle.
(b)
The bonds issued under subsection (a) of this section shall:
(1)
be payable from the fees provided under § 10-350 of this subtitle or from other sources provided in the plan;
(2)
be authorized, sold, executed, and delivered in accordance with this subtitle; and
(3)
have terms consistent with constitutional and other legal requirements.
(c)
In connection with the issuance of any bond, the Authority may assign its rights under a loan, lease, or other financing agreement between the Authority or any other issuer of a public obligation and the closed or delicensed hospital to the State or a State unit in consideration for the payment of a public obligation as provided in this part.
Md. Code Ann., Econ. Dev. § 10-350 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–350LinkCopy Citation
(a)
On the date of closure or delicensure of a hospital for which a financing plan is developed under § 10–348 of this subtitle, the Health Services Cost Review Commission shall assess a fee on all hospitals, as provided in § 19–223 of the Health – General Article, sufficient to:
(1)
pay the principal and interest on any bonds that the Authority issues under § 10–349 of this subtitle to finance public obligations;
(2)
pay the closure costs or the principal and interest on bonds that the Authority issues under § 10–349 of this subtitle to finance any closure costs;
(3)
maintain a reserve required by the trust agreement;
(4)
pay any required financing fees or charges; and
(5)
maintain reserves that the Authority considers appropriate to provide the amounts described in paragraphs (1) through (4) of this subsection if a hospital defaults in paying the fees.
(b)
The fee assessed each hospital shall be:
(1)
the product of the total fees required to be assessed multiplied by the ratio of the actual gross patient revenue of the hospital to the total gross patient revenue of all hospitals; and
(2)
determined as of the date the Authority determines after consulting with the Health Services Cost Review Commission.
(c)
(1)
As the Authority directs, each hospital shall pay the fee:
(i)
directly to the Authority;
(ii)
directly to a trustee for the bondholders; or
(iii)
otherwise as the Authority directs.
(2)
The fee shall be assessed at any time necessary to meet the payment requirements of this section.
(d)
The fee assessed is not subject to supervision or regulation by a unit of the State.
(e)
(1)
A pledge of the fee to a bond issued under this part or to any other public obligation immediately subjects the fee to the lien of the pledge without a physical delivery or further act.
(2)
Whether or not the parties have notice, the lien of the pledge is valid and binding against all parties having claims in tort, contract, or otherwise against the Authority or a closed or delicensed hospital.
(f)
If the Health Services Cost Review Commission terminates by law, the Secretary of Health shall impose the fee under this section.
Md. Code Ann., Econ. Dev. § 10-351 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–351LinkCopy Citation
(a)
Notwithstanding any other provision of this subtitle, the amount of a public obligation that may be paid under the Program shall be reduced by the sum of:
(1)
any excess of the total fair market value of all property transferred by a closed or delicensed hospital to an affiliate or a person with an interest in the hospital after it is closed or delicensed over the total fair market value of the property transferred and services provided to the hospital by the affiliate or person; and
(2)
the total fair market value of the property retained by the hospital or affiliate after the closure or delicensure minus the property that is applied to paying closure costs approved by the Health Services Cost Review Commission.
(b)
(1)
By any method it considers appropriate, the Authority may determine the fair market value of any property or services, including by:
(i)
the appraisal of an independent professional appraiser; or
(ii)
the report of an independent consultant.
(2)
The closed or delicensed hospital shall pay the cost of the appraiser or consultant.
(c)
(1)
The Authority may act under this subsection if the Authority determines that the action is:
(i)
necessary to protect the interests of holders of public obligations; or
(ii)
consistent with the public purpose of encouraging and assisting the hospital to close or delicense.
(2)
The Authority may proceed against:
(i)
a closed or delicensed hospital; or
(ii)
a guaranty or collateral securing the payment of a public obligation of a closed or delicensed hospital if the guaranty or collateral was provided by an entity associated with the hospital.
(d)
In making the determination required under subsection (c) of this section, the Authority shall consider:
(1)
the circumstances under which the guaranty or other collateral was provided; and
(2)
the recommendations of the Health Services Cost Review Commission and the Maryland Health Care Commission.
(e)
(1)
Any money that the Authority or its assignee realizes from enforcing a claim against a closed or delicensed hospital, or a hospital with a plan under § 10-348 of this subtitle, shall be applied to offset the fee that the Health Services Cost Review Commission is required to assess under § 10-350 of this subtitle.
(2)
The costs and expenses of enforcing the claim, including the costs for maintaining the property before disposition, shall be deducted from the money described in paragraph (1) of this subsection.
Md. Code Ann., Econ. Dev. § 10-352 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–352LinkCopy Citation
Notwithstanding any other provision of this part, in a proceeding involving the validity or enforceability of a bond or the security for a bond, the determination of the Authority under this part is conclusive and binding.
Md. Code Ann., Econ. Dev. § 10-353 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–353LinkCopy Citation
The Health Services Cost Review Commission, the Maryland Health Care Commission, or the Authority may waive any notice required to be given to it under this part.
Md. Code Ann., Econ. Dev. § 10-356 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 3. Maryland Health and Higher Educational Facilities Authority
§ 10–356LinkCopy Citation
This subtitle may be cited as the “Maryland Health and Higher Educational Facilities Authority Act”.
Subtitle 4. Maryland Technology Development Corporation
Md. Code Ann., Econ. Dev. § 10-401 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–401LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Board” means the Board of Directors of the Corporation.
(c)
“Corporation” means the Maryland Technology Development Corporation.
(d)
“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(e)
“Investment committee” means a committee appointed by the Board to advise on and approve investments as required under this subtitle.
(f)
“Principal business operations” means the headquarters from which the business’s officers direct, control, and coordinate the business’s activities.
(g)
“Qualified business” means a business that, at the time of the first investment in the business under a program of the Corporation, except as otherwise provided in this subtitle:
(1)
(i)
has its principal business operations located in the State, has over half its workforce working in the State, and intends to maintain its principal business operations in the State after receiving an investment under the program; or
(ii)
is a business or start–up business that is approved by the investment committee and will, as a result of the investment, have a substantial economic impact in the State through job creation, capital investment, and contribution to the State’s technology ecosystem;
(2)
has agreed to use the investment primarily to:
(i)
support business operations in the State; or
(ii)
in the case of a start–up company, establish and support business operations in the State;
(3)
has not more than 250 employees; and
(4)
is not primarily engaged in:
(i)
retail sales;
(ii)
real estate development;
(iii)
the business of insurance, banking, or lending; or
(iv)
the provision of professional services by accountants, attorneys, or physicians.
Md. Code Ann., Econ. Dev. § 10-402 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–402LinkCopy Citation
(a)
There is a Maryland Technology Development Corporation.
(b)
The Corporation is a body politic and corporate and is an instrumentality of the State.
(c)
The purposes of the Corporation are to:
(1)
assist in transferring to the private sector the results and products of scientific research and development conducted by colleges, universities, and federal research institutions in the State;
(2)
assist in commercializing those results and products;
(3)
assist in commercializing technology developed in the private sector;
(4)
foster the commercialization of research and development conducted by colleges, universities, and the private sector to create and sustain businesses throughout all regions of the State;
(5)
generally assist early–stage and start–up businesses in the State;
(6)
invest in Maryland–based technology companies and promote the commercialization and growth of technology companies and jobs in the State;
(7)
build a long–term entrepreneurial capacity and sustained venture capital presence in the State;
(8)
create pathways to follow–on financing in the State; and
(9)
foster inclusive and diverse entrepreneurship and innovation throughout the State, which may include initiatives to raise awareness of programs to assist small, minority, and women–owned businesses through marketing and other efforts.
(d)
In accordance with § 10–834 of this title, the Corporation and the Maryland Clean Energy Center shall coordinate with the Maryland Energy Innovation Institute in supporting Maryland–based technology companies engaged in clean energy innovation.
Md. Code Ann., Econ. Dev. § 10-403 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–403LinkCopy Citation
(a)
(1)
A Board of Directors shall manage the Corporation and its units and exercise its corporate powers.
(2)
(i)
The Board of Directors may appoint members of an advisory committee.
(ii)
If the Board of Directors appoints an advisory committee, the Board shall adopt policies establishing the responsibilities of the advisory committee.
(b)
The Board consists of the following 19 members:
(1)
the Secretary or the Secretary’s designee;
(2)
fourteen members appointed by the Governor with the advice and consent of the Senate:
(i)
two representing the nonprofit research sector of the State;
(ii)
two with expertise in venture capital financing;
(iii)
five with experience in technology–based businesses;
(iv)
two representing colleges and universities, at least one of whom shall represent an historically black college or university, except that any single college or university may not be represented for more than two consecutive terms; and
(v)
three members of the general public; and
(3)
subject to subsection (c) of this section:
(i)
two members appointed by the President of the Senate; and
(ii)
two members appointed by the Speaker of the House.
(c)
The members appointed under subsection (b)(3) of this section shall:
(i)
represent the nonprofit research sector of the State;
(ii)
have expertise in venture capital financing;
(iii)
have experience in technology–based businesses;
(iv)
represent colleges and universities; or
(v)
be members of the general public.
(d)
A member of the Board shall reside in the State.
(e)
In making appointments to the Board, the Governor shall consider:
(1)
diversity; and
(2)
all geographic regions of the State.
(f)
A member of the Board:
(1)
may not receive compensation as a member of the Board; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(g)
(1)
The term of an appointed member is 4 years.
(2)
The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.
(3)
At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(h)
(1)
This subsection applies to a member who is appointed by the Governor under subsection (b) of this section.
(2)
The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.
(i)
The Board shall elect a chair from among its members.
(j)
The Board may act with an affirmative vote of 11 Board members.
Md. Code Ann., Econ. Dev. § 10-404 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–404LinkCopy Citation
(a)
The Corporation shall employ a Chief Executive Officer.
(b)
The Chief Executive Officer shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation.
Md. Code Ann., Econ. Dev. § 10-405 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–405LinkCopy Citation
(a)
The Attorney General is the legal advisor to the Corporation.
(b)
(1)
The Attorney General shall assign to the Corporation assistant Attorneys General.
(2)
The Attorney General shall designate one assistant Attorney General as general counsel to the Corporation.
(3)
(i)
The general counsel to the Corporation shall:
(1)
advise the Chief Executive Officer, Board of Directors, and any other official of the Corporation as requested by the Corporation;
(2)
supervise the other assistant Attorneys General assigned to the Corporation; and
(3)
perform for the Corporation other duties the Attorney General assigns.
(ii)
The general counsel may not provide any other assistance not specified in subparagraph (i) of this paragraph.
(c)
With the approval of the Attorney General, the Corporation may retain any additional necessary lawyers.
Md. Code Ann., Econ. Dev. § 10-406 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–406LinkCopy Citation
The Corporation may retain any necessary accountants, engineers, financial advisors, or other consultants.
Md. Code Ann., Econ. Dev. § 10-407 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–407LinkCopy Citation
(a)
Except as provided in subsections (b), (c), and (e) of this section, the Corporation is exempt from Title 10 and Division II of the State Finance and Procurement Article.
(b)
The Corporation is subject to the Public Information Act.
(c)
The Board, the officers and employees of the Corporation, members of the investment committee, and members of any advisory committee appointed are subject to the Public Ethics Law.
(d)
The officers and employees of the Corporation are not subject to the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
(e)
(1)
The Corporation, its Board, and employees are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.
(2)
The Board, the officers and employees of the Corporation, the members of the investment committee, and the members of any advisory committee appointed shall disclose to the State Ethics Commission whether they are employed by or have a financial interest in an entity that currently has or will apply for funds or an investment in a program administered by the Corporation.
(f)
For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Corporation if no organizational business is conducted.
Md. Code Ann., Econ. Dev. § 10-408 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–408LinkCopy Citation
(a)
The Corporation shall adopt regulations establishing:
(1)
the investment committee;
(2)
the responsibilities of the investment committee, including a process for considering remedies, including divestment, for investments in a business that no longer meets the definition of a qualified business; and
(3)
the procedures for the appointment of investment committee members.
(b)
The Corporation may:
(1)
adopt bylaws for the conduct of its business;
(2)
adopt a seal;
(3)
maintain offices at a place it designates in the State;
(4)
accept loans, grants, or assistance of any kind from the federal or State government, a local government, a college or university, or a private source;
(5)
enter into contracts and other legal instruments;
(6)
sue or be sued;
(7)
acquire, purchase, hold, lease as lessee, and use:
(i)
a franchise, patent, or license;
(ii)
any real, personal, mixed, tangible, or intangible property; or
(iii)
an interest in the property listed in this item;
(8)
sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires;
(9)
fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available;
(10)
create, own, control, or be a member of a corporation, limited liability company, partnership, or other entity, whether operated for profit or not for profit;
(11)
subject to a written agreement, provide administrative support and services to an entity described under item (10) of this subsection and receive compensation for providing the support and services;
(12)
exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(13)
do all things necessary or convenient to carry out the powers granted by this subtitle.
Md. Code Ann., Econ. Dev. § 10-409 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–409LinkCopy Citation
(a)
(1)
Except as provided in subsection (c) of this section, the Corporation may make grants to or provide equity investment financing for technology–based businesses, if:
(i)
the investments are made to a qualified business;
(ii)
the investments are made on review and approval of a written application that:
(1)
contains sufficient information to verify that the qualified business has its principal business operations in the State or will have a substantial economic impact on the State; and
(2)
contains a certification of the veracity of the information by an authorized signatory of the qualified business; and
(iii)
at least the number of members that constitutes a quorum of any fund or authority has been appointed under the requirements for that fund or authority.
(2)
The Corporation shall include in the application for investment described under paragraph (1)(ii) of this subsection:
(i)
an option for an applicant to provide the applicant’s race, ethnicity, age, gender, disability status, and veteran status and the geographic area of the State where the applicant’s primary place of business is located; and
(ii)
a statement advising the applicant that provision of the information described under item (i) of this paragraph is voluntary but encouraging applicants to provide the information.
(3)
The Corporation may not take any adverse action against an applicant who declines to provide the information described under paragraph (2)(i) of this subsection.
(b)
In regard to any and all programs of the Corporation, except as otherwise provided in this subtitle and Subtitle 4A of this title, the Corporation shall adopt regulations to govern investments under this subsection that specify:
(1)
the types of qualified businesses in which an investment may be made;
(2)
the basic standards an enterprise shall meet to qualify for an investment;
(3)
the amount of money available for investment;
(4)
the investment policy statement of the Corporation that describes the procedures, criteria, investment philosophy, and guidelines for how the Corporation’s investment decisions will be made; and
(5)
a process for the consideration of whether investments help to foster inclusive and diverse entrepreneurship, including the Corporation’s support for marketing and other efforts to raise awareness of programs to assist small, minority, and women–owned businesses.
(c)
The Corporation may make investments under an agreement with the Board of Trustees for the State Retirement and Pension System under § 21–123.2 of the State Personnel and Pensions Article.
Md. Code Ann., Econ. Dev. § 10-410 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–410LinkCopy Citation
The Corporation may:
(1)
acquire, develop, improve, manage, market, license, sublicense, maintain, lease as lessor or lessee, or operate a project in the State to carry out its purposes;
(2)
acquire, directly or indirectly, from a person or political subdivision, by purchase, gift, or devise any property, rights-of-way, franchises, easements, or other interests in land, including submerged land and riparian rights:
(i)
as necessary or convenient to improve or operate a project to carry out its purposes; and
(ii)
on the terms and at the prices that it considers reasonable; and
(3)
enter into a project with a manufacturer to carry out its purposes.
Md. Code Ann., Econ. Dev. § 10-411 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–411LinkCopy Citation
A debt, claim, obligation, or liability of the Corporation or any subsidiary is not:
(1)
a debt, claim, obligation, or liability of the State, a unit or instrumentality of the State, or of a State officer or State employee; or
(2)
a pledge of the credit of the State.
Md. Code Ann., Econ. Dev. § 10-412 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–412LinkCopy Citation
Colleges and universities may:
(1)
contract with the Corporation or its subsidiaries;
(2)
assign to the Corporation or its subsidiaries intellectual property and other resources to assist in its development and activities; and
(3)
assign faculty and staff to the Corporation.
Md. Code Ann., Econ. Dev. § 10-413 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–413LinkCopy Citation
The Corporation is exempt from State and local taxes.
Md. Code Ann., Econ. Dev. § 10-414 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–414LinkCopy Citation
The books and records of the Corporation are subject to audit:
(1)
at any time by the State; and
(2)
each year by an independent auditor.
Md. Code Ann., Econ. Dev. § 10-415 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–415LinkCopy Citation
(a)
(1)
On or before October 1 of each year, the Corporation shall report to the Governor, the Maryland Economic Development Commission, and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
(2)
The report required under this subsection shall include:
(i)
a complete operating and financial statement covering the Corporation’s operations;
(ii)
a summary of the Corporation’s activities during the preceding fiscal year;
(iii)
information on all salaries and any incentives approved by the Board for Corporation employees;
(iv)
information on outreach, training, mentorship, support, and investment in minority and women–owned qualified businesses, including support for marketing by the Maryland Small Business Development Financing Authority;
(v)
information on entities that have current investments and entities that received funding or investments in the current year on the:
(1)
principal business operations;
(2)
number of employees in the State and the number of employees outside the State;
(3)
capital or other investments made in the State; and
(4)
proposed and actual job creation or capital investment in the State as a result of the investment or support;
(vi)
a list of businesses that have received funding that would no longer qualify as a qualified business; and
(vii)
information on the creation of and appointments made to an advisory committee and the responsibilities of the advisory committee and members of the committee.
(b)
(1)
On or before October 1 each year, beginning in 2023, and every 6 months thereafter, the Corporation shall report to the Governor, the Maryland Economic Development Commission, and, in accordance with § 2–1257 of the State Government Article, the Joint Audit and Evaluation Committee and the General Assembly.
(2)
The report required under this subsection shall include a list of the qualified businesses or other businesses receiving support through programs administered by the Corporation, including those receiving investments made under § 21–123.2 of the State Personnel and Pensions Article.
(3)
The list of qualified businesses or other businesses receiving support shall include for each business:
(i)
the number of employees in the State;
(ii)
the number of employees outside the State;
(iii)
the capital or other investments made in the State; and
(iv)
proposed job creation or capital investment in the State as a result of the investment or support.
(c)
(1)
On or before October 1, 2024, and each October 1 thereafter, the Corporation shall report to the Governor, the Maryland Economic Development Commission, and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the following information from the immediately preceding fiscal year:
(i)
the number of applications the Corporation received;
(ii)
the amount of investment funding that was available at the beginning of the fiscal year;
(iii)
the amount of investment funding that was available at the end of the fiscal year;
(iv)
the amount of investment funding that was requested;
(v)
the number of applicants the Corporation invested in; and
(vi)
the amount of investment funding the Commission awarded.
(2)
The information reported in accordance with paragraph (1) of this subsection shall:
(i)
specify which applications and investments were from social impact funds, seed funds, and the Maryland Venture Fund; and
(ii)
if available, provide information that has been de–identified and disaggregated on applicants and qualified business founders by race, ethnicity, age, gender, disability status, veteran status, and geographic location and the degree to which applicants and founders identify with more than one demographic category.
Md. Code Ann., Econ. Dev. § 10-416 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–416LinkCopy Citation
(a)
There is a Comprehensive Technical Assistance Program in the Corporation.
(b)
(1)
The purpose of the Program is to provide comprehensive technical assistance to any business that qualifies for financial assistance under this subtitle or any other program in the portfolio of the Corporation.
(2)
The technical assistance provided under the Program shall:
(i)
incorporate existing services of the Corporation;
(ii)
include flexible and customized applied training services;
(iii)
include the use of a network of experienced advisors to serve as mentors and loaned executives; and
(iv)
include support with attracting and accessing private capital.
(c)
The Corporation shall include, as part of its annual report to the Governor and the General Assembly under § 10–415 of this subtitle, a detailed description of the implementation of the Program.
(d)
The Corporation shall adopt regulations to carry out this section.
Md. Code Ann., Econ. Dev. § 10-417 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–417LinkCopy Citation
(a)
(1)
There is a Maryland Advanced Manufacturing Grant Program.
(2)
Subject to subsection (f) of this section, the Corporation shall administer the Program.
(b)
The purpose of the Program is to support the growth of companies that specialize in regenerative medicine and other advanced manufacturing.
(c)
The Corporation shall establish:
(1)
eligibility criteria to receive a grant under the Program;
(2)
grant application procedures and evaluation criteria; and
(3)
grant award processes and amounts.
(d)
Grant recipients may use grant proceeds only for:
(1)
the acquisition, renovation, or construction of space for regenerative medicine or other advanced manufacturing;
(2)
infrastructure improvements necessary to support regenerative medicine or other advanced manufacturing; and
(3)
the equipment necessary for regenerative medicine or other advanced manufacturing.
(e)
(1)
In this subsection, “Fund” means the Maryland Advanced Manufacturing Grant Program Fund.
(2)
There is a Maryland Advanced Manufacturing Grant Program Fund.
(3)
The purpose of the Fund is to provide grants under this section.
(4)
The Corporation shall administer the Fund.
(5)
(i)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(ii)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(6)
The Fund consists of:
(i)
money appropriated in the State budget to the Fund;
(ii)
interest earnings; and
(iii)
any other money from any other source accepted for the benefit of the Fund.
(7)
The Fund may be used only for:
(i)
grants under this section; and
(ii)
the costs incurred by the Corporation to administer the Program.
(8)
(i)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(ii)
Any interest earnings of the Fund shall be credited to the Fund.
(9)
Expenditures from the Fund may be made only in accordance with the State budget.
(f)
The Corporation shall consult with the Maryland Stem Cell Research Commission only on items related to regenerative medicine under the Program, including:
(1)
establishing criteria or procedures specific to regenerative medicine under this section; and
(2)
adopting regulations regarding regenerative medicine under this section.
(g)
The Corporation may adopt regulations necessary to carry out this section.
Md. Code Ann., Econ. Dev. § 10-418 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–418LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Financial assistance” means a grant, loan, credit enhancement, or similar assistance.
(c)
“Program” means the Maryland Technology Incubator Program.
Md. Code Ann., Econ. Dev. § 10-419 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–419LinkCopy Citation
(a)
There is a Maryland Technology Incubator Program.
(b)
The Corporation shall administer the Program.
Md. Code Ann., Econ. Dev. § 10-420 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–420LinkCopy Citation
The purpose of the Program is to promote entrepreneurship and the creation of jobs in technology-related industry by establishing and operating effective incubators throughout the State that provide adequate physical space designed, and programs intended, to increase or accelerate business success in the field of technology.
Md. Code Ann., Econ. Dev. § 10-421 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–421LinkCopy Citation
To carry out the purposes of the Program, the Board shall award financial assistance under this part.
Md. Code Ann., Econ. Dev. § 10-422 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–422LinkCopy Citation
The Board may award financial assistance using money provided by the State, the federal government, or a nongovernmental entity.
Md. Code Ann., Econ. Dev. § 10-423 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–423LinkCopy Citation
(a)
After consulting with the Secretary, the Board shall adopt standards to award financial assistance.
(b)
The standards shall authorize the award of financial assistance to:
(1)
support the development and use of best practices in the incubation process;
(2)
provide strategic planning, needs assessments, and feasibility studies; or
(3)
help acquire or improve new or expanded space or improve existing space for an incubator, including providing or helping another with:
(i)
acquisition of land;
(ii)
acquisition of architectural or engineering services;
(iii)
payment of administrative costs;
(iv)
development or upgrading of communications infrastructure;
(v)
acquisition of furnishings or equipment; or
(vi)
acquisition of other items associated with tenant build-out.
Md. Code Ann., Econ. Dev. § 10-424 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–424LinkCopy Citation
The Board may award financial assistance to:
(1)
a local government;
(2)
an agency, instrumentality, or nonprofit corporation that the local government designates;
(3)
a public or private college or university;
(4)
the Maryland Economic Development Corporation; or
(5)
a nonprofit entity operating an incubator in the State.
Md. Code Ann., Econ. Dev. § 10-425 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–425LinkCopy Citation
(a)
A recipient of financial assistance under § 10-423(b)(3) of this subtitle shall provide matching funds or in-kind contributions for the project at least equal to the financial assistance awarded.
(b)
The Board may waive the requirement of subsection (a) of this section for good cause shown.
Md. Code Ann., Econ. Dev. § 10-426 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–426LinkCopy Citation
Unless two-thirds of the membership of the Board approve, the Board may not award financial assistance within a single county under § 10-423(b)(3) of this subtitle that exceeds a total of $1,000,000 in a single fiscal year.
Md. Code Ann., Econ. Dev. § 10-429 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–429LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Adult stem cell” means a stem cell that is:
(1)
derived from human tissue; and
(2)
obtained after birth.
(c)
“Commission” means the Stem Cell Research Commission.
(d)
“Committee” means the independent scientific peer review committee that contracts with the Commission under § 10-436 of this subtitle.
(e)
“Fund” means the Maryland Stem Cell Research Fund established under § 10-434 of this subtitle.
(f)
“Human cloning” means the replication of a human being through the production of a precise genetic copy of nuclear human DNA or any other human molecule, cell, or tissue in order to create a new human being or to allow development beyond an embryo.
(g)
“Institutional review board” has the meaning stated in the federal regulations on the protection of human subjects.
(h)
“Oocyte” means a female germ cell or egg.
(i)
“State-funded stem cell research” means stem cell research conducted with State money and using:
(1)
material obtained in accordance with § 10-438 of this subtitle; or
(2)
adult stem cells.
(j)
“Stem cell” means a human cell that has the ability to:
(1)
divide indefinitely;
(2)
give rise to many other types of specialized cells; and
(3)
give rise to new stem cells with identical potential.
(k)
“Valuable consideration” means financial gain or advantage in connection with material obtained in accordance with § 10-438 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-430 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–430LinkCopy Citation
Nothing in this part may be construed to prohibit the creation of stem cell lines to be used for therapeutic research purposes.
Md. Code Ann., Econ. Dev. § 10-431 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–431LinkCopy Citation
(a)
There is a Stem Cell Research Commission.
(b)
The Commission is an independent commission that functions in the Corporation.
(c)
The Commission consists of the following members:
(1)
the Attorney General or the Attorney General’s designee;
(2)
three patient advocates, one appointed by the Governor, one appointed by the President of the Senate, and one appointed by the Speaker of the House of Delegates;
(3)
three individuals with experience in biotechnology, one appointed by the Governor, one appointed by the President of the Senate, and one appointed by the Speaker of the House of Delegates;
(4)
two individuals who work as scientists for the University System of Maryland and do not engage in stem cell research, appointed by the University System of Maryland;
(5)
two individuals who work as scientists for the Johns Hopkins University and do not engage in stem cell research, appointed by the Johns Hopkins University;
(6)
two bioethicists, one appointed by the University System of Maryland and one appointed by the Johns Hopkins University; and
(7)
two individuals with expertise in the field of biomedical ethics as it relates to religion, appointed by the Governor.
(d)
(1)
The term of an appointed member is 2 years.
(2)
The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.
(3)
At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(4)
An appointed member may not serve more than three consecutive full terms.
(5)
An appointed member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(e)
Each member of the Commission shall disclose to the State Commission on Ethics whether the member is employed by or has a financial interest in an entity that may apply to conduct State–funded stem cell research.
(f)
The members of the Commission shall elect a chair from among the appointed members of the Commission.
(g)
A majority of the full authorized membership of the Commission is a quorum.
(h)
The Commission shall meet at least twice a year.
(i)
A member of the Commission:
(1)
may not receive compensation as a member of the Commission; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(j)
The Commission may employ a staff, including contractual staff, in accordance with the State budget.
Md. Code Ann., Econ. Dev. § 10-432 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–432LinkCopy Citation
(a)
The Commission shall:
(1)
adopt regulations that ensure that adult stem cell and stem cell research financed by the Fund complies with State law;
(2)
develop criteria, standards, and requirements for the initial review of grant and loan applications by the Commission;
(3)
review grant and loan applications to ensure that each application is complete and satisfies the criteria, standards, and requirements developed by the Commission, including approval by an institutional review board;
(4)
establish procedures and guidelines to be used by the committee for the review, evaluation, ranking, and rating of research proposals for State–funded stem cell research;
(5)
ensure that the procedures and guidelines established under item (4) of this subsection are based on the guidelines of the National Institutes of Health Center for Scientific Review;
(6)
establish criteria, standards, and requirements for consideration of grant and loan applications based on the rankings and ratings of the committee;
(7)
make recommendations consistent with the criteria, standards, and requirements established by the Commission and based on the rankings and ratings of the committee regarding the award of grants and loans from the Fund;
(8)
establish standards for the oversight and use of awards;
(9)
conduct progress oversight reviews of recipients;
(10)
notify the Corporation regarding the submission by a recipient, or failure of a recipient, to submit institutional review board approval for a grant or loan awarded under this part; and
(11)
develop guidelines on disclosure and recusal to be followed by members of the Commission when considering grant and loan applications.
(b)
The Commission may consult with experts in performing its duties.
Md. Code Ann., Econ. Dev. § 10-434 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–434LinkCopy Citation
(a)
There is a Maryland Stem Cell Research Fund.
(b)
The purpose of the Fund is to promote State–funded stem cell research and cures through grants and loans to public and private entities in the State.
(c)
The Corporation shall administer the Fund.
(d)
(1)
The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
appropriations as provided in the State budget; and
(2)
any other money from any other source accepted for the benefit of the Fund.
(f)
Money in the Fund may only be used to:
(1)
award grants and loans for State–funded stem cell research, in accordance with the recommendations of the Commission;
(2)
award grants and loans for facilities, capital leases, and capital equipment where State–funded stem cell research is conducted, in accordance with the recommendations of the Commission; and
(3)
pay the costs necessary to administer the Fund.
(g)
(1)
The Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.
(2)
Any investment earnings shall be paid into the Fund.
(h)
(1)
The Governor may include in the State budget bill each fiscal year an appropriation to the Fund.
(2)
Expenditures from the Fund may only be made in accordance with an appropriation approved by the General Assembly in the State budget or by an approved budget amendment.
Md. Code Ann., Econ. Dev. § 10-435 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–435LinkCopy Citation
(a)
A grant or loan awarded under this part is contingent on the recipient:
(1)
submitting to the Commission approval from an institutional review board; and
(2)
entering into a memorandum of understanding with the Corporation that:
(i)
establishes the scope of the State’s ownership or other financial interest in the commercialization and other benefits of the results, products, inventions, and discoveries of State-funded stem cell research; and
(ii)
to the extent consistent with federal and State law, reflects the intellectual property policies of the institution.
(b)
A recipient shall submit the approval required under subsection (a)(1) of this section within 6 months after the award of the grant or loan.
(c)
The Corporation may not disburse grant or loan money to a recipient until:
(1)
the recipient has obtained the approval required under subsection (a)(1) of this section; and
(2)
the recipient and the Corporation have entered into the memorandum of understanding required under subsection (a)(2) of this section.
Md. Code Ann., Econ. Dev. § 10-436 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–436LinkCopy Citation
(a)
The Commission shall contract with an independent scientific peer review committee composed of scientifically recognized experts in the field of stem cell research.
(b)
The committee shall:
(1)
review, evaluate, rank, and rate research proposals for State-funded stem cell research:
(i)
based on the procedures and guidelines established by the Commission; and
(ii)
in a manner that gives due consideration to the scientific, medical, and ethical implications of the research; and
(2)
make recommendations to the Commission, based on the rankings and ratings awarded to research proposals by the committee, for the award and disbursement of grants and loans under the Fund.
(c)
A member of the committee:
(1)
is not eligible to receive a grant or loan for State-funded stem cell research from the Fund;
(2)
may not reside in the State; and
(3)
shall be subject to conflict of interest standards that are at least as stringent as the standards on conflict of interest adopted by the National Institutes of Health.
Md. Code Ann., Econ. Dev. § 10-437 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–437LinkCopy Citation
(a)
A person who conducts State-funded stem cell research shall conduct the research in a manner that considers the ethical and medical implications of the research.
(b)
A person who conducts State-funded stem cell research may not engage in any research that intentionally and directly leads to human cloning.
Md. Code Ann., Econ. Dev. § 10-438 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–438LinkCopy Citation
(a)
A health care practitioner licensed under the Health Occupations Article who treats individuals for infertility shall:
(1)
provide individuals with information sufficient to enable them to make an informed and voluntary choice regarding the disposition of any unused material; and
(2)
present to individuals the option of:
(i)
storing or discarding any unused material;
(ii)
donating any unused material for clinical purposes in the treatment of infertility;
(iii)
except as provided in subsection (b) of this section, donating any unused material for research purposes; and
(iv)
donating any unused material for adoption purposes.
(b)
Any unused material donated for State-funded stem cell research may not be an oocyte.
(c)
An individual who donates any unused material for research purposes under subsection (a)(2) of this section shall provide the health care practitioner with written consent for the donation.
Md. Code Ann., Econ. Dev. § 10-439 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–439LinkCopy Citation
(a)
A person may not purchase, sell, transfer, or obtain any material donated in accordance with § 10-438 of this subtitle for valuable consideration.
(b)
A person may not give valuable consideration to another to encourage the production of material donated in accordance with § 10-438 of this subtitle for the sole purpose of medical research.
(c)
A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 3 years or a fine not exceeding $50,000 or both.
Md. Code Ann., Econ. Dev. § 10-440 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–440LinkCopy Citation
(a)
A person may not conduct or attempt to conduct human cloning.
(b)
A person who violates this section is guilty of a felony and on conviction is subject to imprisonment not exceeding 10 years or a fine not exceeding $200,000 or both.
Md. Code Ann., Econ. Dev. § 10-441 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–441LinkCopy Citation
The Corporation, in consultation with the Commission, shall adopt regulations to establish procedures for making the disbursement of a grant or loan contingent on obtaining the approval of an institutional review board.
Md. Code Ann., Econ. Dev. § 10-442 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–442LinkCopy Citation
(a)
On or before January 1 of each year, the Corporation and the Commission shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the progress of State–funded stem cell research conducted in accordance with this part.
(b)
The report shall identify:
(1)
each recipient of money from the Fund;
(2)
the amount of money awarded to each recipient; and
(3)
a description of the type of stem cell research performed by the recipient.
Md. Code Ann., Econ. Dev. § 10-445 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–445LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“CENTR Maryland Program” or “Program” means the Coordinating Emerging Nanobiotechnology Research in Maryland Program established under § 10–447 of this subtitle.
(c)
“Fund” means the Coordinating Emerging Nanobiotechnology Research in Maryland Fund established under § 10–448 of this subtitle.
(d)
“Nanobiotechnology” means the application of nanotechnology to the life sciences including research relating to the characterization of nanomaterials for health and environmental safety implications.
Md. Code Ann., Econ. Dev. § 10-446 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–446LinkCopy Citation
The General Assembly finds and declares that:
(1)
nanobiotechnology offers tremendous potential to revolutionize medical and life science research and to enable discoveries that will enrich and improve the quality of life for the people of the State;
(2)
the provision of funds for nanobiotechnology projects is vital to supporting this emerging technology; and
(3)
fostering partnerships among federal institutions, private sector entities, and institutions of higher education will help secure the State’s position as a leader in nanobiotechnology research and assist in securing the State’s economic future.
Md. Code Ann., Econ. Dev. § 10-447 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–447LinkCopy Citation
(a)
There is a Coordinating Emerging Nanobiotechnology Research in Maryland Program.
(b)
The purpose of the CENTR Maryland Program is to:
(1)
support and promote advanced research in nanobiotechnology in the State;
(2)
support nanobiotechnology research activities at postsecondary education institutions; and
(3)
establish the State as a key location for nanobiotechnology research and industry.
(c)
The Corporation shall foster public–private partnerships as feasible to carry out the purpose of the CENTR Maryland Program.
Md. Code Ann., Econ. Dev. § 10-448 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–448LinkCopy Citation
(a)
There is a Coordinating Emerging Nanobiotechnology Research in Maryland Fund in the Corporation.
(b)
(1)
The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(c)
The Fund consists of:
(1)
appropriations as provided in the State budget; and
(2)
any other money from any other source accepted for the benefit of the CENTR Maryland Program.
(d)
The Chief Executive Officer of the Corporation, or the Chief Executive Officer’s designee, shall administer the Fund in accordance with this part and other applicable law.
(e)
The Fund shall be used to cover the costs of the Program, including any grants that are awarded to eligible recipients.
(f)
(1)
The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any investment earnings of the Fund shall be credited to the Fund.
(g)
The Legislative Auditor shall audit the accounts and transactions of the Fund as provided in § 2–1220 of the State Government Article.
Md. Code Ann., Econ. Dev. § 10-449 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–449LinkCopy Citation
(a)
Within the CENTR Maryland Program, subject to available funding, the Corporation shall award capital and operating grants from the Fund to private sector entities and institutions of higher education in the State to:
(1)
leverage federal funding for the establishment or construction of research centers in the State;
(2)
provide pilot funding for faculty at institutions of higher education in the State to develop initial research data for the development of larger grant funding proposals;
(3)
foster public–private partnerships between private industry and institutions of higher education in the State; and
(4)
assist with the transfer of nanobiotechnology research into commercial applications.
(b)
Within the CENTR Maryland Program, the Corporation may award operating grants from the Fund to institutions of higher education that shall include:
(1)
discovery educational grants to support postdoctorate or graduate–level collaboration with private sector entities on nanobiotechnology projects that:
(i)
shall be subject to supervision by faculty members; and
(ii)
require a matching sum, either direct or in–kind, from a private sector entity equivalent to the grant amount;
(2)
collaborative grants to support research teams from institutions of higher education working with private sector entities on collaborative research projects that:
(i)
focus on specific application development; and
(ii)
require a matching sum from the private sector entity equivalent to the grant amount; and
(3)
prototype grants to enable institutions of higher education and private sector entities to engage in projects that:
(i)
demonstrate whether a prototype is functional and manufacturable;
(ii)
demonstrate the cost effectiveness of nanotechnology–related applications; and
(iii)
shall be matched with an industry grant in an amount of at least $2 for every $1 of the prototype grant.
Md. Code Ann., Econ. Dev. § 10-450 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–450LinkCopy Citation
(a)
The Corporation shall adopt regulations to establish:
(1)
a competitive application process; and
(2)
criteria and procedures for awarding grants from the Fund to eligible recipients.
(b)
(1)
In accordance with this part, all private sector entities in the State and all institutions of higher education in the State may be eligible recipients of grants.
(2)
Priority for the award of any grant shall be given to those projects that are most likely to:
(i)
attract significant investment in the State;
(ii)
leverage significant additional grant or research funding from federal or private sector sources; or
(iii)
establish the State as a key location for nanobiotechnology research and industry.
Md. Code Ann., Econ. Dev. § 10-451 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–451LinkCopy Citation
The Corporation shall include, as part of its annual report to the Governor and General Assembly under § 10–415 of this subtitle, a detailed description of the grants awarded under this part.
Md. Code Ann., Econ. Dev. § 10-454 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–454LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Commercialization” means the process of introducing a new product or technology into the market.
(c)
“Fund” means the Maryland Innovation Initiative Fund established under § 10–457 of this subtitle.
(d)
“Initiative” means the Maryland Innovation Initiative established under § 10–455 of this subtitle.
(e)
“Participating members” means the representatives described in § 10–455(b) of this subtitle.
(f)
“Qualifying university” means a public or private university that meets the requirements set forth under § 10–455(c) of this subtitle.
(g)
“Technology transfer” means the process of converting scientific and technological advances into marketable goods and services.
(h)
“University” means a nonprofit, research university located in Maryland.
Md. Code Ann., Econ. Dev. § 10-455 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–455LinkCopy Citation
(a)
There is a Maryland Innovation Initiative.
(b)
The Initiative consists of the following participating members:
(1)
one official of State government not affiliated with Maryland higher education, or the official’s designee, appointed by the Governor;
(2)
two individuals from the private sector not affiliated with Maryland higher education with experience in commercializing technology in the State, one appointed by the President of the Senate, and one appointed by the Speaker of the House of Delegates; and
(3)
subject to subsection (c) of this section, the following members appointed by the respective universities:
(i)
one representative of the Johns Hopkins University;
(ii)
one representative of Morgan State University;
(iii)
one representative of University of Maryland Baltimore County; and
(iv)
two representatives of the University of Maryland, one from the College Park Campus and one from the Baltimore Campus.
(c)
(1)
Subject to paragraph (2) of this subsection, only the universities listed under subsection (b)(3) of this section may qualify for participation in the Initiative.
(2)
To qualify for participation in the Initiative, a university shall provide, as specified in paragraph (3) of this subsection, a contribution annually to the Initiative to carry out the purposes set forth under this part.
(3)
(i)
To qualify for participation in the Initiative, the following universities shall pay an annual contribution of at least $200,000:
(1)
Johns Hopkins University;
(2)
University of Maryland, Baltimore Campus; and
(3)
University of Maryland, College Park Campus.
(ii)
To qualify for participation in the Initiative, the following universities shall pay an annual contribution of at least $100,000:
(1)
Morgan State University; and
(2)
University of Maryland Baltimore County.
(4)
A university listed under subsection (b)(3) of this section may elect to withdraw as a participating member for future years on providing 60 days’ written notice to the Chair or Executive Director of the Initiative.
(d)
The participating members of the Initiative shall select a chair from among their members.
(e)
A participating member of the Initiative:
(1)
may not receive compensation as a member of the Initiative; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget or under the applicable travel regulations of a university if the university reimburses the participating member.
(f)
The Initiative may employ staff, including an Executive Director.
Md. Code Ann., Econ. Dev. § 10-456 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–456LinkCopy Citation
The purpose of the Initiative is to:
(1)
promote the commercialization of research conducted in universities in the State;
(2)
encourage qualifying universities to partner on commercialization and other activities, including with federal laboratories located in Maryland; and
(3)
facilitate the transfer of technology from universities to commercial industries, by:
(i)
assessing the viability and value of the technology;
(ii)
defining and exploiting potential markets for the technology;
(iii)
identifying funding sources to support the development of the technology; and
(iv)
developing commercialization strategies.
Md. Code Ann., Econ. Dev. § 10-457 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–457LinkCopy Citation
(a)
There is a Maryland Innovation Initiative Fund.
(b)
The purpose of the Fund is to provide funding for the purposes described in §§ 10–456 and 10–461 of this subtitle.
(c)
The Corporation shall administer the Fund.
(d)
The Fund consists of:
(1)
appropriations as provided in the State budget;
(2)
contributions by the qualifying universities under § 10–455 of this subtitle and eligible institutions under § 10–461 of this subtitle;
(3)
grants or funds from federal laboratories located in Maryland;
(4)
interest or other income earned on the investment of money in the Fund; and
(5)
any other money accepted for the benefit of the Initiative.
(e)
Money in the Fund may be used only to:
(1)
award grants or provide equity investment financing to promote the commercialization of research in accordance with the terms of this part; and
(2)
pay the costs necessary to administer the Initiative.
(f)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(3)
The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.
(4)
Any investment earnings of the Fund shall be credited to the Fund.
Md. Code Ann., Econ. Dev. § 10-458 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–458LinkCopy Citation
(a)
The Initiative may:
(1)
provide grant funding or equity investment financing to a qualifying university, qualifying university–based entrepreneur, or other start–up entity, to promote the commercialization of technology developed in whole or in part by a qualifying university;
(2)
pursue grants, other funds, and in–kind contributions for the Initiative or its qualifying universities;
(3)
develop and implement guidelines for technology transfer; and
(4)
identify projects at qualifying universities that may be viable for commercialization.
(b)
The grant funding or equity investment financing in subsection (a) of this section shall be awarded:
(1)
to support pre–commercial research on intellectual property to increase the likelihood of commercializing the intellectual property;
(2)
to defray costs of evaluating the feasibility of a technology becoming commercialized through a start–up company;
(3)
to defray the direct costs of developing early stage technology through a start–up entity;
(4)
to assess intellectual property issues, including licensing and patents; or
(5)
for any other costs that the Initiative’s participating members determine are appropriate to promote technology transfer and commercialization in the State.
Md. Code Ann., Econ. Dev. § 10-459 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–459LinkCopy Citation
(a)
Only qualifying universities may submit proposals for grant funding from the Initiative.
(b)
The participating members of the Initiative may establish a committee composed of experts in the areas of research considered for commercialization.
(c)
The Initiative may establish the committee under service contracts with independent reviewers.
(d)
The committee shall:
(1)
review, evaluate, and rate proposals for funding from the Initiative, based on:
(i)
the viability of commercializing the technology; and
(ii)
the relative costs associated with commercializing the technology; and
(2)
make recommendations to the participating members of the Initiative for the award and disbursement of grants from the Initiative.
(e)
A member of the committee is not eligible to receive funding from the Initiative.
Md. Code Ann., Econ. Dev. § 10-460 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–460LinkCopy Citation
The Corporation shall include, as part of its annual report to the Governor and the General Assembly under § 10–415 of this subtitle, a detailed description of:
(1)
the number of technology transfer transactions or projects for which the Initiative provided funding;
(2)
the amount and source of funds the Initiative identified to assist in the development of technologies;
(3)
the qualifying universities or entities for which funding was awarded;
(4)
the commercial value of technology that was transferred to the commercial industry; and
(5)
any recommendations for improving the overall effectiveness of technology transfer through the Initiative.
Md. Code Ann., Econ. Dev. § 10-461 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–461LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Eligible institution” means Bowie State University, Frostburg State University, and any other public or private nonprofit institution of higher education deemed eligible by the Initiative.
(3)
“Program” means the Maryland Innovation Initiative Institution Partnership Extension Program.
(b)
(1)
There is a Maryland Innovation Initiative Institution Partnership Extension Program.
(2)
The purpose of the Program is to expand opportunities for technology validation, entrepreneurial development, and industry engagement at eligible institutions.
(c)
(1)
The Initiative shall implement and administer the Program.
(2)
The Initiative shall collaborate with an eligible institution to identify and support industry partnerships and commercialization opportunities.
(3)
The Initiative may explore opportunities for expanding eligibility to other public or private nonprofit institutions of higher education.
(d)
(1)
Only an eligible institution may submit project proposals for funding under the Program.
(2)
To qualify for a grant under the Program, a project proposal must:
(i)
support the creation of a new technology–based business in Maryland;
(ii)
advance technology toward commercialization of a product or service;
(iii)
foster entrepreneurial development at the eligible institution;
(iv)
create an opportunity for meaningful economic impact in the region around the eligible institution; or
(v)
foster collaboration between the eligible institution and an industry partner, including:
(1)
product development with commercialization potential; and
(2)
matching funds provided by the industry partner.
(e)
(1)
The Initiative shall develop criteria to review, evaluate, and rate project proposals for funding under the Program.
(2)
The Executive Director shall distribute grants to projects based on the criteria developed in accordance with paragraph (1) of this subsection.
(3)
An eligible institution shall provide a cash match equivalent to 10% of the amount awarded under paragraph (2) of this subsection.
(f)
(1)
For fiscal years 2027 and 2028, the Governor may include in the annual budget bill an appropriation of $250,000 for the Program.
(2)
The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.
(g)
In addition to information on the Initiative included in the annual report of the Corporation under § 10–415 of this subtitle:
(1)
on or before January 1, 2026, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on similar programs in neighboring states and the potential economic benefits and costs of expanding the Initiative to all public and private nonprofit institutions of higher education operating in the State; and
(2)
on or before July 1, 2028, the Corporation shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on the implementation of the Program.
Md. Code Ann., Econ. Dev. § 10-462 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–462LinkCopy Citation
(a)
There is a Pava LaPere Innovation Acceleration Grant Program in the Corporation.
(b)
The Corporation shall administer the Program.
(c)
The purpose of the Program is to foster growth of the entrepreneurial innovation ecosystem in the State by providing grants to technology–based start–up companies that:
(1)
are founded by students of postsecondary institutions located in the Baltimore–Columbia–Towson Metropolitan Statistical Area; and
(2)
have their principal place of business in the Baltimore–Columbia–Towson Metropolitan Statistical Area.
(d)
An applicant shall submit an application for a Program award as required by the Corporation.
(e)
The Program shall review the application and all supporting materials to evaluate whether the applicant qualifies for an award from the Program.
(f)
(1)
Subject to paragraphs (2) and (3) of this subsection, the Program shall award $50,000 to each qualifying applicant.
(2)
A qualifying applicant shall use at least 20% of the award to hire third–party consultants for planning, development, regulatory compliance, or other technical assistance related to establishing the start–up company.
(3)
The Corporation may provide waivers on request by an applicant.
(g)
(1)
For each fiscal year, the Governor shall include an appropriation for the Program in the annual budget bill.
(2)
The Program may use up to 10% of the annual appropriation for administrative expenses, not to exceed $50,000 in a single fiscal year.
(h)
The Corporation shall adopt regulations necessary to carry out this section.
Md. Code Ann., Econ. Dev. § 10-462.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–462.1LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
(i)
“Eligible university” means a public or private college or university located within the Baltimore–Columbia–Towson Metropolitan Statistical Area.
(ii)
“Eligible university” includes:
(1)
Anne Arundel Community College;
(2)
Baltimore City Community College;
(3)
Carroll Community College;
(4)
Community College of Baltimore County;
(5)
Coppin State University;
(6)
Goucher College;
(7)
Harford Community College;
(8)
Howard Community College;
(9)
Johns Hopkins University;
(10)
Loyola University Maryland;
(11)
Maryland Institute College of Art;
(12)
McDaniel College;
(13)
Morgan State University;
(14)
Notre Dame of Maryland University;
(15)
St. John’s College;
(16)
Stevenson University;
(17)
Towson University;
(18)
University of Baltimore;
(19)
University of Maryland, Baltimore Campus; and
(20)
University of Maryland Baltimore County.
(3)
“Pilot Program” means the Baltimore Innovation Initiative Pilot Program.
(b)
There is a Baltimore Innovation Initiative Pilot Program.
(c)
The purpose of the Pilot Program is to provide incentives for and grow technology start–up companies founded by students or faculty at eligible universities.
(d)
The Initiative shall implement and administer the Pilot Program.
(e)
The Initiative shall collaborate with each participating eligible university to identify and support entrepreneurial initiatives, industry partnerships, and commercialization opportunities related to technology.
(f)
To qualify for participation in the Pilot Program, each eligible university shall pay an annual contribution of up to $50,000.
(g)
(1)
Only an eligible university may submit project proposals for funding under the Pilot Program.
(2)
To qualify for participation in the Pilot Program, a project proposal must:
(i)
support the creation of a new technology–based business in the State;
(ii)
advance the technology toward commercialization of a product or service, with preference for products or services that align with the goals of integrating artificial intelligence or machine learning in health care and biotechnology sectors in the State;
(iii)
foster equitable and inclusive entrepreneurial development at the eligible university;
(iv)
create an opportunity for meaningful economic impact in the region around the eligible university; or
(v)
foster collaboration between the eligible university and an industry partner, including:
(1)
product development with commercialization potential; and
(2)
matching funds provided by the industry partner.
(h)
(1)
Subject to paragraphs (2) and (3) of this subsection, the Initiative shall develop criteria to review, evaluate, and rate project proposals for funding under the Pilot Program.
(2)
The Executive Director of the Initiative shall distribute grants to projects based on the criteria developed in accordance with paragraph (1) of this subsection.
(3)
The Initiative shall give priority to project proposals that align with the mission of the Baltimore tech hub or artificial intelligence– and life science–oriented businesses.
(i)
(1)
For fiscal years 2025 and 2026, the Governor shall include in the annual budget bill an appropriation of $1,500,000 for the Pilot Program.
(2)
The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.
(j)
In addition to information on the Initiative included in the annual report of the Corporation under § 10–415 of this subtitle, on or before July 1, 2027, the Corporation shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on the implementation of the Pilot Program.
Md. Code Ann., Econ. Dev. § 10-463 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–463LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Commercialization” means the process of introducing a new product or technology into the market.
(c)
(1)
“Cybersecurity” means information technology security.
(2)
“Cybersecurity” includes the protection of networked devices, networks, programs, and data from unintended or unauthorized access, change, or destruction.
(d)
“Fund” means the Cybersecurity Investment Fund established under § 10–464 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-464 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–464LinkCopy Citation
(a)
There is a Cybersecurity Investment Fund.
(b)
The purpose of the Fund is to:
(1)
provide seed and early–stage funding for emerging technology companies located in the State focused on cybersecurity and cybersecurity technology product development;
(2)
maximize Corporation investments by supporting funded emerging technology companies to enable corporate growth and to obtain third–party downstream funding for commercialization; and
(3)
leverage Corporation investments in early–stage cybersecurity companies by taking advantage of economic development opportunities throughout the State.
(c)
The Corporation shall administer the Fund.
(d)
The Fund consists of:
(1)
appropriations as provided in the State budget;
(2)
money made available to the Fund through federal programs or private contributions;
(3)
repayment of capital or principal or payment of interest on any debt or equity investments from the Fund;
(4)
investment earnings of the Fund; and
(5)
any other money accepted by the Corporation for the Fund.
(e)
The Corporation may use the Fund to:
(1)
carry out the purposes of the Fund related to the commercialization of cybersecurity research and cybersecurity technology product development in accordance with the terms of this part; and
(2)
pay the costs necessary to implement this part and to administer the Fund.
(f)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(3)
The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.
(4)
Any investment earnings of the Fund shall be credited to the Fund.
Md. Code Ann., Econ. Dev. § 10-465 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–465LinkCopy Citation
The Corporation shall include, as part of its annual report to the Governor and the General Assembly under § 10–415 of this subtitle, a detailed description of:
(1)
the number of Fund proposals received by the Corporation during the preceding fiscal year;
(2)
the number of Fund transactions or projects for which the Corporation provided funding during the preceding fiscal year;
(3)
the amount of money awarded by the Fund in the preceding fiscal year; and
(4)
the total amount of third–party downstream funding of completed investments since Fund inception.
Md. Code Ann., Econ. Dev. § 10-468 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–468LinkCopy Citation
In this part, “Fund” means the Enterprise Fund established under § 10–469 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-469 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–469LinkCopy Citation
(a)
There is an Enterprise Fund in the Corporation.
(b)
The Corporation may use the Fund to:
(1)
make a grant or loan, at the rate of interest set by the Corporation;
(2)
provide equity investment financing for a qualified business;
(3)
guarantee a loan, equity, investment, or other private financing to expand the capital resources of a qualified business;
(4)
purchase advisory services and technical assistance to better support economic development;
(5)
pay the Corporation’s obligations to a venture firm under the Invest Maryland Program, as provided under § 10–4A–20(c)(2)(i) of this title; and
(6)
pay the administrative, legal, and actuarial expenses of the Corporation.
(c)
The Corporation shall manage and supervise the Fund.
(d)
(1)
The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The Treasurer shall hold the Fund and the Comptroller shall account for it.
(e)
The Fund consists of:
(1)
money appropriated by the State to the Fund;
(2)
money made available to the Fund through federal programs or private contributions;
(3)
repayment of principal of a loan made from the Fund;
(4)
payment of interest on a loan made from the Fund;
(5)
proceeds from the sale, disposition, lease, or rental by the Corporation of collateral related to financing that the Corporation provides under this subtitle or Subtitle 4A of this title;
(6)
premiums, fees, royalties, interest, repayments of principal, and returns on investments paid to the Corporation by or on behalf of:
(i)
a qualified business in which the Corporation has made an investment under this subtitle or Subtitle 4A of this title; or
(ii)
an investor providing an investment guaranteed by the Corporation under this subtitle or Subtitle 4A of this title;
(7)
recovery of an investment made by the Corporation in a qualified business under this subtitle or Subtitle 4A of this title, including an arrangement under which the Corporation’s investment in the qualified business is recovered through:
(i)
a requirement that the Corporation receive a proportion of cash flow, commission, royalty, or payment on a patent; or
(ii)
the repurchase from the Corporation of any evidence of financial participation, including a note, stock, bond, or debenture;
(8)
repayment of a conditional grant extended by the Corporation;
(9)
money deposited into the Fund under § 10–4A–20(c)(2)(i) of this title; and
(10)
any other money made available to the Corporation for the Fund.
(f)
(1)
The Treasurer shall invest money in the Fund in the same manner as other State money.
(2)
Any investment earnings of the Fund shall be credited to the Fund.
Md. Code Ann., Econ. Dev. § 10-470 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–470LinkCopy Citation
(a)
The Corporation may require that all or part of a grant be repaid, with interest at a rate the Corporation sets, when conditions specified by the Corporation occur.
(b)
(1)
Whenever the Corporation is authorized by law to make a grant, the Corporation may use money appropriated for the grant to make an equity investment in a qualified business.
(2)
(i)
Except as provided in subparagraph (ii) of this paragraph and Subtitle 4A of this title, in making an equity investment under this subtitle or Subtitle 4A of this title, the Corporation may not acquire an ownership interest in an enterprise that exceeds 25%.
(ii)
In making an equity investment under this subtitle or Subtitle 4A of this title in one or more venture or private equity firms, the Corporation may acquire an ownership interest exceeding 25%.
(3)
Within 15 years after making an equity investment under this subtitle or Subtitle 4A of this title, the Corporation, on review and approval of the Corporation’s investment committee, may divest itself of that investment or pursue another remedy that is in the Corporation’s best interest.
(4)
The liability of the State and the Corporation in making an equity investment under this subtitle or Subtitle 4A of this title is limited to the amount of that investment.
Md. Code Ann., Econ. Dev. § 10-473 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–473LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Fund” means the Maryland Small Business Innovation Research and Technology Transfer Incentive Matching Fund.
(c)
“Program” means the Maryland Small Business Innovation Research and Technology Transfer Incentive Program.
(d)
“Small business innovation research award” means an award provided under a small business innovation research award program by an agency of the federal government for a business to engage in research and development that has a strong potential for commercialization.
(e)
“Small business technology transfer award” means an award provided under a small business technology transfer award program by an agency of the federal government for a business to engage in research and development that has a strong potential for commercialization.
Md. Code Ann., Econ. Dev. § 10-474 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–474LinkCopy Citation
(a)
There is a Maryland Small Business Innovation Research and Technology Transfer Incentive Program.
(b)
The Corporation shall administer the Program.
(c)
The purpose of the Program is to foster job creation and economic development in the State by:
(1)
promoting the commercialization of research conducted by small businesses in the State;
(2)
facilitating the transfer of technology from universities and federal research laboratories to small businesses; and
(3)
encouraging small businesses, including economically disadvantaged small businesses, to apply for small business innovation research awards and small business technology transfer awards.
Md. Code Ann., Econ. Dev. § 10-475 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–475LinkCopy Citation
(a)
To qualify for participation in the Program, a small business shall meet the criteria in this section.
(b)
The small business shall:
(1)
meet the qualifications of a qualified business; and
(2)
have received a Phase I or Phase II small business innovation research award or small business technology transfer award during the 6 months immediately preceding the submission of its application under § 10–476 of this part.
(c)
An award or investment recipient that fails to fulfill the eligibility and maintenance requirements of the Program may be required to return all or part of the award or investment, as well as any accrued interest or fees, to the Program.
(d)
The Program shall require an award or investment recipient to return to the Fund any money from an award or investment under this part, as well as any accrued interest or fees, if the recipient does not remain a qualified business for at least 2 years after receiving the award or investment payment.
Md. Code Ann., Econ. Dev. § 10-476 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–476LinkCopy Citation
(a)
An applicant shall submit an application for a Program award or investment on the form that the Corporation requires.
(b)
The Program shall review the application and all supporting materials to evaluate whether the applicant qualifies for an award or investment from the Program.
(c)
(1)
Subject to the availability of money in the Fund and paragraph (2) of this subsection, the Program may provide to an eligible small business an award or investment to match in part a small business innovation research award or small business technology transfer award.
(2)
The Program shall prioritize providing awards and investments to eligible small businesses that are engaged in research and development activities that assist in the prevention of, preparedness for, or response to a public health crisis in the State.
(d)
A small business may not receive:
(1)
more than one award or investment during each fiscal year; and
(2)
more than three awards or investments under this part.
(e)
(1)
Subject to paragraph (2) of this subsection, each quarter, the Corporation shall provide awards and investments on a competitive basis to eligible small businesses.
(2)
In providing an award or investment under this section, the Corporation:
(i)
shall consider:
(1)
the impact of the award or investment on the small business; and
(2)
how the small business will utilize the award or investment toward commercialization of the research conducted by the small business; and
(ii)
may consider any additional criteria specified by the Corporation in regulation.
(f)
The Program shall coordinate with comparable State and county programs to:
(1)
conduct marketing and outreach, including conducting joint workshops, online training opportunities, and outreach to economically disadvantaged small businesses, minority–owned small businesses, women–owned small businesses, rural small businesses, and first–time small business innovation research award or small business technology transfer award applicants; and
(2)
provide assistance to eligible businesses under this part.
Md. Code Ann., Econ. Dev. § 10-477 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–477LinkCopy Citation
(a)
There is a Maryland Small Business Innovation Research and Technology Transfer Incentive Matching Fund.
(b)
The purpose of the Fund is to provide awards or investments to further stimulate innovation and entrepreneurship and attract early–stage small businesses engaged in research and development.
(c)
The Corporation shall administer the Fund.
(d)
(1)
The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
repayments and earnings from investments made through the Program;
(3)
money recaptured from businesses that fail to fulfill the terms and conditions of an award or investment made through the Program;
(4)
interest earnings of the Fund; and
(5)
any other money from any other source accepted for the benefit of the Fund.
(f)
The Fund may be used only for:
(1)
providing awards or investments to eligible small businesses that have received financial assistance from the federal government under comparable small business innovation research or small business technology transfer award programs; and
(2)
administrative expenses of the Program, including marketing, outreach, and technical assistance.
(g)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Interest earnings of the Fund shall be credited to the Fund.
(h)
Expenditures from the Fund may be made only in accordance with the State budget.
Md. Code Ann., Econ. Dev. § 10-478 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–478LinkCopy Citation
The Corporation shall adopt regulations to implement this part.
Md. Code Ann., Econ. Dev. § 10-481 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–481LinkCopy Citation
In this part, “Fund” means the Inclusion Fund established in § 10–482 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-482 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–482LinkCopy Citation
(a)
There is an Inclusion Fund in the Corporation.
(b)
The purpose of the Fund is to provide capital investment in technology–based businesses that:
(1)
would qualify for investment under the Builder Fund, as provided in regulations adopted by the Corporation;
(2)
are at least 30% owned by individuals who demonstrate economic disadvantage; and
(3)
are controlled and managed for at least 1 year after the time of investment by an individual or individuals who demonstrate economic disadvantage.
(c)
The Corporation shall administer the Fund.
(d)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
interest earnings of the Fund; and
(3)
any other money from any other source accepted for the benefit of the Fund.
(f)
The Fund may be used only:
(1)
for the purposes described in subsection (b) of this section; and
(2)
to pay the costs necessary to administer the Fund.
(g)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any investment earnings of the Fund shall be credited to the Fund.
Md. Code Ann., Econ. Dev. § 10-483 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–483LinkCopy Citation
The Corporation shall include as part of its annual report to the Governor and the General Assembly under § 10–415 of this subtitle a report on the implementation of the Fund.
Md. Code Ann., Econ. Dev. § 10-486 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–486LinkCopy Citation
(a)
In this section, “Fund” means the Pre–Seed Builder Fund.
(b)
There is a Pre–Seed Builder Fund in the Corporation.
(c)
The purpose of the Fund is to support the development of start–up companies run by entrepreneurs from socially or economically disadvantaged backgrounds that hinder access to traditional forms of capital and executive networks at the pre–seed stage.
(d)
The Corporation shall manage and supervise the Fund.
(e)
(1)
The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The Treasurer shall hold the Fund, and the Comptroller shall account for the Fund.
(f)
(1)
For fiscal year 2023, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Fund.
(2)
For fiscal year 2024, the Governor shall include in the annual budget bill an appropriation of $6,200,000 to the Fund.
(3)
For fiscal year 2025 and each fiscal year thereafter, the Governor shall include in the annual budget bill an appropriation of $7,500,000 to the Fund.
(g)
(1)
The Treasurer shall invest money in the Fund in the same manner as other State money.
(2)
Any investment earnings of the Fund shall be credited to the Fund.
Md. Code Ann., Econ. Dev. § 10-487 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–487LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Fund” means the Maryland Equity Investment Fund.
(3)
“Private equity” means an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.
(4)
“Qualified business” means a business that, at the time of the first investment in the business:
(i)
has its principal business operations located in the State and intends to maintain its principal business operations in the State after receiving an investment under the Program;
(ii)
has agreed to use the qualified investment primarily to:
(1)
support business operations in the State; or
(2)
in the case of a start–up company, establish and support business operations in the State;
(iii)
has not more than 250 employees; and
(iv)
is not primarily engaged in:
(1)
retail sales;
(2)
real estate development;
(3)
the business of insurance, banking, or lending; or
(4)
the provision of professional services by accountants, attorneys, or physicians.
(5)
“Several systems” has the meaning stated in § 20–201 of the State Personnel and Pensions Article.
(6)
“Venture capital” means an investment of capital to a business at any stage of its development before the business makes a public offering of stock.
(b)
There is a Maryland Equity Investment Fund in the Corporation.
(c)
The purpose of the Fund is to allow unappropriated General Fund surplus to be invested in a qualified business with a goal to increase private equity and venture capital in the State, with the interest earnings and investment returns realized from those investments to the benefit of the participants of the several systems.
(d)
The Corporation shall manage and supervise the Fund.
(e)
(1)
The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund, and the Comptroller shall account for the Fund.
(f)
The Fund consists of:
(1)
money distributed to the Fund under § 7–311 of the State Finance and Procurement Article;
(2)
money appropriated in the State budget to the Fund; and
(3)
any other money from any other source accepted for the benefit of the Fund.
(g)
The Fund may be used only:
(1)
for the purposes described in subsection (c) of this section; and
(2)
to pay the costs necessary to administer the Fund.
(h)
(1)
The State Treasurer shall invest money in the Fund in the same manner as other State money.
(2)
(i)
Except as provided in subparagraph (ii) of this paragraph, any investment earnings of the Fund and investment returns realized from the investments made under this section shall be credited to the accumulation funds of the several systems established under § 21–303 of the State Personnel and Pensions Article.
(ii)
The Corporation may retain 50% of investment returns realized from the investments made under this section.
Md. Code Ann., Econ. Dev. § 10-488 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4. Maryland Technology Development Corporation
§ 10–488LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Commission” means the Equitech Growth Commission.
(3)
“Fund” means the Equitech Growth Fund.
(b)
(1)
There is an Equitech Growth Fund in the Corporation.
(2)
The purpose of the Fund is to support the economic competitiveness and inclusive growth of emerging and advanced industries in the State through the creation of supporting infrastructure assets, resources, and diverse workforce that builds the strengths of the State’s economy.
(3)
The Corporation shall administer the Fund.
(4)
(i)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(ii)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(5)
The Fund consists of:
(i)
money appropriated in the State budget to the Fund;
(ii)
interest earnings of the Fund; and
(iii)
any other money from any other source accepted for the benefit of the Fund.
(6)
The Fund shall leverage investment from the private sector, funding from federal sources, and other sources of funding.
(7)
The Fund may be used only:
(i)
to make awards from the Fund in accordance with subsection (c) of this section; and
(ii)
to pay the costs of administering the Fund.
(c)
(1)
The Corporation shall award grants, investments, loans, or other financial assistance from the Fund to public, nonprofit, or private entities in the State, including institutions of higher education and public–private partnerships.
(2)
Awards from the Fund shall target:
(i)
workforce development; and
(ii)
infrastructure that will attract and retain businesses in the State.
(3)
Awards shall be consistent with the 10–year goals in the strategic plan developed by the Commission.
(d)
For each of fiscal years 2025 through 2033, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Fund.
(e)
The Corporation shall adopt regulations to establish:
(1)
a competitive application process;
(2)
review criteria and procedures for making awards, including private leverage requirements for awards;
(3)
processes and metrics for monitoring each project and the success, economic impact, and impact of the award on the State’s diversity, equity, and inclusion in the State’s innovation economy; and
(4)
processes for ensuring that the programmatic funds and leveraged funds are invested within the State.
(f)
On or before July 1 each year, beginning in 2024, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the President of the Senate and the Speaker of the House on awards made from the Fund.
Subtitle 4A. Invest Maryland Program
Md. Code Ann., Econ. Dev. § 10-4A-01 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-01LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
(1)
“Affiliate” means:
(i)
a person who, directly or indirectly, beneficially owns, controls, or holds power to vote 15% or more of the outstanding voting securities or other voting ownership interests of a venture firm or an insurance company; or
(ii)
a person, 15% or more of whose outstanding voting securities or other voting ownership interests is directly or indirectly beneficially owned, controlled, or held with power to vote by a venture firm or an insurance company.
(2)
“Affiliate” does not include an insurance company that becomes a purchaser in accordance with an allocation of investment tax credits under the Program solely by reason of the allocation.
(c)
“Allocation amount” means the total amount of tax credits allocated to a purchaser.
(d)
“Allocation date” means the date on which tax credits are allocated to a purchaser under § 10–4A–11 of this subtitle.
(e)
“Authority” means the Maryland Venture Fund Authority established under § 10–4A–02 of this subtitle.
(f)
“Corporation” means the Maryland Technology Development Corporation.
(g)
“Designated capital” means the amount of money that a purchaser invests under the Program.
(h)
“Enterprise Fund” means the Enterprise Fund under § 10–469 of this title.
(i)
“Financing Authority” means the Maryland Small Business Development Financing Authority under Title 5, Subtitle 5 of this article.
(j)
“Insurance premium tax liability” means:
(1)
any liability incurred by an insurance company under Title 6, Subtitle 1 of the Insurance Article as of October 1, 2011; or
(2)
if the liability referred to in item (1) of this subsection is eliminated or reduced, any other tax liability that has been imposed by the State on the insurance company as of October 1, 2011, not to exceed the amount of the liability eliminated or reduced.
(k)
“Premium tax credit” means a credit against insurance premium tax liability offered to a purchaser under the Program.
(l)
“Principal business operations” has the meaning stated in § 10–401 of this title.
(m)
“Program” means the Invest Maryland Program under this subtitle.
(n)
“Purchaser” means:
(1)
an insurance company that:
(i)
is authorized to do business in the State;
(ii)
has insurance premium tax liability; and
(iii)
contributes designated capital to purchase an allocation of premium tax credits under the Program; or
(2)
a holding company that:
(i)
has at least one insurance company subsidiary authorized to do business in the State; and
(ii)
is contributing designated capital on behalf of one or more of these subsidiaries.
(o)
“Qualified business” means a business that, at the time of the first investment in the business under the Program:
(1)
has its principal business operations located in the State and intends to maintain its principal business operations in the State after receiving an investment under the Program;
(2)
has agreed to use the qualified investment primarily to:
(i)
support business operations in the State; or
(ii)
in the case of a start–up company, establish and support business operations in the State;
(3)
has not more than 250 employees; and
(4)
is not primarily engaged in:
(i)
retail sales;
(ii)
real estate development;
(iii)
the business of insurance, banking, or lending; or
(iv)
the provision of professional services by accountants, attorneys, or physicians.
(p)
(1)
“Qualified distribution” means a distribution or payment by a venture firm of the State’s proportionate allocation of costs in connection with:
(i)
the reasonable costs and expenses of organizing and syndicating the venture firm, including fees paid for professional services, up to a maximum aggregate amount of $125,000;
(ii)
reasonable and necessary fees paid for ongoing professional services, including legal and accounting services, related to the operation of the venture firm, up to a maximum aggregate amount of $50,000 in a single year; and
(iii)
a yearly management fee in an amount that does not exceed 2.5% of the designated capital allocated to the venture firm.
(2)
“Qualified distribution” does not include any costs and expenses related to lobbying or government relations.
(q)
(1)
“Qualified investment” means the direct or indirect investment of cash by the Enterprise Fund or the Financing Authority in a qualified business for the purchase of any of the following:
(i)
a share of stock or other equity interest;
(ii)
a debt instrument that is convertible into equity; or
(iii)
an equity participation instrument such as an option or warrant.
(2)
A qualified investment includes the direct or indirect investment of cash by a venture firm based on the investment criteria set forth in this subtitle.
(r)
“Side car affiliate” means an entity controlled by or under common control with a venture firm that is formed solely for the purpose of investing alongside the venture firm.
(s)
“Venture firm” means a partnership, corporation, trust, or limited liability company, whether organized on a profit or a nonprofit basis, that is certified by the Corporation as meeting the criteria established under § 10–4A–12 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-4A-02 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-02LinkCopy Citation
There is a Maryland Venture Fund Authority in the Corporation.
Md. Code Ann., Econ. Dev. § 10-4A-03 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-03LinkCopy Citation
(a)
The Authority consists of the following nine members:
(1)
seven members appointed by the Governor with the advice and consent of the Senate;
(2)
one member appointed by the President of the Senate; and
(3)
one member appointed by the Speaker of the House.
(b)
(1)
Of the seven members appointed by the Governor:
(i)
(1)
at least four shall have experience in working with companies that have raised investment capital for seed–stage to venture–stage companies or in providing professional services to the venture capital industry; and
(2)
one of the four members selected under item 1 of this item shall have experience in higher education research and development and technology transfer projects;
(ii)
at least one shall have experience as a small business owner;
(iii)
at least one shall have experience as a business executive that has raised venture capital investments; and
(iv)
at least one shall be a resident of a rural county in the State.
(2)
The Governor shall consider the geographic diversity of the State when appointing members.
(c)
The members appointed by the President and the Speaker:
(1)
may not be elected officials; and
(2)
shall have experience and expertise in venture capital investments.
(d)
Each member shall be a resident of the State.
(e)
(1)
The term of a member is 4 years.
(2)
At the end of a term, a member continues to serve until a successor is appointed.
(3)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.
(4)
A member appointed by the Governor may be removed by the Governor with or without cause.
(5)
The terms of the members are staggered as required by the terms provided for members of the Authority on July 1, 2011.
(f)
In addition to the requirements of Title 5 of the General Provisions Article, a member of the Authority may not be employed by or have any financial interest in a purchaser, qualified business, or venture firm or hold any other employment relationship or financial interest that would impair the impartiality and independent judgment of the member.
(g)
The Authority may not have additional advisors or advisory boards, whether acting informally or formally constituted, other than as appointed or designated in this subtitle.
Md. Code Ann., Econ. Dev. § 10-4A-04 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-04LinkCopy Citation
(a)
The Governor shall appoint a chair from among the members.
(b)
The Authority shall determine the manner of election of officers and their terms of office.
Md. Code Ann., Econ. Dev. § 10-4A-05 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-05LinkCopy Citation
(a)
(1)
Five members of the Authority are a quorum.
(2)
An act of the Authority must be approved by a majority vote of the members attending a meeting at which a quorum is present.
(b)
A member of the Authority:
(1)
may not receive compensation as a member of the Authority; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(c)
A member of the Authority shall file a public disclosure of financial interests as required under the Maryland Public Ethics Law.
Md. Code Ann., Econ. Dev. § 10-4A-06 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-06LinkCopy Citation
The Authority shall:
(1)
provide advice to and consult with the Corporation in connection with the administration of the Program under this subtitle; and
(2)
meet at least quarterly to review the Corporation’s investment policies, investment decisions, and adherence to the statutory and regulatory requirements imposed on the Corporation.
Md. Code Ann., Econ. Dev. § 10-4A-09 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-09LinkCopy Citation
(a)
All designated capital from purchasers shall be deposited into the Enterprise Fund to be invested as provided in this subtitle.
(b)
The Corporation shall allocate designated capital as follows:
(1)
67% to one or more venture firms to fund the making of qualified investments based on the criteria set forth in this subtitle, provided, that not more than 20% of this amount may be invested in the side car fund affiliates of the venture firms; and
(2)
33% to the Enterprise Fund, to be allocated:
(i)
$250,000 to the Rural Maryland Council for its operational expenses;
(ii)
75% of the remaining amount to fund the making of qualified investments in qualified businesses under the existing policies and procedures of the Enterprise Fund; and
(iii)
25% of the remaining amount to the Financing Authority Equity Participation Investment Program, to be invested in qualified businesses in accordance with the policies and procedures of the Financing Authority under Title 5, Subtitle 5, Part V of this article.
(c)
It is the goal of the State that a portion of the designated capital received under subsection (b)(2)(ii) of this section be used to make qualified investments in qualified businesses located in rural areas of the State.
(d)
As soon as practicable after the Corporation receives each installment of designated capital, the Corporation and each venture firm that has been allocated designated capital shall enter into a contract under which the allocated amount of designated capital will be transferred by the Corporation to the venture firm for investment as provided in this subtitle.
(e)
The Corporation shall secure the commitment of the purchasers in accordance with § 10–4A–10 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-4A-10 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-10LinkCopy Citation
(a)
The Authority shall obtain the services of an independent third party to conduct a bidding process in order to secure purchasers for the Program as provided in this section.
(b)
Using the procedures adopted by the independent third party, each potential purchaser shall make a timely and irrevocable offer, subject only to the Corporation’s issuance to the purchaser of tax credit certificates, to make specified contributions of designated capital to the Corporation on the dates specified in § 10–4A–11(a) of this subtitle.
(c)
The offer shall include:
(1)
the requested amount of tax credits, which may not be less than $1,000,000;
(2)
the potential purchaser’s specified contribution for each tax credit dollar requested, which may not be less than the greater of:
(i)
70% of the requested dollar amount of tax credits; or
(ii)
the percentage of the requested dollar amount of tax credits that the Secretary, on the recommendation of the independent third party, determines to be consistent with market conditions as of the offer date; and
(3)
any other information the independent third party requires.
(d)
(1)
The deadline for submission of applications for tax credits is February 1, 2012.
(2)
Each potential purchaser shall receive a written notice from the Corporation not later than May 1, 2012, indicating whether or not it has been approved as a purchaser and, if so, the amount of tax credits allocated.
(e)
The maximum amount of premium tax credits that may be allocated under this subtitle for all years in which premium tax credits are allocated is $100,000,000.
Md. Code Ann., Econ. Dev. § 10-4A-11 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-11LinkCopy Citation
(a)
Designated capital committed by a purchaser shall be paid to the Enterprise Fund in three equal yearly installments due on June 1 of 2012, 2013, and 2014.
(b)
On receipt of each installment of designated capital, the Corporation shall issue to each purchaser a tax credit certificate representing a fully vested credit against insurance premium tax liability equal to one–third of the total premium tax credits allocated to the purchaser.
(c)
The Corporation shall issue tax credit certificates to purchasers in accordance with the bidding process selected by the independent third party on behalf of the Authority under § 10–4A–10 of this subtitle.
(d)
The tax credit certificate shall state:
(1)
the total amount of premium tax credits that the purchaser may claim;
(2)
the amount of designated capital that the purchaser has contributed in return for the issuance of the tax credit certificate;
(3)
the dates on which the tax credits will be available for use by the purchaser;
(4)
any penalties or other remedies for noncompliance;
(5)
the procedures to be used for transferring the tax credits; and
(6)
any other requirements the Corporation considers necessary.
(e)
(1)
A tax credit certificate may not be issued to any purchaser that fails to make a contribution of designated capital within the time the Corporation specifies.
(2)
A purchaser that fails to make a contribution of designated capital within the time the Corporation specifies shall be subject to a penalty equal to 10% of the amount of designated capital that remains unpaid, payable to the Corporation within 30 days after demand by the Corporation.
(3)
The Corporation may offer to reallocate the defaulted designated capital among the other purchasers, so that the result after reallocation is the same as if the initial allocation had been performed without considering the premium tax credit allocation to the defaulting purchaser.
(4)
If the reallocation of designated capital results in the contribution by another purchaser or purchasers of the amount of designated capital not contributed by the defaulting purchaser, then the Corporation may waive the penalty provided under this subsection.
(5)
(i)
A purchaser that fails to make a contribution of designated capital within the time specified may avoid the imposition of the penalty by transferring the allocation of tax credits to a new or existing purchaser within 30 days after the due date of the defaulted installment.
(ii)
Any transferee of an allocation of tax credits of a defaulting purchaser under this section shall agree to make the required contribution of designated capital within 30 days after the date of the transfer.
(6)
(i)
The Corporation in its sole discretion may purchase insurance or make other financial arrangements in order to ensure the availability of the full amount of designated capital committed by purchasers.
(ii)
The Corporation shall disclose any purchase of insurance or other similar financial arrangement under this paragraph in the annual report required under § 10–4A–28 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-4A-12 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-12LinkCopy Citation
(a)
(1)
Subject to the restriction in paragraph (2) of this subsection, a purchaser may claim the premium tax credit on a premium tax return filed after December 31, 2014, for a taxable year that begins on or after January 1, 2014.
(2)
In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser.
(b)
(1)
The credit to be applied against insurance premium tax liability in any 1 year may not exceed the insurance premium tax liability of the purchaser for that taxable year.
(2)
Any unused credit against insurance premium tax liability may be:
(i)
carried forward indefinitely until the premium tax credits are used; and
(ii)
used by the purchaser without restriction during any calendar year after 2019.
(3)
On 30 days’ advance notice to the Corporation, premium tax credits allocated to a purchaser under this subtitle may be transferred without further restriction to any other entity that:
(i)
meets the definition of a purchaser;
(ii)
is in good standing with the Maryland Insurance Administration; and
(iii)
agrees to assume all of the transferor’s obligations under the Program.
(c)
A purchaser claiming a credit against insurance premium tax liability earned through an investment under the Program is not required to pay any additional tax as a result of claiming the credit.
(d)
A purchaser is not required to reduce the amount of premium tax included by the purchaser in connection with rate–making for any insurance contract written in the State because of a reduction in the purchaser’s insurance premium tax derived from the credit granted under this subtitle.
Md. Code Ann., Econ. Dev. § 10-4A-15 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-15LinkCopy Citation
(a)
Subject to the approval of the Corporation, the Authority shall obtain the services of an independent third party to:
(1)
establish application procedures for an entity to be certified as a venture firm; and
(2)
review and evaluate applications for venture firm certification under this section.
(b)
The independent third party selected by the Authority shall:
(1)
review and evaluate the application, organizational documents, and business history of each applicant;
(2)
evaluate whether the applicant is likely to achieve the investment criteria set forth in this subtitle; and
(3)
recommend to the Authority which venture firms should receive allocations of designated capital under the Program.
(c)
(1)
On receiving the recommendations of the independent third party selected under subsection (a) of this section and subject to § 10–4A–16 of this subtitle, the Authority shall select venture firms to receive allocations of designated capital that are consistent with the investment criteria set forth in this subtitle.
(2)
The Authority shall ensure that the venture firms receiving designated capital for investment under this subtitle make investments in the State that equal or exceed the amount of designated capital received under this subtitle.
(3)
Subject to the approval of the Corporation, the Authority may enter into written agreements, including partnership agreements and side agreements, that are necessary to carry out the purposes of this part.
Md. Code Ann., Econ. Dev. § 10-4A-16 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-16LinkCopy Citation
(a)
In selecting applicants for venture firm certification, the Authority shall consider:
(1)
the management structure of the applicant, including:
(i)
the investment experience of the principals;
(ii)
the applicant’s reputation in the venture firm industry and the applicant’s ability to attract co–investment capital and syndicate investments in qualified businesses in the State;
(iii)
the knowledge, experience, and capabilities of the applicant in subject areas relevant to venture–stage businesses in the State;
(iv)
the tenure and turnover history of principals and senior investment professionals of the applicant; and
(v)
whether the State’s investment in the applicant under this program would exceed 15% of the total invested in the applicant by all investors, including investments in any side car fund affiliates;
(2)
the applicant’s investment strategy, including:
(i)
the applicant’s track record of investing in venture–stage businesses;
(ii)
the applicant’s history of attracting co–investment capital and syndicate investments;
(iii)
the soundness of the applicant’s investment strategy and the compatibility of that strategy with business opportunities in the State; and
(iv)
the applicant’s history of job creation through investment;
(3)
the applicant’s commitment to making investments, that to the fullest extent possible:
(i)
create employment opportunities in the State;
(ii)
lead to the growth of the State economy and qualified businesses in the State;
(iii)
complement the research and development projects of State academic institutions; and
(iv)
foster the development of technologies and industries that present opportunities for the growth of qualified businesses in the State; and
(4)
the applicant’s commitment to the State, including:
(i)
the applicant’s presence in the State through permanent local offices or affiliation with local investment firms;
(ii)
the local presence of senior investment professionals;
(iii)
the applicant’s history of investing in venture–stage businesses in the State;
(iv)
the applicant’s ability to identify investment opportunities through working relationships with State research and development institutions and State–based businesses;
(v)
the applicant’s relationship with other venture firms in the region;
(vi)
the applicant’s history of investing in areas relevant to venture–stage businesses in the State; and
(vii)
the applicant’s commitment to investing a similar or greater amount of designated capital received under this subtitle in State–based ventures and qualified businesses.
(b)
To ensure the Corporation has continued access to the best available and qualified venture firms as well as to provide for the replacement of venture firms that have been disqualified under § 10–4A–22 of this subtitle:
(1)
an applicant shall file an application with the Corporation in the form required by the Corporation;
(2)
the application shall include the applicant’s most recent financial statements;
(3)
the Corporation shall accept applications for certification for a period of 3 months at the Corporation’s choosing, at the same time each year; and
(4)
notwithstanding the requirements of § 10–4A–22(b) of this subtitle, when one or more venture firms have been disqualified under § 10–4A–22 of this subtitle, the Corporation may receive applications, for a period of not less than 2 months, at any time during the calendar year.
(c)
To be certified as a venture firm:
(1)
the applicant must have, at the time of application, an equity capitalization, net assets, or written commitments of at least $500,000 in the form of cash or cash equivalents;
(2)
at least two principals or persons employed to direct the investment of the designated capital of the applicant must have at least 5 years of money management experience in the venture capital or private equity sectors; and
(3)
for a period of 2 years from the date of disqualification, the applicant may not be:
(i)
a venture firm that has been disqualified under § 10–4A–22 of this subtitle; or
(ii)
a firm with majority ownership composed of members who had ownership or leadership roles in a firm that has been disqualified under § 10–4A–22 of this subtitle.
(d)
Not later than 90 days after an application is filed, the Secretary shall either:
(1)
issue the certification; or
(2)
refuse to issue the certification and communicate in detail to the applicant the grounds for the refusal.
Md. Code Ann., Econ. Dev. § 10-4A-17 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-17LinkCopy Citation
(a)
(1)
A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow–on investments from a venture firm, the Enterprise Fund, or the Financing Authority as provided under this subsection.
(2)
A follow–on investment from a venture firm is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow–on investment.
(3)
With respect to an investment by the Enterprise Fund or the Financing Authority, a follow–on investment does not qualify as a qualified investment if, at the time of the follow–on investment, the business no longer meets the definition of a qualified business.
(b)
Each venture firm shall inform the Corporation in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.
Md. Code Ann., Econ. Dev. § 10-4A-18 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-18LinkCopy Citation
(a)
A purchaser or affiliate may not directly or indirectly:
(1)
manage a venture firm;
(2)
beneficially own, through rights, options, convertible interests, or otherwise, more than 15% of the voting securities or other voting ownership interest of a venture firm; or
(3)
control the direction of investments for a venture firm.
(b)
Subsection (a) of this section applies whether or not the purchaser or affiliate is authorized to do business in the State.
Md. Code Ann., Econ. Dev. § 10-4A-19 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-19LinkCopy Citation
(a)
Not later than March 31 of each year, each venture firm and the Financing Authority shall report to the Corporation:
(1)
the amount of designated capital remaining uninvested at the end of the preceding calendar year;
(2)
all qualified investments made during the preceding calendar year, including the number of employees of each business at the time the qualified investment was made and as of December 31 of that year;
(3)
for any qualified investment in which the venture firm or the Financing Authority no longer has a position as of the end of the calendar year, the number of employees of the business as of the date the investment was terminated; and
(4)
any other information the Corporation requires to ascertain the impact of the Program on the economy of the State.
(b)
Not later than 180 days after the end of its fiscal year, each venture firm shall provide to the Corporation an audited financial statement that includes the opinion of an independent certified public accountant.
(c)
Not later than 60 days after the sale or other disposition of a qualified investment, the selling venture firm or the Financing Authority shall provide to the Corporation a report on the amount of the interest sold or disposed of and the consideration received for the sale or disposition.
Md. Code Ann., Econ. Dev. § 10-4A-20 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-20LinkCopy Citation
(a)
A venture firm may make a qualified distribution at any time.
(b)
To make a distribution that is not a qualified distribution, a venture firm shall pay to the Comptroller the venture firm’s pro rata share of distributions made to all limited partners as provided under the applicable partnership documents and any agreement with the Corporation.
(c)
(1)
Except as provided in paragraph (2) of this subsection, the Comptroller shall distribute all payments received under this section to the General Fund within 30 days of receipt.
(2)
(i)
If the Corporation has an obligation under applicable venture firm investment documents to return to the venture firm a payment previously distributed to the Comptroller, the Comptroller shall deposit an amount equal to that payment into the Enterprise Fund to cover the obligation.
(ii)
If the Corporation determines that the money deposited under subparagraph (i) of this paragraph is no longer required to be returned to a venture firm under the applicable investment documents, the Corporation shall notify the Comptroller that the money may be distributed to the General Fund.
Md. Code Ann., Econ. Dev. § 10-4A-21 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-21LinkCopy Citation
Investment returns resulting from the qualified investments made under the Program by the Enterprise Fund or the Financing Authority shall be used to make additional qualified investments in qualified businesses by the Enterprise Fund or the Financing Authority.
Md. Code Ann., Econ. Dev. § 10-4A-22 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-22LinkCopy Citation
(a)
Each venture firm shall be required to make equity investments in an amount not less than 50% of the capital allocated to qualified businesses within 3 years of each capital allocation.
(b)
In regards to venture firms that have received an allocation before June 1, 2019, the requirements of subsection (a) of this section shall apply as of June 1, 2019.
(c)
In the event that a venture firm fails to meet the requirements of subsection (a) of this section, the Corporation shall:
(1)
rescind the allocation and authorization for that firm from the date of noncompliance with subsection (a) of this section and remove that firm’s certification for participation in the program;
(2)
cease making the payment of management and other fees to the venture fund from the date of noncompliance with subsection (a) of this section; and
(3)
consult and coordinate with the Office of the Attorney General for the recovery of any funds, as may be necessary.
Md. Code Ann., Econ. Dev. § 10-4A-25 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-25LinkCopy Citation
(a)
In any case under the insurance law of the State in which the assets of a purchaser are examined or considered, the designated capital shall be treated as an admitted asset, subject to the same financial rating as that held by the State.
(b)
The Corporation shall submit the following to the Maryland Insurance Administration:
(1)
the names, addresses, and amount of designated capital to be contributed and premium tax credits earned by each successful bidder within 30 days after the close of the bidding process under § 10–4A–10 of this subtitle;
(2)
a copy of the tax credit certificate issued to each purchaser within 30 days after the issuance of the certificate under § 10–4A–11 of this subtitle;
(3)
the occurrence of a default by a purchaser; and
(4)
the transfer of premium tax credits by a purchaser.
Md. Code Ann., Econ. Dev. § 10-4A-26 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-26LinkCopy Citation
(a)
Except as provided in subsection (b) of this section, Division II of the State Finance and Procurement Article does not apply to a service that the Corporation obtains that is related to the investment, management, analysis, purchase, or sale of an asset of the Corporation in a transaction authorized under this subtitle.
(b)
The Corporation is subject to Title 12, Subtitle 4 of the State Finance and Procurement Article for services related to the investment, management, analysis, purchase, or sale of assets of the Corporation in any transaction authorized under this subtitle.
(c)
Section 10–305 of the State Finance and Procurement Article does not apply to the sale, lease, transfer, exchange, or other disposition of real or personal property, including a share of stock in a business entity, that the Corporation acquires in a transaction authorized under this subtitle.
Md. Code Ann., Econ. Dev. § 10-4A-27 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-27LinkCopy Citation
The Corporation shall administer this subtitle and may adopt regulations to carry out this subtitle.
Md. Code Ann., Econ. Dev. § 10-4A-28 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4A. Invest Maryland Program
§ 10–4A-28LinkCopy Citation
(a)
(1)
The Corporation shall submit a report on the implementation of the Program.
(2)
The report required under this section shall be submitted to the Senate Budget and Taxation Committee and the House Ways and Means Committee.
(3)
The Corporation shall publish the report on the Corporation’s website in a publicly available format.
(4)
The report published on the website may not include any proprietary or confidential information.
(b)
The report shall include:
(1)
with respect to each purchaser of premium tax credits under the Program:
(i)
the name of the purchaser of premium tax credits;
(ii)
the amount of premium tax credits allocated to the purchaser;
(iii)
the amount of designated capital the purchaser contributed for the issuance of the tax credit certificate; and
(iv)
the amount of any tax credits that have been transferred under § 10–4A–12 of this subtitle;
(2)
with respect to each venture firm that has received an allocation of designated capital:
(i)
the name and address of the venture firm;
(ii)
the names of the individuals making decisions on behalf of the venture firm to make qualified investments under the Program;
(iii)
the amount of designated capital received during the previous fiscal year;
(iv)
the cumulative amount of designated capital received;
(v)
the amount of designated capital remaining uninvested at the end of the previous fiscal year;
(vi)
the names and locations of qualified businesses receiving designated capital and the amount of each qualified investment;
(vii)
for the previous fiscal year, the aggregate fair market value of all qualified investments as calculated according to generally accepted accounting principles; and
(viii)
the amount of any qualified distribution or nonqualified distribution taken during the previous fiscal year, including any management fee;
(3)
with respect to the Enterprise Fund:
(i)
the amount of designated capital received during the previous fiscal year;
(ii)
the cumulative amount of designated capital received;
(iii)
the amount of designated capital remaining uninvested at the end of the previous fiscal year;
(iv)
the names and locations of qualified businesses receiving designated capital and the amount of each qualified investment; and
(v)
for the previous fiscal year, the aggregate fair market value of all qualified investments as calculated according to generally accepted accounting principles;
(4)
with respect to the Financing Authority:
(i)
the amount of designated capital received during the previous fiscal year and the amount allocated to the Equity Participation Investment Program;
(ii)
the cumulative amount of designated capital received;
(iii)
the amount of designated capital remaining uninvested at the end of the previous fiscal year;
(iv)
the names and locations of qualified businesses receiving designated capital and the amount of each qualified investment; and
(v)
for the previous fiscal year, the aggregate fair market value of all qualified investments as calculated under generally accepted accounting principles; and
(5)
for the previous fiscal year, with respect to the qualified businesses in which venture firms, the Enterprise Fund, or the Financing Authority have invested:
(i)
the classification of the qualified businesses according to the industrial sector and the size of the business;
(ii)
the total number of jobs created in the State by the investment and the average wages paid for the jobs; and
(iii)
the total number of jobs retained in the State as a result of the investment and the average wages paid for the jobs.
Subtitle 4B. Maryland Small Business Innovation Research Technical Assistance Program
Md. Code Ann., Econ. Dev. § 10-4B-01 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4B. Maryland Small Business Innovation Research Technical Assistance Program
§ 10–4B-01LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Corporation” has the meaning stated in § 10–401 of this title.
(3)
“Phase 0” means the initial application process for the federal Small Business Innovation Research grant program or the federal Small Business Technology Transfer grant program.
(4)
“Phase I” means a small business has received up to $150,000 in federal Small Business Innovation Research funding for approximately 6 months or federal Small Business Technology Transfer funding for 1 year, with the meaning stated in 15 U.S.C. § 638.
(5)
“Phase II” means a small business has received up to $1,000,000 in funding for up to 2 years to expand Phase I results, with the meaning stated in 15 U.S.C. § 638.
(6)
“Program” means the Maryland Small Business Innovation Research Technical Assistance Program.
(b)
There is a Maryland Small Business Innovation Research Technical Assistance Program in the Corporation.
(c)
The purpose of the Program is to provide technical assistance to small businesses in the State by:
(1)
encouraging small businesses, including economically disadvantaged small businesses, to apply for grants under the federal Small Business Innovation Research grant program and the federal Small Business Technology Transfer grant program; and
(2)
providing grant applicants with technical assistance, including training assistance and assessments through Phases 0, I, and II of development.
(d)
To qualify for participation, a small business shall:
(1)
have its principal business operations located in the State, have over half of its workforce working in the State, and intend to maintain its principal business operations in the State; and
(2)
have not more than 50 employees.
(e)
The Corporation may adopt regulations establishing additional criteria for eligibility and allocation of assistance.
(f)
In accordance with the requirements of Division II of the State Finance and Procurement Article, the Corporation may procure a nonprofit organization located in the State to provide services under the Program.
Subtitle 4C. Maryland Makerspace Initiative Program
Md. Code Ann., Econ. Dev. § 10-4C-01 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4C. Maryland Makerspace Initiative Program
§ 10–4C-01LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Board” has the meaning stated in § 10–401 of this title.
(c)
“Corporation” has the meaning stated in § 10–401 of this title.
(d)
“Financial assistance” means a grant, a loan, or similar assistance.
(e)
“Fund” means the Maryland Makerspace Initiative Fund.
(f)
“Makerspace” means a community space that:
(1)
provides access to tools, technology, and knowledge for learners and entrepreneurs;
(2)
results in the prototyping or creation of physical goods; and
(3)
supports the development of educational opportunities for personal growth, workforce training, and early–stage business ventures.
(g)
“Program” means the Maryland Makerspace Initiative Program.
Md. Code Ann., Econ. Dev. § 10-4C-02 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4C. Maryland Makerspace Initiative Program
§ 10–4C-02LinkCopy Citation
(a)
There is a Maryland Makerspace Initiative Program in the Corporation.
(b)
The purpose of the Program is to encourage the establishment and expansion of makerspaces throughout the State.
(c)
(1)
The Corporation shall administer the Program.
(2)
The Corporation may partner with the Open Works Center for Advanced Fabrication Technologies in Baltimore City to provide technical assistance to nonprofit entities seeking to establish makerspaces in the State.
Md. Code Ann., Econ. Dev. § 10-4C-03 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4C. Maryland Makerspace Initiative Program
§ 10–4C-03LinkCopy Citation
(a)
To carry out the purposes of the Program, the Corporation shall award financial assistance under this subtitle to eligible applicants for the establishment, expansion, or operating costs of makerspaces in the State.
(b)
The Corporation shall award financial assistance from the funds available under the Maryland Makerspace Initiative Fund established under § 10–4C–05 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-4C-04 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4C. Maryland Makerspace Initiative Program
§ 10–4C-04LinkCopy Citation
(a)
The Corporation shall adopt standards to award financial assistance under this subtitle.
(b)
The Corporation may award financial assistance to:
(1)
a local government;
(2)
an agency, an instrumentality, or a nonprofit corporation that the local government designates; or
(3)
a nonprofit entity operating or seeking to operate a makerspace in the State.
(c)
To the extent practicable, the Corporation shall award financial assistance in a manner that reflects geographic diversity.
(d)
A recipient of financial assistance under this section:
(1)
shall provide matching funds or in–kind contributions for the project at least equal to the amount of financial assistance awarded; and
(2)
may not utilize the financial assistance awarded for the operating costs of the makerspace after the first 3 years of operation.
(e)
Unless two–thirds of the membership of the Board approves, the Corporation may not award financial assistance within a single county under this section that exceeds a total of $250,000 in a single fiscal year.
Md. Code Ann., Econ. Dev. § 10-4C-05 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4C. Maryland Makerspace Initiative Program
§ 10–4C-05LinkCopy Citation
(a)
There is a Maryland Makerspace Initiative Fund in the Corporation.
(b)
(1)
The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(c)
The Fund consists of:
(1)
appropriations as provided in the State budget;
(2)
repayments of loans made through the Program;
(3)
any interest earnings of the Fund; and
(4)
any other money from any other source accepted for the benefit of the Fund.
(d)
The Executive Director of the Corporation, or the Executive Director’s designee, shall administer the Fund in accordance with this part and any other applicable law.
(e)
The Fund shall be used to cover the following costs of the Program:
(1)
administrative costs not exceeding $100,000 in each fiscal year;
(2)
reimbursement for technical assistance and mentoring provided by existing makerspaces; and
(3)
any financial assistance that is awarded to eligible recipients in accordance with § 10–4C–04 of this subtitle.
(f)
For each of fiscal years 2024 through 2028, the Governor shall include in the annual budget bill an appropriation of at least $1,000,000 to the Fund.
(g)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any investment earnings of the Fund shall be credited to the Fund.
(h)
The Office of Legislative Audits shall audit the accounts and transactions of the Fund as provided in § 2–1220 of the State Government Article.
Md. Code Ann., Econ. Dev. § 10-4C-06 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4C. Maryland Makerspace Initiative Program
§ 10–4C-06LinkCopy Citation
On or before October 1, 2027, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the effectiveness of the Program in encouraging the establishment and expansion of makerspaces throughout the State and recommendations concerning the improvement, extension, or termination of the Program.
Subtitle 4D. Human–relevant Research Fund and Program
Md. Code Ann., Econ. Dev. § 10-4D-01 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4D. Human–relevant Research Fund and Program
§ 10–4D-01LinkCopy Citation
(a)
In this subtitle the following terms have the meanings indicated.
(b)
“Board” means the Human–Relevant Research Review Board established under § 10–4D–04 of this subtitle.
(c)
“Corporation” has the meaning stated in § 10–401 of this title.
(d)
“Fund” means the Human–Relevant Research Fund.
Md. Code Ann., Econ. Dev. § 10-4D-02 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4D. Human–relevant Research Fund and Program
§ 10–4D-02LinkCopy Citation
(a)
There is a Human–Relevant Research Fund.
(b)
The purpose of the Fund is to promote State–funded research intended to develop human–relevant alternatives to using nonhuman animals in medical and product testing and research through grants and loans to public and private entities in the State.
(c)
The Corporation shall administer the Fund.
(d)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
revenue distributed to the Fund under § 24–2302 of the Health – General Article;
(2)
money appropriated in the State budget to the Fund;
(3)
interest earnings of the Fund; and
(4)
any other money from any other source accepted for the benefit of the Fund.
(f)
Money in the Fund may be used only to:
(1)
award grants and loans for State–funded, human–relevant animal testing alternatives research in accordance with the recommendations of the Board; and
(2)
pay the costs necessary to administer the Fund.
(g)
(1)
The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.
(2)
Any interest earnings of the Fund shall be credited to the Fund.
(h)
(1)
The Governor may include in the State budget bill each fiscal year an appropriation to the Fund.
(2)
Expenditures from the Fund may be made only in accordance with the State budget.
Md. Code Ann., Econ. Dev. § 10-4D-03 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4D. Human–relevant Research Fund and Program
§ 10–4D-03LinkCopy Citation
(a)
Subject to the provisions of this subtitle, the Corporation shall establish a grant and loan program to provide grants and loans for State–funded, human–relevant animal testing alternatives research.
(b)
A grant or loan awarded under this subtitle is contingent on the recipient entering into a memorandum of understanding with the Corporation that:
(1)
establishes the scope of the State’s ownership or other financial interest in the commercialization and other benefits of the results, products, inventions, and discoveries resulting from State–funded, human–relevant research; and
(2)
to the extent consistent with federal and State law, reflects the intellectual property policies of the Corporation.
(c)
The Corporation may not disburse grant or loan money to a recipient until the recipient meets the requirements of subsection (b) of this section.
Md. Code Ann., Econ. Dev. § 10-4D-04 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4D. Human–relevant Research Fund and Program
§ 10–4D-04LinkCopy Citation
(a)
The Corporation shall contract with an independent scientific review board composed of recognized scientific experts in the field of human–relevant animal testing alternatives to act as the Human–Relevant Research Review Board.
(b)
The Board shall:
(1)
review, evaluate, rank, and rate research proposals for State–funded, human–relevant animal testing alternatives research:
(i)
based on the procedures and guidelines established by the Corporation; and
(ii)
in a manner that gives due consideration to the scientific, medical, and ethical implications of the research; and
(2)
based on the rankings and ratings awarded to the research proposals by the Board, make recommendations to the Corporation for the award and disbursement of grants and loans.
(c)
A member of the Board:
(1)
is not eligible to receive a grant or loan for State–funded, human–relevant research from the Fund; and
(2)
shall be subject to conflict of interest standards that are at least as stringent as the standards on conflict of interest adopted by the federal National Institutes of Health.
Md. Code Ann., Econ. Dev. § 10-4D-05 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4D. Human–relevant Research Fund and Program
§ 10–4D-05LinkCopy Citation
The Corporation, in consultation with the Board, shall adopt regulations to establish procedures for awarding and making the disbursement of a grant or loan.
Md. Code Ann., Econ. Dev. § 10-4D-06 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4D. Human–relevant Research Fund and Program
§ 10–4D-06LinkCopy Citation
(a)
On or before January 1 each year, the Corporation and the Board shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the progress of the human–relevant animal testing alternatives research conducted with money from grants or loans awarded under this subtitle.
(b)
The report shall identify:
(1)
each recipient of money from the Fund;
(2)
the amount of money awarded to each recipient; and
(3)
a description of the type of State–funded, human–relevant research performed by the recipient and the animal tests the research is intended to replace.
Subtitle 4E
Md. Code Ann., Econ. Dev. § 10-4E-01 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4E
§ 10–4E-01LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Corporation” means the Maryland Technology Development Corporation.
(c)
“Fund” means the Maryland Growth Initiative Fund.
(d)
“Initiative” means the Maryland Growth Initiative.
Md. Code Ann., Econ. Dev. § 10-4E-02 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4E
§ 10–4E-02LinkCopy Citation
(a)
There is a Maryland Growth Initiative in the Corporation.
(b)
The purpose of the Initiative is to support the growth of start–up companies in the State by:
(1)
identifying promising companies in the phase between early start–up development and scaling;
(2)
providing access to experts in regulatory processes, manufacturing, clinical trials, market launches, and other areas of business;
(3)
facilitating private investment in companies;
(4)
assisting in the acquisition of infrastructure including office space, equipment, and support for product development; and
(5)
providing technical and business expertise.
Md. Code Ann., Econ. Dev. § 10-4E-03 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4E
§ 10–4E-03LinkCopy Citation
(a)
There is a Maryland Growth Initiative Fund.
(b)
The purpose of the Fund is to provide postseed and Series A funding to qualified businesses in the State to scale up without needing to relocate.
(c)
The Corporation shall administer the Fund.
(d)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
public and private investment funds;
(3)
interest earnings; and
(4)
any other money from any other source accepted for the benefit of the Fund.
(f)
The Fund may be used only:
(1)
for the purposes described in subsection (b) of this section;
(2)
for the purposes described in § 10–4E–02 of this subtitle; and
(3)
to pay the costs necessary to administer the Initiative.
(g)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any investment earnings of the Fund shall be credited to the Fund.
(h)
(1)
The Governor shall include in the annual budget bill an appropriation of $5,000,000 for the Initiative.
(2)
The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.
Md. Code Ann., Econ. Dev. § 10-4E-04 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4E
§ 10–4E-04LinkCopy Citation
(a)
The Initiative shall create a curated list of companies in the State that are between the start–up and scaling phases.
(b)
Priority shall be given to companies that are:
(1)
current or prior recipients of funding from the Maryland Innovation Initiative;
(2)
current or prior recipients of funding from any other program administered by the Corporation;
(3)
minority business enterprises described in § 9–4119(a) of the State Government Article; and
(4)
located in a high–need or economically distressed geographic area of the State as determined by the Corporation.
Md. Code Ann., Econ. Dev. § 10-4E-05 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 4E
§ 10–4E-05LinkCopy Citation
The Corporation may adopt regulations to implement this subtitle.
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
Md. Code Ann., Econ. Dev. § 10-501 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–501LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Agricultural loan” means a loan made to a person by a lender to finance:
(1)
land acquisition or improvement;
(2)
agricultural, aquacultural, equine, horticultural, or silvicultural production;
(3)
soil conservation;
(4)
pond construction;
(5)
irrigation;
(6)
water well drilling;
(7)
improvement of a structure or facility;
(8)
purchase of a farm fixture, livestock, or poultry;
(9)
fish, crustaceans, or mollusks of any kind;
(10)
seeds, plants, or trees;
(11)
fertilizer;
(12)
pesticide;
(13)
feed;
(14)
equipment; or
(15)
containers or supplies employed in the production, cultivation, harvesting, processing, storage, marketing, distribution, or export of an agricultural product.
(c)
“Agriculture” means the commercial production, storage, processing, marketing, distribution, or export of an agronomic, aquacultural, equine, floricultural, horticultural, ornamental, silvicultural, or viticultural crop, including:
(1)
a farm product;
(2)
livestock or a livestock product;
(3)
poultry or a poultry product;
(4)
milk or a dairy product;
(5)
timber or a forest product;
(6)
fruit or a horticultural product; and
(7)
seafood or an aquacultural product.
(d)
“Board” means the Board of Directors of the Corporation.
(e)
(1)
“Bond” means a bond of the Corporation issued under this subtitle.
(2)
“Bond” includes:
(i)
a renewal note;
(ii)
a refunding bond;
(iii)
an interim certificate;
(iv)
a certificate of indebtedness;
(v)
a debenture;
(vi)
a warrant;
(vii)
commercial paper; and
(viii)
any other obligation.
(f)
“Corporation” means the Maryland Agricultural and Resource-Based Industry Development Corporation.
(g)
“Finance” includes refinance.
(h)
“Improve” means to add, alter, construct, equip, expand, extend, reconstruct, rehabilitate, remodel, or repair.
(i)
“Improvement” means addition, alteration, construction, equipping, expansion, extension, reconstruction, rehabilitation, remodeling, or repair.
(j)
(1)
“Lender” means a financial institution authorized to do business in the State or operating under the supervision of a federal unit.
(2)
“Lender” includes:
(i)
a bank;
(ii)
a trust company;
(iii)
a federal land bank;
(iv)
a farm credit association;
(v)
a bank for cooperatives;
(vi)
insurance company;
(vii)
investment banker;
(viii)
mortgage banker or company;
(ix)
pension or retirement fund;
(x)
savings and loan association;
(xi)
small business investment company; or
(xii)
credit union.
(k)
(1)
“Person” has the meaning stated in § 9-101 of this article.
(2)
“Person” also includes a unit of a state or of the federal government.
(l)
(1)
“Project” means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the purposes listed in § 10-502 of this subtitle, whether or not the property, or any interest in the property:
(i)
is or will be used or operated for profit or not for profit;
(ii)
is or will be located on one or more sites; or
(iii)
may be financed by bonds, the interest on which is exempt from taxation under federal law.
(2)
“Project” includes:
(i)
property and rights related to the property, appurtenances, rights-of-way, franchises, easements, and other interests in property;
(ii)
structures, equipment, furnishings, rail or motor vehicles, barges, and boats;
(iii)
property that is functionally related and subordinate to a project; and
(iv)
patents, licenses, and other rights necessary or useful in the improvement or operation of a project.
(m)
(1)
“Revenue” means the income, revenue, and other money received by the Corporation from or in connection with a project and all other income of the Corporation.
(2)
“Revenue” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.
Md. Code Ann., Econ. Dev. § 10-502 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–502LinkCopy Citation
(a)
The General Assembly finds that:
(1)
the State’s agricultural and resource-based industries continue to underpin the local economies of rural communities, but are increasingly under threat from national and international market competition, urban encroachment and land development pressure, and environmental and regulatory influences;
(2)
the construction and renovation of food and fiber processing and secondary manufacturing facilities often require credit and capital in amounts that far exceed the available resources of individual small producers and small businesses;
(3)
private enterprise and existing federal and State governmental programs have not adequately addressed agricultural industry support or developmental opportunities relating to emergent value-added agricultural processing activities, development of new or alternative markets, primary and secondary manufacturing, assistance for beginning farmers and producers, and financial support for environmental or technological enhancements;
(4)
while some traditional agricultural enterprises in the State may have access to markets, capital, and credit, other existing or emerging segments of the agricultural industry lack market access, capital, and credit available for investment in agriculture, for domestic and export purposes, and at interest rates within the financial means of persons engaged in agricultural production and agricultural exports;
(5)
in conjunction with the financial and other challenges associated with traditional agricultural industries, there is a need to provide economic and market development assistance to those individuals who wish to start, convert, or diversify their agricultural operations, or to make improvements associated with environmental regulations and potential market opportunities; and
(6)
it is a matter of significant importance to rural economic development that the Corporation be created and authorized to:
(i)
develop agricultural industries and markets;
(ii)
support appropriate commercialization of agricultural processes and technology; and
(iii)
alleviate the shortage of nontraditional capital and credit available at affordable interest rates for:
(1)
investment in agriculture to promote and assist agriculture in the State;
(2)
the sale of agricultural products, commodities, and services; and
(3)
capital investment in agricultural projects by providing capital and credit within the financial means of persons engaged in agriculture in the State.
(b)
The purpose of the Corporation is to:
(1)
assist the viability of the State’s diverse agricultural industry through development of new markets, capital and credit enhancements, and technical and other assistance to support, create, and sustain agricultural businesses throughout the State;
(2)
provide financing and other assistance for product development, start–up and scale–up of food–related and fiber–related growing and processing operations in the State, and for technological enhancements that benefit the environment and water quality;
(3)
seek partnerships and leveraging opportunities with public and private for–profit and nonprofit entities in making capital and credit assistance available to individual producers, producer cooperatives, and other agribusiness concerns operating in the State;
(4)
facilitate and support access to high quality technical resources for agricultural entrepreneurs by incorporating existing support infrastructure including the development of strategic partnering opportunities and business incubation;
(5)
foster cross–industry communication and assist other organizations in transferring to the private sector and commercializing the results and products of scientific agricultural research and development conducted by the federal government and colleges and universities; and
(6)
work with public and private lending and grant–making institutions to:
(i)
make low–interest and no–interest loans and loan guarantees available for agricultural product development, primary processing, and secondary manufacturing;
(ii)
provide credit and capital to beginning farmers for land, equipment, and working capital acquisition;
(iii)
make incentives available for activities related to small farm or small landowner viability and best management practices; and
(iv)
make temporary land and easement purchases in accordance with State or local critical farm acquisition programs.
Md. Code Ann., Econ. Dev. § 10-503 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–503LinkCopy Citation
This subtitle shall be liberally construed to carry out its purposes.
Md. Code Ann., Econ. Dev. § 10-504 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–504LinkCopy Citation
(a)
There is a Maryland Agricultural and Resource-Based Industry Development Corporation.
(b)
The Corporation is a body politic and corporate and is an instrumentality of the State.
Md. Code Ann., Econ. Dev. § 10-505 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–505LinkCopy Citation
(a)
(1)
There is a Board of Directors of the Corporation.
(2)
The Board manages the Corporation and exercises all of its corporate powers.
(b)
The Board consists of the following members:
(1)
as ex officio members:
(i)
the Secretary or a designee of the Secretary who is a senior-level departmental official;
(ii)
the Secretary of Agriculture or a designee of the Secretary who is a senior-level departmental official;
(iii)
the Secretary of Natural Resources or a designee of the Secretary who is a senior-level departmental official;
(iv)
the Executive Director of the Maryland Food Center Authority;
(v)
the Executive Director of the Rural Maryland Council; and
(vi)
the Director of the Maryland Cooperative Extension Service; and
(2)
eleven individuals appointed by the Governor with the advice and consent of the Senate as follows:
(i)
two agricultural producers representing at least two different farm commodity industries in the State;
(ii)
two representatives from commercial lending institutions serving rural regions in the State, one of whom shall represent a major farm credit organization operating in the State;
(iii)
one representative of the timber and forest products industry;
(iv)
one representative of the aquaculture industry;
(v)
one representative of the commercial seafood harvesting and processing industry;
(vi)
one individual with knowledge and experience in the area of operating commercial food or fiber processing facilities;
(vii)
one individual with knowledge and experience in the area of public finance;
(viii)
one individual with knowledge and experience in the area of rural economic development or agricultural marketing; and
(ix)
one individual with knowledge about the agricultural, forestry, or seafood industries or agritourism in the State or with substantial and relevant economic development experience.
(c)
A member of the Board shall be a resident of the State.
(d)
In appointing members of the Board under subsection (b)(2) of this section, the Governor shall consider all of the geographic regions of the State.
(e)
(1)
The term of a member appointed under subsection (b)(2) of this section is 4 years.
(2)
The terms of the appointed members are staggered as required by the terms provided for the members on October 1, 2008.
(3)
At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(f)
The Governor may remove a member of the Board for incompetence, misconduct, or failure to perform the duties of the position.
(g)
The Board shall elect a chair from among its members.
(h)
The Board may act with an affirmative vote of nine members.
(i)
A member of the Board:
(1)
serves without compensation as a member of the Board; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations as provided in the State budget.
Md. Code Ann., Econ. Dev. § 10-506 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–506LinkCopy Citation
The Corporation shall employ an Executive Director with experience and qualifications relevant to the activities and the purposes of the Corporation.
Md. Code Ann., Econ. Dev. § 10-507 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–507LinkCopy Citation
The Attorney General serves as legal advisor to the Corporation.
Md. Code Ann., Econ. Dev. § 10-508 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–508LinkCopy Citation
(a)
The Corporation is exempt from:
(1)
Title 10 and Division II of the State Finance and Procurement Article;
(2)
laws governing the State Personnel Management System under Division I of the State Personnel and Pensions Article; and
(3)
§§ 19–205 and 19–206 of the Local Government Article (Conditions upon Sale of Public Securities).
(b)
(1)
The Corporation is subject to:
(i)
the Public Information Act; and
(ii)
subject to paragraph (2) of this subsection, the Open Meetings Act.
(2)
For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Corporation if no organizational business is conducted.
(c)
The Board and employees of the Corporation are subject to the Public Ethics Law.
Md. Code Ann., Econ. Dev. § 10-509 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–509LinkCopy Citation
The Corporation may:
(1)
adopt bylaws for the conduct of its business;
(2)
adopt a seal;
(3)
maintain an office at a place it designates in the State;
(4)
accept loans, grants, or financial and technical assistance in any form from the federal or State government, local governments, colleges or universities, or a private source;
(5)
enter into contracts and other legal instruments;
(6)
sue or be sued;
(7)
acquire, purchase, hold, lease as a lessee, and use any franchise, patent, or license and real, personal, mixed, or tangible or intangible property, or any interest in property;
(8)
own, improve, sell, lease as a lessor, transfer, license, assign, encumber, and dispose of any property or interest in property, necessary or convenient to carry out its purposes at public sale, with or without public bidding;
(9)
fix and collect rates, rentals, fees, royalties, and charges for the use of or for services and resources it provides or makes available;
(10)
retain any necessary accountants, engineers, financial advisors, and other consultants;
(11)
with the approval of the Attorney General, retain any necessary lawyers;
(12)
further define or limit the term “revenue” defined in § 10-501 of this subtitle as the term applies to a particular project, financing, or other matter;
(13)
create, own, control, or be a member of a corporation, limited liability company, partnership, or other person, whether operated for profit or not for profit;
(14)
exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(15)
do anything necessary or convenient to carry out the powers granted by this subtitle.
Md. Code Ann., Econ. Dev. § 10-510 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–510LinkCopy Citation
The Corporation may make grants to or provide equity investment financing for agricultural and resource-based businesses.
Md. Code Ann., Econ. Dev. § 10-511 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–511LinkCopy Citation
The Corporation may:
(1)
acquire, improve, develop, manage, market, manufacture, license, maintain, lease as lessor or as lessee, and operate a project in the State to carry out the purposes of the Corporation;
(2)
acquire, directly or indirectly, by purchase, gift, or devise, property, rights, rights-of-way, franchises, easements, and other interests in land, including land lying under water and riparian rights, located in or outside the State as necessary or convenient to improve or operate a project, on terms and at prices the Corporation considers reasonable; and
(3)
enter into a project with a manufacturer to carry out the purposes of this subtitle.
Md. Code Ann., Econ. Dev. § 10-512 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–512LinkCopy Citation
The Corporation may:
(1)
(i)
borrow money and issue bonds;
(ii)
purchase, discount, sell, negotiate and guarantee, insure, co–insure, and reinsure negotiable instruments, bills of exchange, acceptances, bankers’ acceptances, cable transfers, letters of credit, and other evidences of indebtedness; and
(iii)
provide for the rights of lenders and bondholders;
(2)
procure insurance or reinsurance against:
(i)
loss in connection with its property or operations, including insurance, reinsurance, or other guarantees from any federal or State unit or private insurance company for the payment of bonds issued by the Corporation, or bonds, notes, or any other obligations issued or made by any lender or other person; or
(ii)
loss with respect to agricultural loans, mortgages or mortgage loans, or any other type of loans, including the power to pay premiums on the insurance or reinsurance;
(3)
(i)
insure, co–insure, or reinsure agricultural loans, mortgage loans or mortgages, or any other type of loans;
(ii)
pay or receive premiums on the insurance, co–insurance, or reinsurance;
(iii)
establish reserves for losses; and
(iv)
participate in the insurance, co–insurance, or reinsurance of agricultural loans, mortgage loans or mortgages, or any other type of loans with the federal or State government or any private insurance company;
(4)
make loans to or deposits with lenders;
(5)
purchase or sell agricultural loans;
(6)
fix and collect fees and charges in connection with its loans, deposits, insurance commitments, and services, including reimbursement of costs of issuing bonds, origination and servicing fees, and insurance premiums; and
(7)
subject to the rights of its bondholders:
(i)
renegotiate, refinance, or foreclose on a mortgage, security interest, or lien;
(ii)
commence an action to protect or enforce any right or benefit conferred on the Corporation by any law or agreement;
(iii)
consent to modification of an interest rate, time, payment, security, or other term or condition of an agreement to which the Corporation is a party or beneficiary;
(iv)
bid for and purchase property at any foreclosure or at any other sale, or otherwise acquire or take possession of any property; and
(v)
in connection with an acquisition under item (iv) of this item, complete, administer, pay the principal of and interest on any obligation incurred in connection with the property, dispose of, and otherwise deal with the property in any manner necessary or desirable to protect the interest of the Corporation or its bondholders in the property.
Md. Code Ann., Econ. Dev. § 10-513 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–513LinkCopy Citation
(a)
The Corporation may authorize the issuance of revenue bonds by resolution.
(b)
The Corporation may issue the bonds:
(1)
to finance all or part of the costs of a project; and
(2)
for any other lawful purpose of the Corporation authorized in this subtitle.
(c)
The Corporation may issue the bonds at one time or from time to time.
(d)
The Corporation shall determine:
(1)
the date of the bonds;
(2)
the interest rates of the bonds;
(3)
the maturity date of the bonds, which may not exceed 40 years from the date of issue;
(4)
the prices, terms, and conditions of sale of the bonds;
(5)
the form of the bonds;
(6)
the manner of executing the bonds;
(7)
the denominations of the bonds; and
(8)
the places of payment of principal of and interest on the bonds, at a bank or trust company in or outside the State.
(e)
An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.
(f)
(1)
The bonds are negotiable instruments under the laws of the State.
(2)
Bonds may be registrable.
(g)
(1)
The Corporation may sell the bonds by competitive or negotiated sale in a manner and for a price that the Corporation determines.
(2)
The bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.
(h)
Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.
Md. Code Ann., Econ. Dev. § 10-514 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–514LinkCopy Citation
(a)
(1)
This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.
(2)
This section does not limit the ability of the State or a political subdivision to impose an assessment, rate, fee, or charge to pay to the Corporation any cost, including the principal of and interest on a bond, under an agreement between the Corporation and the State or political subdivision.
(b)
(1)
A bond:
(i)
is not a debt, liability, or a pledge of the full faith and credit of the State or of any political subdivision; and
(ii)
is payable solely from revenues provided under this subtitle.
(2)
The issuance of a bond is not directly, indirectly, or contingently a moral or other obligation of the State or a political subdivision to levy or pledge any tax or to make an appropriation to pay the bond.
(3)
Each bond shall state on its face that:
(i)
neither the State nor a political subdivision, other than the Corporation, is obliged to pay the principal of or interest on the bond, except from revenues pledged to payment of the bond; and
(ii)
neither the full faith and credit nor the taxing power of the State or a political subdivision is pledged to the payment of the principal of or interest on the bond.
Md. Code Ann., Econ. Dev. § 10-515 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–515LinkCopy Citation
(a)
(1)
The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.
(2)
A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
(3)
A corporation or trust company incorporated in the State may:
(i)
act as depository of bond proceeds or revenue; and
(ii)
furnish any indemnity bond or pledge security that the Corporation requires.
(b)
The trust agreement or the resolution that provides for the issuance of a bond may:
(1)
state the rights and remedies of bondholders and any trustee;
(2)
contain provisions to protect and enforce the rights and remedies of bondholders;
(3)
contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;
(4)
restrict the individual right of action of bondholders;
(5)
provide for the payment of the bond proceeds and revenues to an officer, board, or depository that the Corporation determines with the safeguards and restrictions that the Corporation determines; and
(6)
provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.
(c)
Expenses incurred in carrying out a trust agreement may be treated as a part of the cost of operation of the Corporation.
Md. Code Ann., Econ. Dev. § 10-516 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–516LinkCopy Citation
(a)
The portion of the proceeds of bonds issued to pay costs of a project may be invested in investments or other obligations that mature no later than the times when the proceeds will be needed.
(b)
(1)
Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.
(2)
If the Corporation loans the proceeds of the bonds to a person as provided in § 10-519 of this subtitle, the loan recipient shall determine the investment of bond proceeds.
(c)
The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:
(1)
to the payment of any cost; or
(2)
in any other lawful manner.
Md. Code Ann., Econ. Dev. § 10-517 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–517LinkCopy Citation
(a)
(1)
The Corporation may issue bonds to refund any outstanding bonds, including paying:
(i)
any redemption premium;
(ii)
interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
(iii)
if considered advisable by the Corporation, any part of the cost of a project.
(2)
Refunding bonds may be issued for any corporate purpose, including:
(i)
realizing savings in the effective costs of debt service, directly or through a debt restructuring;
(ii)
alleviating an impending or actual default; or
(iii)
relieving the Corporation of a contractual agreement that the Corporation finds to be unreasonably onerous, impracticable, or impossible to perform.
(b)
(1)
The Corporation may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.
(2)
(i)
Refunding bonds may be made payable from:
(1)
escrowed bond proceeds;
(2)
earnings and profits, if any, on investments; or
(3)
any other source.
(ii)
These sources:
(1)
may be applied to other uses; and
(2)
constitute revenues of a project under this subtitle.
(c)
In the discretion of the Corporation, the proceeds of refunding bonds may be:
(1)
applied to the purchase, retirement at maturity, or redemption of outstanding bonds on a date the Corporation determines; and
(2)
pending application under item (1) of this subsection, placed in escrow.
(d)
(1)
The Corporation may invest escrowed refunding bond proceeds in investments and other obligations, maturing on appropriate dates to assure the prompt payment of the principal of, interest on, and any redemption premium on the bonds to be refunded.
(2)
(i)
Except as provided in subparagraph (ii) of this paragraph, the Corporation shall determine the investment of the proceeds of refunding bonds.
(ii)
If the Corporation loans the proceeds of refunding bonds to a person as provided in § 10-519 of this subtitle, the loan recipient shall determine the investment of the proceeds of refunding bonds.
(3)
The earnings and any profits on investments or other obligations may be applied to the payment of the outstanding bonds to be refunded.
(4)
After the terms of the escrow have been fully satisfied, the balance of the proceeds and earnings and profits on investments or other obligations may be returned to the Corporation or the loan recipient for use in any lawful manner.
Md. Code Ann., Econ. Dev. § 10-518 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–518LinkCopy Citation
(a)
The Corporation may pledge or assign:
(1)
any of its revenues;
(2)
any of its rights to receive revenues;
(3)
money and securities in accounts established to secure a bond; and
(4)
a lien or security interest granted or assignment made to the Corporation.
(b)
A pledge or assignment:
(1)
is valid and binding against any person having a claim against the Corporation, in contract, tort, or otherwise, regardless of whether the person has notice of the pledge or assignment; and
(2)
has priority over the claim.
(c)
A resolution, trust agreement, assignment, financing agreement, or other instrument that creates a lien, security interest, assignment, or pledge under subsection (a) of this section:
(1)
shall be filed in the records of the Corporation; but
(2)
need not be filed or recorded elsewhere.
Md. Code Ann., Econ. Dev. § 10-519 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–519LinkCopy Citation
(a)
The Corporation may:
(1)
lend or otherwise make available the proceeds of its bonds to a person to finance costs of a project; and
(2)
enter into a financing agreement, mortgage, or other instrument that it determines is necessary or desirable to evidence or secure the loan.
(b)
(1)
A lease for a project may require or authorize the lessee or another person to purchase or otherwise acquire the project for consideration, that the Corporation establishes, on:
(i)
payment of the principal of and interest on the bonds that financed the cost of the project; or
(ii)
other provision for payment satisfactory to the Corporation.
(2)
Consideration required under paragraph (1) of this subsection may be nominal.
Md. Code Ann., Econ. Dev. § 10-519.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–519.1LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Eligible seafood processing project” means a project to establish or expand the business of a licensed seafood dealer that:
(i)
supports the goal of increasing the amount of oyster shells retained in the State and returned to the Chesapeake Bay; and
(ii)
meets the criteria established by the Corporation under this section.
(3)
“Licensed seafood dealer” means a person licensed under § 4–701 of the Natural Resources Article to buy, process, pack, resell, market or otherwise deal in fish caught in the tidal waters of the State.
(4)
“Repletion” means enhancing areas where commercial harvest is permitted.
(5)
“Seasonal full–time job” means a position for which an individual is required to work a minimum of 420 hours during 12 weeks of a 3–month period.
(b)
(1)
(i)
The Corporation shall provide loans up to $250,000 to finance the costs of eligible seafood processing projects in accordance with this section, including historic oyster shucking facilities, not to exceed $25,000 for each full–time job or seasonal full–time job that is projected to be created or retained.
(ii)
Beginning 1 year after receipt of a loan under this section, a loan recipient shall report each year for 3 consecutive years to the Corporation to certify the number of full–time jobs and seasonal full–time jobs that were created or retained by the recipient during the previous 12–month period.
(2)
Financing provided under this section shall be conditioned on the agreement by the recipient to comply with the provisions of § 4–1019.2 of the Natural Resources Article until the loan is repaid.
(3)
The Corporation shall forgive any loan provided under this section as follows:
(i)
the current market value as established in § 4–1019.2 of the Natural Resources Article for each bushel of oyster shells that the loan recipient returns to the Department of Natural Resources at no cost; or
(ii)
$25 for each bushel of spat–on–shell that the person plants on a public fishery bottom as verified by the Department of Natural Resources.
(c)
A person is eligible to receive financing under this section if the person:
(1)
(i)
has been a licensed seafood dealer for at least 3 years; or
(ii)
has held a tidal fish license issued under § 4–701 of the Natural Resources Article for at least 5 years and agrees to obtain a seafood dealer license on receiving financing under this section;
(2)
has paid all applicable business taxes and fees for the past 5 years;
(3)
demonstrates to the satisfaction of the Corporation through a business plan and pro forma financial projections that, within 5 years after receiving financing under this section, the person’s seafood processing business will have the potential to achieve viability as a business;
(4)
meets any other eligibility requirements established by the Corporation; and
(5)
agrees to the financing terms and conditions established by the Corporation that are otherwise in conformance with this section.
(d)
(1)
For fiscal year 2024, the Governor shall include in the annual budget bill an appropriation of $1,000,000 to the Corporation for the purpose of providing loans under this section.
(2)
The appropriation in paragraph (1) of this subsection shall be distributed to a special account to be used only to:
(i)
provide loans under this section; and
(ii)
pay the costs necessary to administer and operate this section.
Md. Code Ann., Econ. Dev. § 10-520 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–520LinkCopy Citation
(a)
(1)
The Corporation may purchase and sell agricultural loans made by lenders, at the prices and on the terms and conditions that it determines.
(2)
A lender may purchase and sell agricultural loans to the Corporation in accordance with this section.
(b)
(1)
The Corporation may make loans to and deposits with lenders at interest rates, terms, and conditions that it determines.
(2)
A lender may borrow funds and accept deposits from the Corporation in accordance with this subtitle and the bylaws of the Corporation.
(3)
The Corporation shall require that all proceeds of its loans to or deposits with lenders, or an equivalent amount, shall be used by the lenders to make agricultural loans, subject to terms and conditions that the Corporation determines.
(c)
(1)
The Corporation may insure and reinsure agricultural loans made by lenders, subject to the terms, security provisions, and reserve requirements determined by the Corporation in accordance with the bylaws of the Corporation.
(2)
Unless otherwise determined by the Corporation, agricultural loans shall be insured to the amount of 100% of the unpaid principal of and interest on each agricultural loan.
(d)
An insured agricultural loan is in default when the holder of the agricultural loan requests the Corporation to pay insurance on the loan in accordance with any agreement with respect to the insurance executed in accordance with this section.
(e)
The Corporation may enter into agreements with any person, lender, or holder of an insured agricultural loan to:
(1)
provide for the administration, application, and repayment of the agricultural loan; and
(2)
establish the conditions for payment of insurance by the Corporation, and the servicing, suit on, or foreclosure of the agricultural loan.
(f)
(1)
The aggregate value of all agricultural loans insured by the Corporation and outstanding at any one time may not exceed 20 times the total value of money, investments, properties, and other assets of the Corporation.
(2)
Notwithstanding paragraph (1) of this subsection, the aggregate value of agricultural loans insured and outstanding may be further expanded by use of federal, State, or private loan insurance, reinsurance, or guarantees of which the Corporation is or shall become the beneficiary.
Md. Code Ann., Econ. Dev. § 10-521 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–521LinkCopy Citation
The Corporation may:
(1)
study agricultural conditions and needs in the State, needs relating to the promotion of agricultural industries, and ways of meeting those needs;
(2)
make the studies available to the public and to agricultural industries; and
(3)
engage in research or disseminate information on agriculture and agricultural marketing and promotion.
Md. Code Ann., Econ. Dev. § 10-522 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–522LinkCopy Citation
(a)
(1)
Each unit in the Executive Branch of State government and each institution of higher education in the State may work with the Corporation on matters relating to the unit.
(2)
Each political subdivision and regional planning and development council in the State may work with the Corporation on matters relating to the political subdivision or entity.
(b)
The following units may provide technical and other support to the Corporation:
(1)
the Department;
(2)
the Department of Agriculture;
(3)
the Department of Natural Resources;
(4)
the Maryland Economic Development Corporation;
(5)
the Maryland Food Center Authority;
(6)
the Maryland Technology Development Corporation;
(7)
the Rural Maryland Council; and
(8)
the Maryland Cooperative Extension Service.
Md. Code Ann., Econ. Dev. § 10-523 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–523LinkCopy Citation
(a)
(1)
The Corporation may receive annual funding through an appropriation in the State budget.
(2)
The Corporation may also receive money for projects included in the budgets of State units.
(3)
(i)
To assist the Corporation in complying with subsection (c) of this section, the Governor shall include each year in the State budget bill an appropriation to the Corporation for rural business development and assistance as follows:
(1)
for fiscal year 2021, $2,875,000; and
(2)
for each of the fiscal years 2022 through 2025, $2,735,000.
(ii)
(1)
Except as provided in subsubparagraph 2 of this subparagraph, in addition to any money provided under subparagraph (i) of this paragraph, the Governor may include each year in the State budget bill an appropriation to the Corporation in an amount not exceeding $5,000,000 for rural land acquisition and easement programs, including programs to assist young and beginning farmers.
(2)
For fiscal year 2024, the Governor shall include in the annual budget bill a General Fund appropriation in the amount of $10,000,000 to the Corporation for the Next Generation Farmland Acquisition Program.
(b)
(1)
The funds appropriated to the Corporation under subsection (a)(3)(i)2 of this section shall be used to support the Corporation’s rural business loan programs and small matching grant programs.
(2)
All unexpended and unencumbered money appropriated to the Corporation shall remain with the Corporation for future use.
(c)
The Corporation shall conduct its financial affairs so that, by fiscal year 2026, it is self–sufficient and in no further need of general operating support by the State.
(d)
The Corporation may use up to 3% of the money received under § 13–306(a)(3)(ii)2 of the Tax – Property Article for administrative costs associated with the Next Generation Farmland Acquisition Program.
Md. Code Ann., Econ. Dev. § 10-524 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–524LinkCopy Citation
(a)
A debt, claim, obligation, or liability of the Corporation, whenever incurred, is the debt, claim, obligation, or liability of the Corporation only and not of the State, a unit or instrumentality of the State, or a State officer or employee.
(b)
A debt, claim, obligation, or liability of the Corporation may not be considered a debt of the State or a pledge of its credit.
Md. Code Ann., Econ. Dev. § 10-525 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–525LinkCopy Citation
The Corporation is exempt from State and local taxes.
Md. Code Ann., Econ. Dev. § 10-526 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–526LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Beginner waterman” means an individual who:
(i)
is a resident of the State;
(ii)
(1)
holds a tidal fish license under § 4–701 of the Natural Resources Article; or
(2)
holds a commercial license to catch finfish, crabs, clams, and oysters, issued by the Potomac River Fisheries Commission in accordance with § 4–306 of the Natural Resources Article; and
(iii)
has at least 2 years and not more than 10 years of experience in commercial seafood harvesting.
(3)
“Generational waterman” means an individual who:
(i)
is a resident of the State;
(ii)
(1)
holds a tidal fish license under § 4–701 of the Natural Resources Article; or
(2)
holds a commercial license to catch finfish, crabs, clams, and oysters, issued by the Potomac River Fisheries Commission in accordance with § 4–306 of the Natural Resources Article; and
(iii)
can demonstrate, through the submission of the two most recent federal income tax returns and other supporting documents, that at least 50% of the individual’s annual income is derived from commercial seafood harvesting.
(4)
“Program” means the Maryland Watermen’s Microloan Program.
(5)
“Qualified commercial fisherman” includes:
(i)
a beginner waterman; and
(ii)
a generational waterman.
(b)
There is a Maryland Watermen’s Microloan Program in the Corporation.
(c)
The purpose of the Program is to provide loans to qualified commercial fishermen to continue commercial operations in the State, including for purchasing:
(1)
boats;
(2)
mechanical equipment;
(3)
fishing gear;
(4)
fishing quota; and
(5)
any other item used in commercial seafood harvesting.
(d)
The Corporation shall implement and administer the Program in accordance with this section.
(e)
(1)
Through June 30, 2025, only generational watermen are eligible to receive a loan under the Program.
(2)
Starting July 1, 2025, the following persons are eligible to receive a loan under the Program:
(i)
generational watermen;
(ii)
beginner watermen; and
(iii)
seafood processing businesses.
(f)
(1)
For loans made under the Program, the Corporation shall determine:
(i)
the eligibility of an applicant;
(ii)
the amount of loan to be given to a borrower;
(iii)
the terms and conditions of a loan contract; and
(iv)
the amount of debt forgiveness that may be provided to a borrower for loan repayment performance.
(2)
A borrower under the Program may not have more than one outstanding loan from the Program during any period of time.
(g)
(1)
For each of fiscal years 2024 through 2025, the Governor shall include in the annual State budget bill an appropriation of $500,000 to the Program.
(2)
The appropriation in paragraph (1) of this subsection shall be distributed to a special fund, to be used only to:
(i)
make loans under the Program; and
(ii)
pay the costs necessary to administer and operate the Program.
Md. Code Ann., Econ. Dev. § 10-526.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–526.1LinkCopy Citation
(a)
In this section, “Fund” means the Maryland Seafood Industry Financial Assistance Fund.
(b)
There is a Maryland Seafood Industry Financial Assistance Fund.
(c)
The purpose of the Fund is to provide financial assistance, including loans, to commercial watermen and small businesses in the seafood industry.
(d)
The Corporation shall administer the Fund.
(e)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
loan principal repayments related to the financial assistance under this section;
(3)
money made available from the federal, State, or local government; and
(4)
any other money from any other source accepted for the benefit of the Fund.
(f)
The Fund may be used only for:
(1)
financial assistance, including loans; and
(2)
the costs of the Corporation to administer this section.
(g)
For financial assistance, including loans, provided under this section, the Corporation shall determine the following:
(1)
the application and award process;
(2)
eligibility criteria;
(3)
the amount of the financial assistance, including loans, for each applicant;
(4)
the terms and conditions of financial assistance, including loans;
(5)
the amount of loan forgiveness that the Corporation may provide for loan repayment performance; and
(6)
any other provisions necessary to carry out this section.
Md. Code Ann., Econ. Dev. § 10-526.2 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–526.2LinkCopy Citation
(a)
(1)
If a borrower who holds a tidal fish license under § 4–701 of the Natural Resources Article is delinquent in the repayment of a loan under this subtitle, the Corporation shall notify the Department of Natural Resources.
(2)
If a borrower under paragraph (1) of this subsection becomes compliant with the repayment of a loan under this subtitle, the Corporation shall notify the Department of Natural Resources.
(b)
Notwithstanding § 4–701 of the Natural Resources Article, after receiving a notification under subsection (a)(1) of this section and until receiving a notification under subsection (a)(2) of this section, the Department of Natural Resources may not approve a transfer of the tidal fish license or authorization.
Md. Code Ann., Econ. Dev. § 10-527 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–527LinkCopy Citation
The books and records of the Corporation are subject to audit:
(1)
by the State at its discretion; and
(2)
each year by an independent auditor.
Md. Code Ann., Econ. Dev. § 10-528 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–528LinkCopy Citation
(a)
On or before October 1 of each year, the Corporation shall report on its status to the Governor, the Maryland Agricultural Commission, the Maryland Economic Development Commission, and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
(b)
The report shall include a complete operating and financial statement and a summary of the Corporation’s activities during the preceding fiscal year.
Subtitle 6. Maryland Stadium Authority
Md. Code Ann., Econ. Dev. § 10-601 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–601LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Authority” means the Maryland Stadium Authority.
(c)
“Authority affiliate” means a for–profit or nonprofit entity in which the Authority directly or indirectly owns any membership interest or equity interest.
(d)
“Baltimore City” means, as the context requires:
(1)
the geographic area of the City of Baltimore; or
(2)
the Mayor and City Council of Baltimore.
(e)
“Baltimore City Board of School Commissioners” means the Baltimore City Board of School Commissioners of the Baltimore City Public School System established under § 3–108.1 of the Education Article.
(f)
“Baltimore City Public School Construction Facilities Fund” means the Baltimore City Public School Construction Facilities Fund established under § 10–657 of this subtitle.
(g)
“Baltimore City Public School Construction Financing Fund” means the Baltimore City Public School Construction Financing Fund established under § 10–656 of this subtitle.
(h)
“Baltimore City public school facility” means a property primarily used for educational instruction that:
(1)
is held in trust by Baltimore City or the Baltimore City Board of School Commissioners for the benefit of the Baltimore City Public School System; and
(2)
is designated for improvement under the memorandum of understanding between the Authority, Baltimore City, the Baltimore City Board of School Commissioners, and the Interagency Commission on School Construction entered into in accordance with § 10–646 of this subtitle.
(i)
“Baltimore City public school site” means the site of any Baltimore City public school facility.
(j)
(1)
“Baltimore Convention facility” means:
(i)
a convention center, trade show facility, meeting hall, or other structure in Baltimore City used to hold conventions, trade shows, meetings, displays, or similar events; and
(ii)
offices, parking lots or garages, access roads, hotels, restaurants, railroad sidings, and any other structures, improvements, equipment, furnishings, or other property functionally related to the facilities described in item (i) of this paragraph.
(2)
“Baltimore Convention facility” includes the following, if used, useful, or usable in the future as, or in connection with, a Baltimore Convention facility:
(i)
land, structures, equipment, property, property rights, property appurtenances, rights–of–way, franchises, easements, and other interests in land;
(ii)
land and facilities that are functionally related to a Baltimore Convention facility; and
(iii)
patents, licenses, and other rights necessary or useful to construct or operate a Baltimore Convention facility.
(k)
“Baltimore Convention Fund” means the Baltimore Convention Financing Fund established under § 10–651 of this subtitle.
(l)
“Baltimore Convention site” means all properties within the area bounded by the 200 and 300 blocks of South Charles Street on the east, the 100 and 200 blocks of Conway Street on the south, the 200 and 300 blocks of South Howard Street on the west, and the 100 and 200 blocks of West Pratt Street on the north.
(m)
“Bond” includes a note, an interim certificate, a refunding bond, and any other evidence of obligation issued under this subtitle.
(n)
“Camden Yards” means the area comprising approximately 85 acres in Baltimore City bounded by Camden Street on the north, Russell Street on the west, Ostend Street on the south, and Howard Street and Interstate 395 on the east.
(o)
“Camden Yards Fund” means the Camden Yards Financing Fund established under § 10–652 of this subtitle.
(p)
“Convention facility” means the Baltimore Convention facility, the Montgomery County Conference facility, and the Ocean City Convention facility.
(q)
(1)
“County” means, as the context requires:
(i)
the geographic area of the county; or
(ii)
the governing body of the county.
(2)
“County” includes Baltimore City.
(r)
“County board of education” means the board of education of a county and includes the Baltimore City Board of School Commissioners.
(s)
“Facility” means:
(1)
a structure or other improvement developed at Camden Yards;
(2)
a convention facility;
(3)
the Hippodrome Performing Arts facility;
(4)
a sports facility;
(5)
a Baltimore City public school facility;
(6)
a racing facility;
(7)
a training facility for thoroughbred horses;
(8)
a public school facility;
(9)
the Hagerstown Multi–Use Sports and Events Facility;
(10)
a sports entertainment facility; or
(11)
a Prince George’s County Blue Line Corridor facility.
(t)
“Governmental unit” means a county, a municipal corporation, a unit of State or local government, or any other public body created under State or local law.
(u)
(1)
“Hagerstown Multi–Use Sports and Events Facility” means the sports and events facility located in Hagerstown, Maryland, used for minor league baseball games, other events, and related activities.
(2)
“Hagerstown Multi–Use Sports and Events Facility” includes:
(i)
fields and field houses;
(ii)
offices;
(iii)
parking lots and garages;
(iv)
access roads;
(v)
food service facilities; and
(vi)
other functionally related structures, improvements, furnishings, or equipment.
(v)
“Hagerstown Multi–Use Sports and Events Facility Fund” means the Hagerstown Multi–Use Sports and Events Facility Fund established under § 10–657.4 of this subtitle.
(w)
“Hagerstown Multi–Use Sports and Events Facility site” means the site of the Hagerstown Multi–Use Sports and Events Facility in Hagerstown, Maryland.
(x)
(1)
“Hippodrome Performing Arts facility” means the performing arts center facility located at the Hippodrome Performing Arts site.
(2)
“Hippodrome Performing Arts facility” includes, at the Hippodrome Performing Arts site:
(i)
the Hippodrome theater and offices;
(ii)
food service facilities; and
(iii)
any other functionally related property, structures, improvements, furnishings, or equipment.
(y)
“Hippodrome Performing Arts Fund” means the Hippodrome Performing Arts Financing Fund established under § 10–653 of this subtitle.
(z)
“Hippodrome Performing Arts site” means the site of the France–Merrick Performing Arts Center located in Baltimore City at the address generally known as:
(1)
12 North Eutaw Street Building, identified in the State Department of Assessments and Taxation Real Property database as tax identification number Ward 04, Section 08, Block 0631, Lot 001; and
(2)
401 West Fayette Street, identified in the State Department of Assessments and Taxation Real Property database as tax identification number Ward 04, Section 08, Block 0631, Lot 013.
(aa)
“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(bb)
“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
(cc)
(1)
“MJC Entities” means the Maryland Jockey Club of Baltimore City, Inc., Laurel Racing Association Limited Partnership, Laurel Racing Association, Inc., and TSG Developments Investments, Inc.
(2)
“MJC Entities” includes an affiliate, an assignee, a designee, a successor, or a transferee of an MJC Entity.
(dd)
“Montgomery County” includes the Montgomery County Revenue Authority.
(ee)
(1)
“Montgomery County Conference facility” means the Conference Center facility located at the Montgomery County Conference site used for conferences, trade shows, meetings, displays, or similar events.
(2)
“Montgomery County Conference facility” includes, at the Montgomery County Conference site, offices, parking lots and garages, access roads, food service facilities, and other functionally related property, structures, improvements, furnishings, or equipment.
(3)
“Montgomery County Conference facility” does not include the privately owned hotel adjacent to the Montgomery County Conference Center.
(ff)
“Montgomery County Conference Fund” means the Montgomery County Conference Financing Fund established under § 10–654 of this subtitle.
(gg)
“Montgomery County Conference site” means the site of the Montgomery County Conference Center located in Rockville at the address generally known as 5701 Marinelli Road, identified in the State Department of Assessments and Taxation Real Property database as tax identification number District 04, Account Number 03392987.
(hh)
(1)
“Ocean City Convention facility” means:
(i)
a convention center, trade show facility, meeting hall, or other structure in Ocean City used to hold conventions, trade shows, meetings, displays, or similar events; and
(ii)
offices, parking lots or garages, access roads, food service facilities, and any other structures, improvements, equipment, furnishings, or other property functionally related to the facilities described in item (i) of this paragraph.
(2)
“Ocean City Convention facility” includes the following, if used, useful, or usable in the future as, or in connection with, an Ocean City Convention facility:
(i)
land, structures, equipment, property, property rights, property appurtenances, rights–of–way, franchises, easements, and other interests in land;
(ii)
land and facilities that are functionally related to an Ocean City Convention facility; and
(iii)
patents, licenses, and other rights necessary or useful to construct or operate an Ocean City Convention facility.
(ii)
“Ocean City Convention Fund” means the Ocean City Convention Financing Fund established under § 10–655 of this subtitle.
(jj)
“Ocean City Convention site” means the site of the Ocean City Convention Center located in Ocean City at the address generally known as 4001 Coastal Highway, identified in the State Department of Assessments and Taxation Real Property database as tax identification numbers District 10, Account Number 055237; District 10, Account Number 066301; District 10, Account Number 247942; and District 10, Account Number 280346.
(kk)
(1)
“Pimlico racing facility site” means the portion of the Pimlico site containing the racing facilities.
(2)
“Pimlico racing facility site” includes the portion of the site designated to contain:
(i)
the clubhouse and events center;
(ii)
the dirt, turf, or synthetic racetracks;
(iii)
the infield and immediately adjacent area surrounding the perimeter of the racetracks that is contained on the site;
(iv)
the stables, barns, and training facilities;
(v)
the trackside aprons; and
(vi)
associated roadways, walkways, parking areas, green space, fencing, and related structures and areas as designated in the plans approved by the Authority.
(ll)
“Pimlico site” means the site in Baltimore City generally bounded by Northern Parkway, Park Heights Avenue, Belvedere Avenue, and Pimlico Road.
(mm)
“Prince George’s County Blue Line Corridor” means an area:
(1)
the specific boundaries of which are designated by public local law, in central Prince George’s County in the intersections of Maryland Route 704, Maryland Route 214, and Maryland Route 202; or
(2)
that is designated as an enterprise zone in Prince George’s County under § 5–704 of this article.
(nn)
“Prince George’s County Blue Line Corridor facility” means a facility located within the Prince George’s County Blue Line Corridor that is:
(1)
a convention center;
(2)
an arts and entertainment amphitheater;
(3)
a market hall;
(4)
a sports–related facility, including a sports stadium, practice field, or team headquarters;
(5)
a mixed–use development;
(6)
a technology innovation center;
(7)
related to commercial development and revitalization; and
(8)
any other functionally related structures, improvements, infrastructure, furnishings, or equipment of the facility, including parking garages.
(oo)
“Project entities” means each entity or entities or a joint venture entity or entities, that exists or is formed by any combination of MJC Entities, an entity owned by the City of Baltimore (the Baltimore City Entity), or the Maryland Thoroughbred Racetrack Operating Authority for:
(1)
the MJC Entities’ conveyance of the Pimlico site;
(2)
the operation of the Pimlico racing facility site and training facility site; and
(3)
the construction, development, ownership, management, and operation of the racing and community development projects.
(pp)
“Program memorandum of understanding” means the memorandum of understanding between the Authority and the Interagency Commission on School Construction entered into in accordance with § 10–650 of this subtitle.
(qq)
“Project memorandum of understanding” means the memorandum of understanding between the Authority, the county, and the county board of education entered into in accordance with § 10–650 of this subtitle.
(rr)
“Public school facility” means a building, and may include a parking facility, an athletic facility, or any other facility related to educational instruction that:
(1)
is held in trust by a county board of education, or the Mayor and City Council of Baltimore City, for the benefit of the county public school system; and
(2)
is designated for improvement under a memorandum of understanding entered into in accordance with § 10–650 of this subtitle.
(ss)
“Public school site” means the site of any public school facility in the State.
(tt)
“Racing and Community Development Facilities Fund” means the Fund established under § 10–657.3 of this subtitle.
(uu)
“Racing and Community Development Financing Fund” means the Fund established under § 10–657.2 of this subtitle.
(vv)
(1)
“Racing and community development projects” means improvements to the Pimlico racing facility site, Pimlico site, and training facility site.
(2)
“Racing and community development projects” includes:
(i)
predesign and design work;
(ii)
architectural and engineering services;
(iii)
project consulting services;
(iv)
demolition, clean–up, site work, and grading and site drainage;
(v)
landscaping;
(vi)
signage;
(vii)
parking, roadways, fencing, walkways, sidewalks, and green space;
(viii)
security systems;
(ix)
lighting, sound, video, and communication systems;
(x)
pari–mutuel and tote systems;
(xi)
plumbing, electric, fiber, cable, utilities, and other infrastructure;
(xii)
water, sewer, and storm water management systems;
(xiii)
construction and equipping of barns, clubhouses, dormitories or other housing, an equine diagnostic and health facility, a Pimlico thoroughbred racing museum, stables, tracks, training facilities, and other racing and community facilities;
(xiv)
design and project contingencies, project allowances, and cost escalators and other specifications for the projects; and
(xv)
temporary or permanent improvements and facilities, including at on– or off–site locations, used to maintain year–round racing and training.
(ww)
(1)
“Racing and community development project costs” means costs and expenses associated with or that relate to the racing and community development projects.
(2)
“Racing and community development project costs” includes transition costs and reimbursements and the recycling of project cost savings for the benefit of the racing and community development projects.
(xx)
“Racing facility” means the Pimlico site and the training facility site and any facilities or other improvements on the Pimlico site or the training facility site.
(yy)
(1)
“Sports entertainment facility” means a structure or other improvement in the State at which minor league games are played or other non–major league sporting events are held.
(2)
“Sports entertainment facility” includes parking lots, garages, and any other property adjacent and directly related to a facility described under paragraph (1) of this subsection.
(3)
“Sports entertainment facility” does not include:
(i)
a facility located at Camden Yards;
(ii)
a sports facility; or
(iii)
a high school, collegiate, or recreational venue that does not generate positive incremental tax benefits to the State.
(zz)
“Sports Entertainment Facilities Financing Fund” means the Sports Entertainment Facilities Financing Fund established under § 10–657.5 of this subtitle.
(aaa)
(1)
“Sports facility” means:
(i)
a stadium primarily for professional football, major league professional baseball, or both, in the Baltimore metropolitan region, as defined in § 13–301 of this article;
(ii)
practice fields or other areas where professional football or major league professional baseball teams practice or perform; and
(iii)
offices for professional football and major league professional baseball teams or franchises.
(2)
“Sports facility” includes parking lots, garages, and any other property adjacent and directly related to an item listed in paragraph (1) of this subsection.
(3)
“Sports facility” does not include a sports entertainment facility.
(bbb)
“Supplemental Facilities Fund” means the Supplemental Facilities Fund established under § 10–657.1 of this subtitle.
(ccc)
(1)
“Supplemental facility” means a structure or other improvement developed in Baltimore City outside Camden Yards.
(2)
“Supplemental facility” does not include the Baltimore Convention facility or the Hippodrome Performing Arts facility.
(ddd)
“Supplemental facility site” means the site of any supplemental facility.
(eee)
“Supplemental Public School Construction Facilities Fund” means the Supplemental Public School Construction Facilities Fund established under § 10–658.1 of this subtitle.
(fff)
“Supplemental Public School Construction Financing Fund” means the Supplemental Public School Construction Financing Fund established under § 10–658 of this subtitle.
(ggg)
“Tax supported debt” has the meaning stated in § 8–104 of the State Finance and Procurement Article.
(hhh)
“Thoroughbred racetrack operator” means the Maryland Jockey Club, Inc., or a successor business entity designated by the Authority in accordance with § 10–646.1 of this subtitle.
(iii)
“Training facility site” means a site for training thoroughbred racehorses selected or acquired by the Authority.
Md. Code Ann., Econ. Dev. § 10-604 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–604LinkCopy Citation
(a)
There is a Maryland Stadium Authority.
(b)
(1)
The Authority is a body politic and corporate and is an instrumentality of the State.
(2)
The Authority is an independent unit in the Executive Branch of State government.
(3)
The exercise by the Authority of its powers under this subtitle is an essential governmental function.
(c)
The Authority is a public body under Title 5, Subtitle 4 of this article, the Maryland Industrial Development Financing Authority Act, for purposes of applying for, receiving, and making agreements in connection with:
(1)
a loan;
(2)
a grant;
(3)
insurance; or
(4)
any other form of financial assistance.
Md. Code Ann., Econ. Dev. § 10-605 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–605LinkCopy Citation
(a)
(1)
The Authority consists of the following 11 members:
(i)
seven members appointed by the Governor, with the advice and consent of the Senate;
(ii)
one member appointed by the President of the Senate;
(iii)
one member appointed by the Speaker of the House of Delegates;
(iv)
one member appointed by the Mayor of Baltimore City, with the advice and consent of the Senate; and
(v)
one member appointed by the County Executive of Prince George’s County, with the advice and consent of the Senate.
(2)
In making appointments, the Governor shall ensure that the geographic areas of the State are represented.
(b)
(1)
The term of a member is 4 years.
(2)
The terms of members are staggered as required by the terms provided for members on October 1, 2008.
(3)
At the end of a term, a member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(c)
A member may be removed for incompetence, misconduct, or failure to perform the duties of the position by:
(1)
the Governor, if appointed by the Governor;
(2)
the President of the Senate, if appointed by the President;
(3)
the Speaker of the House of Delegates, if appointed by the Speaker;
(4)
the Mayor of Baltimore City, if appointed by the Mayor; or
(5)
the County Executive of Prince George’s County, if appointed by the County Executive.
Md. Code Ann., Econ. Dev. § 10-606 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–606LinkCopy Citation
The Governor shall designate a chair from among the members of the Authority.
Md. Code Ann., Econ. Dev. § 10-607 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–607LinkCopy Citation
(a)
(1)
The Authority shall determine the times and places of its meetings.
(2)
For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Authority if no organizational business is conducted.
(b)
(1)
Six members of the Authority are a quorum.
(2)
Action by the Authority requires the affirmative vote of at least six members.
(c)
A member of the Authority:
(1)
may not receive compensation as a member of the Authority; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
Md. Code Ann., Econ. Dev. § 10-608 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–608LinkCopy Citation
The Authority is exempt:
(1)
from taxation by the State and local government;
(2)
except as provided in Title 12, Subtitle 4 and Title 14, Subtitle 3 of the State Finance and Procurement Article, from Division II of the State Finance and Procurement Article;
(3)
from § 15–112 of the State Finance and Procurement Article; and
(4)
from the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
Md. Code Ann., Econ. Dev. § 10-609 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–609LinkCopy Citation
(a)
With the approval of the Governor, the Authority shall appoint an Executive Director.
(b)
Subject to the concurrence of the Governor, the Executive Director serves at the pleasure of the Authority.
(c)
The Executive Director is the chief administrative officer and secretary of the Authority and shall:
(1)
direct and supervise the administrative affairs and activities of the Authority, in accordance with its regulations and policies;
(2)
attend the meetings of the Authority;
(3)
keep minutes of all proceedings of the Authority;
(4)
approve all accounts for salaries, per diem payments, and all allowable expenses of the Authority, its employees, and its consultants;
(5)
approve all expenses incidental to the operation of the Authority;
(6)
report and make recommendations to the Authority on the merits and status of any proposed facility; and
(7)
perform the other duties that the Authority requires to carry out this subtitle.
Md. Code Ann., Econ. Dev. § 10-610 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–610LinkCopy Citation
The Authority may employ or retain, either as employees or as independent contractors, consultants, engineers, architects, accountants, attorneys, financial experts, construction experts and personnel, superintendents, managers and other professional personnel, personnel, and agents as the Authority considers necessary, and set their compensation.
Md. Code Ann., Econ. Dev. § 10-611 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–611LinkCopy Citation
(a)
There is an office known as Maryland Sports in the Authority.
(b)
Maryland Sports shall implement a program to bring regional, national, and international sporting events at all levels of competition to the State for the purposes of:
(1)
utilizing sports facilities in the State;
(2)
enhancing the economic development of the State; and
(3)
promoting the State as a destination for amateur and professional sporting events.
(c)
Maryland Sports shall act as the State’s sports commission for the purpose of the National Association of Sports Commissions.
(d)
To carry out the purposes of this section, Maryland Sports may:
(1)
notwithstanding any other provision of law, request any State or local government body to provide information and assistance;
(2)
notwithstanding any other provision of law, accept a gift, bequest, or grant from a public or private source;
(3)
spend funds made available in the State budget;
(4)
act as the host committee for regional, national, and international sporting events to be held in whole or in part in the State; and
(5)
perform any other act necessary.
(e)
Maryland Sports is encouraged to promote private fund–raising by maintaining relationships with each affiliated foundation established under § 10–612 of this subtitle.
Md. Code Ann., Econ. Dev. § 10-611.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–611.1LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
(i)
“Major entertainment event” means, except as otherwise specified by the Authority, an indoor or outdoor event organized for the primary purpose of the entertainment or amusement of people with:
(1)
an expected attendance of at least 20,000 people;
(2)
a negotiated broadcasting deal with either live or delayed broadcasting;
(3)
commercial sponsorship opportunities; or
(4)
a demonstrated positive economic impact for the State.
(ii)
“Major entertainment event” includes:
(1)
a parade;
(2)
a carnival;
(3)
a fair;
(4)
a festival;
(5)
a concert;
(6)
an exhibition; and
(7)
a show.
(3)
(i)
“Major sporting event” means, except as otherwise specified by the Authority, a professional or an amateur sporting event that is sanctioned by a regional, national, or international organization or association with:
(1)
an expected attendance of at least 20,000 people;
(2)
a negotiated broadcasting deal with either live or delayed broadcasting;
(3)
commercial sponsorship opportunities; or
(4)
a demonstrated positive economic impact for the State.
(ii)
“Major sporting event” does not include:
(1)
a professional football game, except for:
(A)
the Super Bowl; or
(B)
an exhibition or championship game for an organization other than the National Football League;
(2)
a professional baseball game, except for:
(A)
a Major League Baseball All–Star Game; or
(B)
an exhibition or championship game for an organization other than Major League Baseball; or
(3)
a professional basketball game.
(4)
“Program” means the Major Sports and Entertainment Event Program.
(b)
(1)
There is a Major Sports and Entertainment Event Program in the Authority.
(2)
The purpose of the Program is to:
(i)
attract major sporting events and major entertainment events to the State;
(ii)
attract fans, participants, and tourists to the State for major sporting events;
(iii)
generate positive media coverage for the State; and
(iv)
generate a positive economic impact for the State.
(c)
Maryland Sports, established under § 10–611 of this subtitle, shall implement and administer the Program in accordance with this section.
(d)
With approval from the Authority and to assist with the costs of attracting and organizing a major sporting event or major entertainment event, including expenses associated with advertising, promotions, and capital projects, funding may be awarded to:
(1)
a nonprofit organization;
(2)
a for–profit organization;
(3)
a county; or
(4)
a business entity.
Md. Code Ann., Econ. Dev. § 10-611.2 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–611.2LinkCopy Citation
(a)
In this section, “Fund” means the Major Sports and Entertainment Event Program Fund.
(b)
There is a Major Sports and Entertainment Event Program Fund.
(c)
(1)
The Major Sports and Entertainment Event Program Fund is a continuing, nonlapsing fund that shall be available to implement the Major Sports and Entertainment Event Program established under § 10–611.1 of this subtitle.
(2)
(i)
The Authority shall:
(1)
use the Fund as a revolving fund for carrying out the provisions of § 10–611.1 of this subtitle; and
(2)
pay expenses from the Fund related to the Major Sports and Entertainment Event Program established under § 10–611.1 of this subtitle.
(ii)
The Authority may use the Fund to pay administrative and operating costs of the Program including costs to market and advertise the Program.
(d)
The Fund consists of:
(1)
money distributed to the Fund under § 9–120(b)(1)(ix) of the State Government Article;
(2)
money appropriated in the State budget to the Fund;
(3)
any interest earnings of the Fund; and
(4)
any additional money made available from any public source for the purposes established for the Fund.
(e)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Fund.
(3)
No part of the Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-612 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–612LinkCopy Citation
(a)
The Authority may establish one or more affiliated foundations to work with Maryland Sports, established under § 10–611 of this subtitle.
(b)
The purposes of an affiliated foundation are to:
(1)
support the State in:
(i)
sports bid development;
(ii)
sporting event recruitment and retention;
(iii)
economic analysis and research relating to sporting events;
(iv)
sponsorship of sporting events; and
(v)
development of partnerships with public and private entities designed to sponsor sporting events;
(2)
promote regional, national, and international sporting events to be held, in whole or in part, in the State; and
(3)
recruit, market, promote, work to retain, and manage sporting events that have a positive economic or cultural impact, or otherwise enhance the quality of life of the State’s citizens.
(c)
(1)
The Authority shall develop policies for the operation of each affiliated foundation the Authority establishes.
(2)
The Attorney General shall review the policies the Authority develops under paragraph (1) of this subsection for form and legal sufficiency and, if appropriate, approve them to govern the affiliated foundation.
(3)
The State Ethics Commission shall review the policies the Authority develops under paragraph (1) of this subsection that pertain to conflicts of interest and, if appropriate, approve them to govern an official or employee of the Authority also serving as a director or official of an affiliated foundation.
(d)
An affiliated foundation may solicit and receive contributions from businesses, governmental entities, nonprofit organizations, and individuals interested in the promotion of sports in the State.
(e)
(1)
An affiliated foundation established under this section may not be considered an agency or instrumentality of the State or a unit of the Executive Branch for any purpose.
(2)
A financial obligation or liability of an affiliated foundation established and operated under this section may not be considered a debt or an obligation of the State, the Authority, or Maryland Sports.
(f)
(1)
Sections 5–501 through 5–504 of the General Provisions Article do not prohibit an official or employee of the Authority from also becoming a director or an official of an affiliated foundation organized under this section.
(2)
An official or employee of the Authority who serves as a director or official of an affiliated foundation organized under this section:
(i)
may not be compensated, directly or indirectly, by the affiliated foundation; and
(ii)
may be reimbursed for bona fide expenses incurred in the performance of activities undertaken on behalf of the affiliated foundation as authorized by the board of directors of that affiliated foundation and by the Authority.
(3)
(i)
The Authority shall notify the State Ethics Commission in writing whenever the Authority permits an official or employee of the Authority to serve as a director or official of an affiliated foundation.
(ii)
Within 30 days after receipt of the notice under subparagraph (i) of this paragraph, the State Ethics Commission shall notify the Authority of any objections or concerns pertaining to the joint service identified in the notice.
(iii)
On receipt of a notice from the State Ethics Commission under subparagraph (ii) of this paragraph, the Authority shall reexamine the matter.
(4)
The Authority shall report annually to the Governor, the Legislative Policy Committee of the General Assembly, in accordance with § 2–1257 of the State Government Article, and the State Ethics Commission:
(i)
the names of the officials and employees serving as a director or official of an affiliated foundation; and
(ii)
how the policies and procedures adopted under subsection (c) of this section have been implemented in the preceding year.
(g)
An independent certified public accountant hired and paid by the Authority shall audit an affiliated foundation established under this section each year.
(h)
In any fiscal year, after providing the budget committees of the General Assembly an opportunity for review and comment, the Authority may grant up to $500,000 of the Authority’s available nonbudgeted money to affiliated foundations established under this section.
Md. Code Ann., Econ. Dev. § 10-612.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–612.1LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Fund” means the Michael Erin Busch Sports Fund established under § 10–612.2 of this subtitle.
(3)
“Program” means the Youth and Amateur Sports Grants Program.
(b)
(1)
There is a Youth and Amateur Sports Grants Program.
(2)
The purpose of the Program is to provide grants from the Fund to:
(i)
bring new youth and amateur sporting events to the State; and
(ii)
attract sports fans, participants, and tourists.
(c)
Maryland Sports shall implement and administer the Program in accordance with this section.
(d)
(1)
Maryland Sports may award grants from the Fund to nonprofit organizations, counties, business entities, or individuals to assist with the costs of bringing youth and amateur sporting events to the State, including the costs of capital projects or maintenance.
(2)
In awarding grants, Maryland Sports shall give priority to an applicant for a sporting event that:
(i)
has demonstrated financial support from a county; or
(ii)
has provided assurance that a majority of the needed funding has been raised from private sources.
(3)
To the extent practicable, Maryland Sports shall make awards to grantees that reflect:
(i)
the geographic diversity of the State;
(ii)
sports programs that are gender–specific and nonspecific; and
(iii)
diverse types of sports.
(4)
Unless the Authority expressly approves otherwise, the total amount of grants awarded to each nonprofit organization, county, business entity, or individual may not exceed $75,000 in a fiscal year.
(5)
In accordance with a budget approved by the Authority, Maryland Sports may use money in the Fund to pay administrative and operating costs of the Program, including costs to market and advertise the Program.
(e)
The Authority may adopt regulations to carry out this section.
Md. Code Ann., Econ. Dev. § 10-612.2 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–612.2LinkCopy Citation
** IN EFFECT UNTIL JULY 1, 2027 PER CHAPTER 376 OF 2026 **
(a)
In this section, “Fund” means the Michael Erin Busch Sports Fund.
(b)
There is a Michael Erin Busch Sports Fund.
(c)
The purpose of the Fund is to provide funding for the Youth and Amateur Sports Grants Program established under § 10–612.1 of this subtitle.
(d)
The Authority shall administer the Fund.
(e)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f)
The Fund consists of:
(1)
revenue distributed to the Fund under § 9–120(b)(1)(iv) of the State Government Article;
(2)
money appropriated in the State budget to the Fund;
(3)
interest earnings or other income earned from the investment of any money in the Fund; and
(4)
any other money from any other source accepted for the benefit of the Fund.
(g)
The Fund may be used only to:
(1)
make grants under the Youth and Amateur Sports Grants Program; and
(2)
pay the costs necessary to administer and operate the Youth and Amateur Sports Grants Program, including marketing and advertising costs.
(h)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any interest earnings of the Fund shall be credited to the Fund.
(i)
Expenditures from the Fund may be made only in accordance with the State budget.
Md. Code Ann., Econ. Dev. § 10-613 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–613LinkCopy Citation
(a)
The Authority may:
(1)
adopt a seal;
(2)
sue and be sued;
(3)
adopt bylaws and policies;
(4)
adopt regulations to carry out this subtitle in accordance with the Administrative Procedure Act;
(5)
have an office at the place the Authority designates;
(6)
appoint advisory committees composed of local officials, business interests, representatives of the convention, hotel, and tourism business, and other experts as appropriate;
(7)
subject to § 10–620 of this subtitle, acquire, lease as landlord or tenant, hold, encumber, or dispose of property;
(8)
enter into contracts and execute the instruments necessary or convenient to carry out this subtitle to accomplish its purposes;
(9)
determine the locations of, develop, establish, acquire, own, improve, operate, maintain, and contribute to the maintenance and operating costs of facilities as necessary to accomplish its purposes;
(10)
regulate the use and operation of facilities developed under this subtitle;
(11)
fix and collect rents, fees, and other charges for the use of facilities or for services rendered in connection with the facilities;
(12)
subject to Parts IV and V of this subtitle, issue bonds;
(13)
exercise the corporate powers of Maryland corporations under the Maryland General Corporation Law;
(14)
with respect to site acquisition, construction, and development of the Hippodrome Performing Arts facility and the Hagerstown Multi–Use Sports and Events Facility, establish and participate in Authority affiliates;
(15)
impose the admissions and amusement tax authorized under § 4–102 of the Tax – General Article; and
(16)
do all things necessary or convenient to carry out the powers granted by this subtitle.
(b)
The Authority may review and make recommendations on proposed convention center facilities, the Hippodrome Performing Arts facility, the Hagerstown Multi–Use Sports and Events Facility, and a Prince George’s County Blue Line Corridor facility, including the expansion and enhancement of the Baltimore City Convention Center and the Ocean City Convention Center and the development and construction of the Montgomery County Conference Center, the Hippodrome Performing Arts Center, the Hagerstown Multi–Use Sports and Events Facility, and a Prince George’s County Blue Line Corridor facility with respect to location, purpose, design, function, capacity, parking, costs, funding mechanisms, and revenue alternatives, with specific recommendations on:
(1)
the level of support from the private sector;
(2)
the type of support from the private sector;
(3)
special taxing sources;
(4)
projected revenues;
(5)
bonding authority and the source of debt service; and
(6)
the fiscal impact on the State of any revenue alternatives.
Md. Code Ann., Econ. Dev. § 10-614 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–614LinkCopy Citation
Subject to the approval of the Board of Public Works, the Authority may:
(1)
borrow money from any source for any corporate purpose, including working capital for its operations, reserve funds, or interest;
(2)
mortgage, pledge, or otherwise encumber the property or funds of the Authority;
(3)
contract for the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers; and
(4)
receive and accept from any public or private source contributions, gifts, or grants of money or property and invest the money or property as a whole or in part.
Md. Code Ann., Econ. Dev. § 10-615 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–615LinkCopy Citation
(a)
An Authority sports facility may not be used to conduct professional basketball games.
(b)
The Authority may not construct or enter into a contract to construct a sports facility other than at Camden Yards unless specifically authorized by an enactment of the General Assembly.
Md. Code Ann., Econ. Dev. § 10-616 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–616LinkCopy Citation
(a)
Subject to the approval of the Board of Public Works and the Legislative Policy Committee, the Authority may develop any portion of Camden Yards to generate incidental revenues for the benefit of the Authority.
(b)
The authority granted under subsection (a) of this section includes the power to develop, establish, acquire, own, lease, improve, operate as landlord, regulate, maintain, sell, transfer, or otherwise dispose of any portion of Camden Yards.
(c)
Except for its condemnation power, the Authority may exercise all of its powers under this subtitle with respect to the development of portions of Camden Yards.
Md. Code Ann., Econ. Dev. § 10-617 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–617LinkCopy Citation
(a)
Notwithstanding any other law, a dome may be built or added on a stadium at Camden Yards only if specifically authorized by an enactment of the General Assembly.
(b)
During any period in which major league professional baseball games are played at the baseball stadium at Camden Yards, a major league professional baseball team may not play major league professional baseball games on a regular basis at another professional sports stadium in the State that:
(1)
is constructed in part with State funds; or
(2)
benefits from or is supported by State-funded transportation or other infrastructure projects developed due to the construction of the stadium.
Md. Code Ann., Econ. Dev. § 10-618 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–618LinkCopy Citation
(a)
(1)
Except as provided in paragraph (2) of this subsection, contracts to acquire any facility site, to construct the facility, or for construction on the facility site require the prior approval of the Board of Public Works.
(2)
Contracts to construct a public school facility or for construction on a public school site do not require the prior approval of the Board of Public Works.
(b)
The Authority may:
(1)
acquire by any of the means specified in § 10–620(a) of this subtitle:
(i)
a site at Camden Yards for a facility;
(ii)
a Baltimore Convention site or an interest in the site;
(iii)
an Ocean City Convention site or an interest in the site;
(iv)
a Montgomery County Conference site or an interest in the site;
(v)
a Hippodrome Performing Arts site or an interest in the site;
(vi)
a Hagerstown Multi–Use Sports and Events Facility site or an interest in the site;
(vii)
a sports entertainment facility site or an interest in the site; and
(viii)
a Prince George’s County Blue Line Corridor facility site or an interest in the site; and
(2)
construct or enter into a contract to construct a facility on a site it acquires under this subsection.
Md. Code Ann., Econ. Dev. § 10-619 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–619LinkCopy Citation
(a)
Subject to the prior approval of the Board of Public Works, the Authority may:
(1)
hold an ownership interest in or operate a professional football or major league professional baseball team or team franchise for up to 2 years during a transition to private ownership; and
(2)
continue to hold, but not operate, an ownership interest in a professional football or major league professional baseball team during a transition of the team without a time limitation.
(b)
If necessary, the Board of Public Works may renew its approval under subsection (a) of this section each year.
Md. Code Ann., Econ. Dev. § 10-620 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–620LinkCopy Citation
(a)
(1)
Subject to annual appropriations and this subtitle, the Authority may acquire in its own name, by gift, purchase, or condemnation, any property or interest in property necessary or convenient to construct, improve, or operate a facility.
(2)
When acquiring in its own name any property under paragraph (1) of this subsection, the Authority shall first attempt to acquire the property by negotiation and purchase.
(3)
If the Authority is not able to acquire property by negotiation, the Authority may condemn private property under subsection (b) of this section.
(4)
If the Authority determines that acting under paragraphs (2) and (3) of this subsection would be inappropriate, the Authority may condemn private property under subsection (c) of this section.
(b)
(1)
The exercise of authority under this subsection is subject to subsection (a) of this section, the prior approval of the Board of Public Works, and review by the Legislative Policy Committee.
(2)
The Authority may condemn any private property for any purpose of the Authority:
(i)
in accordance with Title 12 of the Real Property Article; and
(ii)
only in Camden Yards, at the Hippodrome Performing Arts site, and at a Prince George’s County Blue Line Corridor facility site.
(c)
(1)
The exercise of authority under this subsection is subject to subsection (a) of this section, the prior approval of the Board of Public Works, and review by the Legislative Policy Committee.
(2)
The Authority may exercise quick take condemnation under Article III, § 40A of the Maryland Constitution to acquire in Baltimore City for the State private property for any purpose of the Authority:
(i)
in accordance with §§ 8–334 through 8–339 of the Transportation Article and Title 12 of the Real Property Article; and
(ii)
only in Camden Yards and at the Hippodrome Performing Arts site.
(d)
(1)
The exercise of authority under this subsection is subject to the prior approval of the Board of Public Works.
(2)
On request of the Authority, the State, a unit of the State, or a political subdivision may lease, lend, grant, or otherwise convey to the Authority, property, including property devoted to public use, as necessary or convenient for the purposes of this subtitle.
(3)
The State may lease or sublease a facility, or an interest in a facility, from or to the Authority, whether or not constructed or usable.
(4)
Lease payments to the Authority appropriated by the State shall be transferred to:
(i)
the Baltimore Convention Fund if appropriated for a Baltimore Convention facility;
(ii)
the Camden Yards Fund if appropriated for a sports facility or other facility at Camden Yards;
(iii)
the Hippodrome Performing Arts Fund if appropriated for a Hippodrome Performing Arts facility;
(iv)
the Montgomery County Conference Fund if appropriated for a Montgomery County Conference facility;
(v)
the Ocean City Convention Fund if appropriated for an Ocean City Convention facility;
(vi)
the Hagerstown Multi–Use Sports and Events Facility Fund if appropriated for a Hagerstown Multi–Use Sports and Events Facility;
(vii)
the Sports Entertainment Facilities Financing Fund if appropriated for a sports entertainment facility; or
(viii)
the Prince George’s County Blue Line Corridor Facility Fund if appropriated for a Prince George’s County Blue Line Corridor facility.
(e)
(1)
This subsection does not apply to the Camden Yards site, Baltimore Convention site, Ocean City Convention site, Hippodrome Performing Arts site, any Baltimore City public school site, any racing facility, the Hagerstown Multi–Use Sports and Events Facility site, any supplemental facility site, any public school site, a sports entertainment facility, or a Prince George’s County Blue Line Corridor facility site.
(2)
The Authority and any Authority affiliate are subject to applicable planning, zoning, and development regulations to the same extent as a private commercial or industrial enterprise.
(f)
The Authority shall:
(1)
in cooperation with Baltimore City, appoint a task force that includes residents and business and institutional representatives from the area adjacent to Camden Yards to review the schematic, preliminary, and final plans for facilities at Camden Yards;
(2)
submit schematic plans for development of Camden Yards and the Baltimore Convention site to Baltimore City for review and comment before acquiring any property;
(3)
with respect to Camden Yards, the Baltimore Convention facility, and the Hippodrome Performing Arts facility, submit preliminary and final plans to Baltimore City for review and comment;
(4)
with respect to Camden Yards, the Baltimore Convention facility, and the Hippodrome Performing Arts facility, participate in the design review processes of Baltimore City;
(5)
with respect to a Baltimore City public school facility, perform the actions required under §§ 10–645, 10–646, 10–656, and 10–657 of this subtitle; and
(6)
with respect to a public school facility, perform the actions required under §§ 10–649, 10–650, 10–658, and 10–658.1 of this subtitle.
(g)
This section does not affect the right of the Authority to acquire an option or institute a condemnation proceeding for later acquisition of the property once the approval required by this section is obtained.
Md. Code Ann., Econ. Dev. § 10-621 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–621LinkCopy Citation
(a)
Except as provided in subsection (b) of this section, proceeds derived from the sale of permanent seat licenses at a professional sports stadium constructed in the State by the Authority for a professional sports team that relocates from another jurisdiction to the State may be used only for:
(1)
amounts that are owed to a national sports league or association as a result of the costs of the relocation of a professional sports team from another jurisdiction to the State;
(2)
the design and construction costs of necessary training facilities;
(3)
the reasonable costs of moving and relocation, including:
(i)
the physical movement of property;
(ii)
land and air travel costs;
(iii)
employee severance costs; and
(iv)
employee relocation costs;
(4)
amounts owed to the other jurisdiction and other interested parties claiming rights because of the relocation of the professional sports team to the State, including any amounts paid to the other jurisdiction or interested parties to resolve the claims;
(5)
the repayment of bonds or other indebtedness incurred by or for the benefit of the team in connection with facilities that the relocated professional sports team used or occupied in the other jurisdiction;
(6)
payments to the Authority; or
(7)
other reasonable costs and expenses incurred or losses sustained because of the relocation.
(b)
Proceeds derived from the sale of personal seat licenses that exceed the costs described in subsection (a) of this section:
(1)
may not accrue directly to the benefit of an individual or private entity; and
(2)
shall be held by the Authority for stadium construction and maintenance of the professional sports stadium in the State the relocated professional sports team uses.
Md. Code Ann., Econ. Dev. § 10-622 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–622LinkCopy Citation
(a)
(1)
Subject to subsection (b) of this section, the Authority may prepare studies and may design and construct projects for units of the State, the University of Maryland Medical System, and political subdivisions.
(2)
The studies may include site studies, architectural programs, budget estimates, value engineering, and project schedules.
(b)
Before beginning work under subsection (a) of this section on behalf of a unit of the State, the University of Maryland Medical System, or a political subdivision, the Authority shall:
(1)
notify the budget committees of the General Assembly in writing of the proposed project and its estimated costs and funding sources; and
(2)
allow the budget committees 30 days to review and comment on the proposed work.
(c)
The Authority may enter into contracts, retain consultants, and make recommendations relating to project activities under this section.
(d)
(1)
For project activities under this section, the Authority shall use money that is:
(i)
provided by the unit of the State, the University of Maryland Medical System, or local government; or
(ii)
otherwise appropriated for the particular purpose.
(2)
In each fiscal year the Authority:
(i)
may use up to $500,000 of its available nonbudgeted money for feasibility studies that are approved by the budget committees; but
(ii)
may not use this money for construction.
Md. Code Ann., Econ. Dev. § 10-622.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–622.1LinkCopy Citation
(a)
(1)
Subject to subsection (b) of this section, the Authority may prepare studies that relate to the development of supplemental facilities that directly or indirectly benefit the sports facilities at Camden Yards.
(2)
The studies may include site studies, feasibility studies, architectural programs and design, budget estimates, value engineering, and estimated project schedules.
(b)
The activities authorized under this section:
(1)
are limited to sites within Baltimore City; and
(2)
may be undertaken solely by the Authority or by the Authority in cooperation with Baltimore City, other units of the State, the professional football or major league baseball franchises at Camden Yards, or other entities.
(c)
The Authority may enter into contracts, agreements, and memoranda, retain consultants, and make recommendations relating to activities authorized under this section.
(d)
For activities authorized under this section, the Authority shall use money that is:
(1)
appropriated for the particular purpose;
(2)
provided by public or private entities; or
(3)
with approval from the budget committees, up to $1,000,000 of the Authority’s available nonbudgeted money in each fiscal year.
Md. Code Ann., Econ. Dev. § 10-622.2 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–622.2LinkCopy Citation
(a)
Subject to the approval of the Board of Public Works and review by the Legislative Policy Committee, the Authority may develop supplemental facilities and supplemental facility sites to directly or indirectly benefit the sports facilities at Camden Yards.
(b)
The authority granted under subsection (a) of this section includes the power to:
(1)
develop, establish, acquire, own, lease, improve, operate as landlord, regulate, maintain, sell, transfer, or otherwise dispose of property acquired under this section; and
(2)
enter into partnerships with Baltimore City, units of the State or local government, or private developers.
Md. Code Ann., Econ. Dev. § 10-622.3 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–622.3LinkCopy Citation
(a)
Subject to annual appropriations and this subtitle, the Authority may acquire in its own name, by gift or purchase, any property or interest in property necessary or convenient to develop supplemental facilities and supplemental facility sites to directly or indirectly benefit Camden Yards.
(b)
The Authority shall notify Baltimore City of the Authority’s intent to acquire property under this section and provide Baltimore City at least 30 days in which to submit comments on the proposed acquisition.
Md. Code Ann., Econ. Dev. § 10-622.4 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–622.4LinkCopy Citation
A contract to acquire any property or demolish an existing structure that relates to the development of a supplemental facility site or a contract for the construction of a supplemental facility requires the prior approval of the Board of Public Works.
Md. Code Ann., Econ. Dev. § 10-622.5 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–622.5LinkCopy Citation
(a)
Except as allowed by § 10–639 of this subtitle, the Authority may issue bonds subject to §§ 10–628(a) and (c) and 10–629 through 10–636 of this subtitle to finance site acquisition for and construction of any portion of a supplemental facility.
(b)
The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of a supplemental facility, including the effect of the financing plan on financing options for other segments of the supplemental facility.
(c)
(1)
A bond issued to finance a supplemental facility:
(i)
is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii)
is not a debt, liability, or pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and
(iii)
may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.
(2)
The issuance of a bond to finance a supplemental facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3)
Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.
Md. Code Ann., Econ. Dev. § 10-623 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–623LinkCopy Citation
The Authority shall:
(1)
submit the operating and capital program budget of the Authority each year to the Department of Budget and Management for inclusion in the State budget book for informational purposes; and
(2)
keep records that are consistent with sound business practices and accounting records using generally accepted accounting principles.
Md. Code Ann., Econ. Dev. § 10-624 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–624LinkCopy Citation
The Authority shall:
(1)
have an independent certified public accountant audit the accounts and transactions of the Authority at the end of each fiscal year; and
(2)
be subject, at any reasonable time, to audit and examination of the accounts and transactions of the Authority by the Office of Legislative Audits of the Department of Legislative Services.
Md. Code Ann., Econ. Dev. § 10-625 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–625LinkCopy Citation
(a)
Except as provided in subsection (b) of this section, the Authority shall submit:
(1)
an annual detailed report of the activities and financial status of the Authority to the Governor, and, in accordance with § 2–1257 of the State Government Article, the General Assembly; and
(2)
annual reports on the additional tax revenues generated by each of the following facilities:
(i)
the Baltimore Convention facility;
(ii)
the Hippodrome Performing Arts facility;
(iii)
the Montgomery County Conference facility;
(iv)
the Ocean City Convention facility;
(v)
the Hagerstown Multi–Use Sports and Events Facility;
(vi)
a sports entertainment facility; and
(vii)
a Prince George’s County Blue Line Corridor facility site.
(b)
The Authority is not required to submit the annual reports listed under subsection (a)(2) of this section for additional tax revenues generated by the facilities for fiscal year 2021.
Md. Code Ann., Econ. Dev. § 10-628 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–628LinkCopy Citation
(a)
Except as provided in subsections (b) and (c) of this section and subject to the prior approval of the Board of Public Works, the Authority may issue bonds at any time for any corporate purpose of the Authority, including the establishment of reserves and the payment of interest.
(b)
(1)
Unless authorized by the General Assembly, the Board of Public Works may not approve an issuance by the Authority of bonds for sports facilities at Camden Yards, whether taxable or tax exempt, that constitute tax supported debt if, after the issuance, there would be outstanding and unpaid $1,200,000,000 face amount of bonds for the purpose of financing the preparation, relocation, demolition and removal, construction, renovation, and related expenses for construction management, professional fees, and contingencies of sports facilities at Camden Yards.
(2)
(i)
Subject to subparagraph (ii) of this paragraph, the limits on the issuance of bonds of the Authority, whether taxable or tax exempt, that constitute tax supported debt for the following purposes with respect to sports facilities at Camden Yards are:
(1)
up to $600,000,000 face amount of bonds for demolition and removal, construction, renovation, and related expenses for construction management, professional fees, and contingencies for the football stadium and sports facilities directly related to the use or operation of the football stadium; and
(2)
up to $600,000,000 face amount of bonds for demolition and removal, construction, renovation, and related expenses for construction management, professional fees, and contingencies for the baseball stadium and sports facilities directly related to the use or operation of the baseball stadium.
(ii)
The Authority may exceed the monetary limits on bond issuances provided for in subparagraph (i) of this paragraph if the Authority:
(1)
obtains the authorization of the Board of Public Works; and
(2)
notifies the Legislative Policy Committee with accompanying justification.
(iii)
The face amount of bonds authorized under subparagraph (i) of this paragraph shall be subject to § 10–644(b)(2) of this subtitle.
(c)
(1)
Unless authorized by the General Assembly, the Board of Public Works may not approve an issuance by the Authority of bonds, whether taxable or tax exempt, that constitute tax supported debt or nontax supported debt if, after issuance, there would be outstanding and unpaid more than the following face amounts of the bonds for the purpose of financing acquisition, construction, renovation, and related expenses for construction management, professional fees, and contingencies in connection with:
(i)
the Baltimore Convention facility – $55,000,000;
(ii)
the Hippodrome Performing Arts facility – $20,250,000;
(iii)
the Montgomery County Conference facility – $23,185,000;
(iv)
the Ocean City Convention facility – $24,500,000;
(v)
Baltimore City public school facilities – $1,100,000,000;
(vi)
supplemental facilities – $25,000,000;
(vii)
racing facilities – $400,000,000;
(viii)
public school facilities in the State – $2,200,000,000;
(ix)
the Hagerstown Multi–Use Sports and Events Facility – $59,500,000;
(x)
sports entertainment facilities – $220,000,000; and
(xi)
Prince George’s County Blue Line Corridor facilities – $425,000,000.
(2)
(i)
The limitation under paragraph (1)(i) of this subsection applies to the aggregate principal amount of bonds outstanding as of June 30 of any year.
(ii)
Refunded bonds may not be included in the determination of an outstanding aggregate amount under this paragraph.
Md. Code Ann., Econ. Dev. § 10-629 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–629LinkCopy Citation
(a)
The Authority shall pay the bonds issued in accordance with this part only from the property or receipts of the Authority.
(b)
Property and receipts of the Authority include:
(1)
taxes, fees, charges, or other revenues payable to the Authority;
(2)
payments in accordance with letters of credit, lines of credit, insurance policies, or purchase agreements;
(3)
investment earnings from funds or accounts maintained in accordance with a bond resolution or trust agreement;
(4)
the proceeds of refunding bonds; and
(5)
any other source authorized by law.
Md. Code Ann., Econ. Dev. § 10-630 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–630LinkCopy Citation
(a)
The Authority shall authorize the issuance of bonds by resolution.
(b)
(1)
The bonds may be secured by a trust agreement by and between the Authority and a corporate trustee.
(2)
A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
(c)
The bonds shall:
(1)
be issued at, above, or below par value, and for cash or other valuable consideration;
(2)
mature on a date or dates not exceeding 40 years from their respective dates of issue, whether or not the bonds are serial or term bonds;
(3)
bear interest at the fixed rate or the variable rate provided in the resolution or trust agreement;
(4)
be payable at a time or times and be in the denominations and form, either coupon or registered, as provided in the resolution or trust agreement;
(5)
be subject to the registration provisions, have the privileges as to conversion, and be subject to the provisions for the replacement of mutilated, lost, or destroyed bonds as provided in the resolution or trust agreement;
(6)
be a “security” within the meaning of § 8-102 of the Commercial Law Article, whether or not each bond is one of a class or series or is divisible by its terms into a class or series of instruments;
(7)
be negotiable for all purposes although payable from a limited source, notwithstanding any other law;
(8)
be payable in lawful money of the United States at a designated place;
(9)
be subject to the terms of purchase, payment, redemption, refunding, or refinancing as provided in the resolution or trust agreement;
(10)
subject to subsection (d) of this section, be executed by the manual or facsimile signatures of the officers of the Authority designated by the Authority;
(11)
be sold in the manner and on the terms determined by the Authority, including competitive or negotiated sale; and
(12)
are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.
(d)
An officer’s signature or facsimile signature on a bond of the Authority remains valid at delivery even if the officer leaves office before the bond is delivered.
Md. Code Ann., Econ. Dev. § 10-631 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–631LinkCopy Citation
A resolution of the Authority or a trust agreement between the Authority and a corporate trustee may contain provisions that shall be part of the contract between the Authority and the holders of the bonds as to:
(1)
(i)
the pledging, assigning, or directing the use, investment, or disposition of receipts of the Authority or proceeds or benefits of any contract; and
(ii)
the conveying or otherwise securing of any property or property rights;
(2)
debt service reserves, capitalized interest accounts, cost of issuance accounts, sinking funds, and the setting aside of deposits, and the regulation, investment, and disposition of the funds specified in this item;
(3)
limitations on the use and investment of bond proceeds;
(4)
restrictions on the investment of revenues or bond proceeds to government obligations the principal and interest of which are unconditionally guaranteed by the United States of America;
(5)
limitations and conditions relating to the issuance of additional bonds, which may rank on a parity with, or be subordinate or superior to, other bonds;
(6)
the refunding or refinancing of outstanding bonds;
(7)
(i)
the procedures by which the terms of a contract with bondholders may be amended; and
(ii)
the amount of bonds the holders of which are needed to consent to an amendment under item (i) of this item and the manner of that consent;
(8)
describing Authority defaults and the rights and remedies of bondholders;
(9)
providing for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and
(10)
any other matter relating to the bonds that the Authority determines appropriate.
Md. Code Ann., Econ. Dev. § 10-632 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–632LinkCopy Citation
Neither a member of the Authority nor any other person executing the bonds is subject to any personal liability because of the issuance of the bonds.
Md. Code Ann., Econ. Dev. § 10-633 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–633LinkCopy Citation
The Authority may enter into agreements for the purpose of enhancing the marketability of, or to provide security for, its bonds.
Md. Code Ann., Econ. Dev. § 10-634 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–634LinkCopy Citation
(a)
A pledge by the Authority of revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund as security for an issue of bonds is valid and binding from when the pledge is made.
(b)
(1)
The revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund that are pledged are immediately subject to the lien of the pledge without any physical delivery or further act.
(2)
The lien of any pledge is valid and binding against any person having a claim against the Authority in tort, contract, or otherwise, regardless of whether the person has notice of the lien.
(c)
Notwithstanding any other provision of law, in order to perfect a lien on pledged revenues or money deposited in the Baltimore City Public School Construction Financing Fund or the Supplemental Public School Construction Financing Fund against a third person, it is not necessary to file or record any document adopted or entered into by the Authority in any public record other than in the records of the Authority.
Md. Code Ann., Econ. Dev. § 10-635 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–635LinkCopy Citation
Except to the extent restricted by an applicable resolution or trust agreement, a bondholder or a trustee acting under a trust agreement entered into under this subtitle, may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of the State or by any applicable resolution or trust agreement.
Md. Code Ann., Econ. Dev. § 10-636 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–636LinkCopy Citation
(a)
Subject to the prior approval of the Board of Public Works, the Authority may issue bonds to refund any of its outstanding bonds, including the payment of:
(1)
any redemption premium; and
(2)
any interest accrued or that will accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds.
(b)
(1)
For the public purpose of achieving a savings in the effective costs of debt service or alleviating impending or actual default, the Authority may issue refunding bonds directly or through a debt restructuring.
(2)
The bonds authorized by this subsection may be issued in one or more series and in an amount in excess of that of the bonds to be refunded.
Md. Code Ann., Econ. Dev. § 10-639 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–639LinkCopy Citation
This part governs the closing on the sale of bonds and other borrowing of money by the Authority in amounts exceeding $35,000 a year to finance any segment of a facility.
Md. Code Ann., Econ. Dev. § 10-640 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–640LinkCopy Citation
(a)
Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction, the Authority shall comply with this section.
(b)
The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility.
(c)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.
(d)
The Authority shall secure a lease or other written agreement with Baltimore City, as approved by the Board of Public Works, under which:
(1)
Baltimore City agrees to pay $50,000,000 for the capital costs of the expansion of the Baltimore Convention Center not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle;
(2)
Baltimore City and the Authority each own a 50% leasehold interest as tenants in common in the improvements comprising the existing Baltimore Convention Center and the Baltimore Convention Center expansion for the duration of any bonds issued as authorized under § 10-628 of this subtitle; and
(3)
Baltimore City and the Authority agree not to sell, assign, mortgage, pledge, or encumber the Baltimore Convention facility, or any leasehold interest in the facility, without the prior consent of the other, except for liens in favor of their respective bondholders.
(e)
The Authority shall secure a deed, lease, or written agreement with Baltimore City, as approved by the Board of Public Works, authorizing the Authority to:
(1)
design and construct, or contract for the design and construction of, the Baltimore Convention facility; and
(2)
pledge the Baltimore Convention facility and the Baltimore Convention site or the leasehold interest in the facility as security for the Authority’s bonds.
(f)
The Authority shall secure a written agreement with Baltimore City, as approved by the Board of Public Works:
(1)
in which Baltimore City agrees to:
(i)
operate the Baltimore Convention facility in a manner that maximizes the facility’s economic return; and
(ii)
maintain and repair the facility so as to keep it in first class operating condition; and
(2)
that includes provisions that:
(i)
protect the respective investment of the Authority, the State, and Baltimore City in the Baltimore Convention facility;
(ii)
require:
(1)
for the period beginning on the completion of the expanded and renovated Baltimore Convention facility and ending on December 31, 2029:
(A)
the Authority to contribute two–thirds and Baltimore City to contribute one–third to annual operating deficits; and
(B)
the Authority and Baltimore City each to contribute $200,000 each year to a capital improvement reserve fund; and
(2)
Baltimore City to be solely responsible for all operating deficits and capital improvements:
(A)
before the completion of the expanded and renovated Baltimore Convention facility; and
(B)
after December 31, 2029; and
(iii)
provide for remedies on default, including the right of the Authority or the State, if a material default by Baltimore City is not corrected after a reasonable notice and cure period, to:
(1)
immediately assume responsibility for maintenance and repairs of the Baltimore Convention facility; and
(2)
offset the costs of the maintenance and repairs against other amounts owed by the Authority or the State to Baltimore City, whether under the operating agreement with Baltimore City or otherwise.
Md. Code Ann., Econ. Dev. § 10-641 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–641LinkCopy Citation
(a)
Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction of any segment of a Hippodrome Performing Arts facility, the Authority shall comply with this section.
(b)
The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has attempted to maximize private investment in the Hippodrome Performing Arts facility proposed to be financed.
(c)
The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment.
(d)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.
(e)
The Authority shall secure one or more written agreements, as approved by the Board of Public Works:
(1)
establishing commitments for payments to the Authority of amounts that shall be used by the Authority to fund $60,000,000 of total acquisition and capital costs of construction of the Hippodrome Performing Arts facility; and
(2)
under which:
(i)
Baltimore City agrees to pay $6,000,000:
(1)
$2,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund by July 1, 2000; and
(2)
$4,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund:
(A)
by not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle; or
(B)
in $2,000,000 increments, in each of the next 2 succeeding years, from the proceeds of bond issuances that have received voter approval by not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle;
(ii)
the State has deposited to the Hippodrome Performing Arts Fund an aggregate amount of $16,500,000 or a lesser amount as is available to the Authority and not subject to any budget contingencies;
(iii)
the Authority agrees to:
(1)
issue bonds as authorized under § 10-628 of this subtitle; and
(2)
use $17,400,000 of the proceeds from the sale of the bonds in the manner and for the purposes described in this section; and
(iv)
one or more private entities, which may include an Authority affiliate, as private funding sources:
(1)
deposit to the Hippodrome Performing Arts Fund, not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle, at least $8,000,000;
(2)
agree, not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle, to pay:
(A)
an additional $12,100,000; and
(B)
all actual acquisition and capital costs of construction of the Hippodrome Performing Arts facility to the extent the costs exceeded $60,000,000; and
(3)
agree that any savings from acquisition or capital costs on completion of the Hippodrome Performing Arts facility shall be paid to the Authority.
(f)
The Authority shall secure a written agreement with the University System of Maryland, as approved by the Board of Public Works, under which the University System of Maryland agrees to transfer to the Authority fee title to the property known as the Hippodrome Theatre, 12 North Eutaw Street, described in the Baltimore City land records in Liber S.E.B. 6259, Folio 38.
(g)
The Authority shall secure a written agreement with an Authority affiliate, as approved by the Board of Public Works, by which the Authority affiliate agrees:
(1)
to market, promote, and operate or contract, subject to the approval of the Authority, for the marketing, promotion, and operation of the Hippodrome Performing Arts facility;
(2)
to maintain and repair or contract, subject to the approval of the Authority, for the maintenance and repair of the Hippodrome Performing Arts facility so as to keep the Hippodrome Performing Arts facility in first class operating condition;
(3)
to pay to the Authority for the duration of any bonds issued as authorized under § 10-628 of this subtitle an amount equal to $2 per ticket sold for admission to the Hippodrome Performing Arts facility; and
(4)
to be solely responsible for all expenditures relating to the operation, maintenance, and repair of the Hippodrome Performing Arts facility that may be incurred, including the amount by which expenditures exceed revenues.
Md. Code Ann., Econ. Dev. § 10-642 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–642LinkCopy Citation
(a)
Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction of any segment of a Montgomery County Conference facility, the Authority shall comply with this section.
(b)
The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility including the effect of the financing plan on financing options for other segments of the facility.
(c)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.
(d)
The Authority shall secure a lease or other written agreement with Montgomery County, as approved by the Board of Public Works, under which:
(1)
Montgomery County agrees to contribute $13,196,000 for the capital costs of construction of the Montgomery County Conference Center not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle;
(2)
the Authority agrees to:
(i)
issue bonds as authorized under § 10-628 of this subtitle; and
(ii)
contribute $20,304,000 of the proceeds from the sale of the bonds for the capital costs of the construction of the Montgomery County Conference Center;
(3)
Montgomery County and the Authority agree that if the actual capital costs for the construction of the Montgomery County Conference Center are less than $33,500,000, the savings shall be allocated:
(i)
one-half to the Authority; and
(ii)
one-half to Montgomery County;
(4)
Montgomery County and the Authority agree that if the actual capital costs for the construction of the Montgomery County Conference Center are more than $33,500,000, the excess shall be shared:
(i)
one-half by the Authority; and
(ii)
one-half by Montgomery County;
(5)
Montgomery County agrees to purchase the land for the Montgomery County Conference site as defined in § 10-601 of this subtitle, on which the Montgomery County Conference Center will be constructed;
(6)
Montgomery County and the Authority each own a 50% leasehold interest as tenants in common in the Montgomery County Conference facility for the duration of any bonds issued as authorized under § 10-628 of this subtitle; and
(7)
Montgomery County and the Authority agree not to sell, assign, mortgage, pledge, or encumber the Montgomery County Conference facility, or any leasehold interest in the facility, without the prior consent of the other, except for liens in favor of the Authority’s bondholders.
(e)
The Authority shall secure a deed, lease, or written agreement with Montgomery County, as approved by the Board of Public Works, authorizing the Authority to:
(1)
design, construct, and equip, or contract for the design, construction, and equipping of, the Montgomery County Conference facility; and
(2)
pledge the Montgomery County Conference facility and the Montgomery County Conference site or the leasehold interest in the facility as security for the Authority’s bonds.
(f)
The Authority shall secure a written agreement with Montgomery County, as approved by the Board of Public Works:
(1)
in which Montgomery County agrees:
(i)
to market, promote, and operate or contract for the marketing, promotion, and operation of the Montgomery County Conference facility in a manner that maximizes the facility’s economic return to the community; and
(ii)
to maintain and repair or contract for the maintenance and repair of the Montgomery County Conference facility so as to keep the Montgomery County Conference facility in first class operating condition; and
(2)
that includes provisions that:
(i)
protect the respective investments of the Authority and Montgomery County in the Montgomery County Conference facility;
(ii)
require Montgomery County to contribute to a capital improvement reserve fund in an amount sufficient to keep the conference center in first class operating condition;
(iii)
require Montgomery County to be solely responsible for all expenditures relating to the operation of the Montgomery County Conference facilities that may be incurred, including the amount by which expenditures exceed revenues;
(iv)
allow Montgomery County to keep all operating profits resulting from the operation of the Montgomery County Conference facility each year;
(v)
provide for remedies on default, including the right of the Authority, if a material default by Montgomery County is not corrected after a reasonable notice and cure period, to:
(1)
immediately assume responsibility for maintenance and repairs of the Montgomery County Conference facility; and
(2)
offset the costs of the maintenance and repairs against other amounts owed by the Authority to Montgomery County, whether under the operating agreement with Montgomery County or otherwise;
(vi)
authorize the Authority to select, through a cooperative procurement agreement, a contractor to develop, design, construct, operate, and manage the Montgomery County Conference facility during the period that the bonds issued by the Authority for the Montgomery County Conference facility are outstanding;
(vii)
allow for the establishment of a board of directors to manage the Montgomery County Conference facility;
(viii)
provide that the board of directors may include representatives of the Authority, Montgomery County, the private developer, and the community; and
(ix)
provide that, unless action is taken to create a legal entity, the board of directors is not a separate legal entity.
(g)
The Authority shall secure an agreement among Montgomery County, the Authority, and a private developer, as approved by the Board of Public Works, that provides for:
(1)
the acquisition, construction, and operation of a hotel adjacent to the Montgomery County Conference facility; and
(2)
a capital commitment from the developer for the hotel and, as appropriate, shared facilities.
Md. Code Ann., Econ. Dev. § 10-643 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–643LinkCopy Citation
(a)
Except as allowed by § 10–639 of this subtitle, to finance site acquisition, construction, and renovation of any segment of an Ocean City Convention facility, the Authority shall comply with this section.
(b)
The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility.
(c)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.
(d)
The Authority shall secure a lease or other written agreement with Ocean City, as approved by the Board of Public Works, under which:
(1)
Ocean City agrees to:
(i)
issue bonds not later than the date of the Authority’s bond issuance as authorized under § 10–628 of this subtitle; and
(ii)
contribute $15,000,000 of the proceeds from the sale of the bonds for the capital costs of the expansion of the Ocean City Convention Center;
(2)
the Authority agrees to:
(i)
issue bonds as authorized under § 10–628 of this subtitle; and
(ii)
contribute the proceeds from the sale of the bonds after deduction of the cost of issuance, for the capital costs of the expansion of the Ocean City Convention Center;
(3)
Ocean City and the Authority agree that if the actual capital costs of the expansion of the Ocean City Convention Center are less than $37,500,000, the percentage of savings shall be allocated in proportion to the capital costs contributions made in accordance with this subsection;
(4)
Ocean City agrees to provide the Ocean City Convention site, as defined in § 10–601 of this subtitle, for the expansion and renovation of the Ocean City Convention facility;
(5)
Ocean City and the Authority shall:
(i)
each own a percentage of leasehold interest as tenants in common in the improvements comprising the existing Ocean City Convention Center and the Ocean City Convention Center expansion for the duration of any bonds issued as authorized under § 10–628 of this subtitle and for 20 years thereafter; and
(ii)
allocate the percentage of leasehold ownership interest under item (i) of this item as follows:
(B)
40% to Ocean City; or
(2)
percentages as may be required for bonds issued under the authorization provided in § 10–628 of this subtitle; and
(6)
Ocean City and the Authority agree not to sell, assign, mortgage, pledge, or encumber the Ocean City Convention facility, or any leasehold interest in the facility, without the prior consent of the other, except for liens in favor of their respective bondholders.
(e)
The Authority shall secure a deed, lease, or written agreement with Ocean City, as approved by the Board of Public Works, authorizing the Authority to:
(1)
design, construct, and equip, or contract for the design, construction, and equipping of the Ocean City Convention facility renovation and expansion; and
(2)
pledge the Ocean City Convention facility and the Ocean City Convention site or the leasehold interest in the facility as security for the Authority’s bonds.
(f)
(1)
The Authority shall secure a written agreement with Ocean City, as approved by the Board of Public Works:
(i)
in which Ocean City agrees to:
(1)
subject to paragraph (2) of this subsection, market, promote, and operate the Ocean City Convention facility in a manner that maximizes the facility’s economic return;
(2)
maintain and repair the facility so as to keep it in first class operating condition; and
(3)
be solely responsible for all operating deficits and capital improvements 20 years after the repayment of the Ocean City Convention facility bonds issued by the Authority; and
(ii)
that includes provisions that:
(1)
protect the respective investment of the Authority and Ocean City;
(2)
require:
(A)
the Authority to contribute one–half and Ocean City to contribute one–half to operating deficits; and
(B)
the Authority and Ocean City each to contribute $100,000 each year to a capital improvement reserve fund, for the period beginning on the completion of the expanded and renovated Ocean City Convention facility and continuing during the period that the Ocean City Convention facility bonds issued by the Authority are outstanding and for 20 years thereafter; and
(3)
provide for remedies on default, including the right of the Authority, if a material default by Ocean City is not corrected after a reasonable notice and cure period, to:
(A)
immediately assume responsibility for maintenance and repairs of the Ocean City Convention facility; and
(B)
offset the costs of the maintenance and repairs against other amounts owed by the Authority to Ocean City, whether under the operating agreement with Ocean City or otherwise.
(2)
Paragraph (1)(i)1 of this subsection may not be construed to require gambling activities in the Ocean City Convention facility.
Md. Code Ann., Econ. Dev. § 10-644 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–644LinkCopy Citation
(a)
Except as allowed by § 10-639 of this subtitle, to finance acquisition and construction of any segment of a sports facility, the Authority shall comply with this section.
(b)
The Authority shall provide certification to the Legislative Policy Committee and the Board of Public Works, supported by a detailed report, that the Authority has:
(1)
attempted to maximize private investment in the sports facility proposed to be financed; and
(2)
with respect to a baseball or football stadium, negotiated a lease or a renewal or extension of a lease that will not terminate prior to the maturity date or payoff of any bonds issued for the stadium.
(c)
The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility, including the effect of the financing plan on financing options for other segments of the facility and anticipated revenues from private investment.
(d)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the lease or a renewal or extension of a lease described under subsection (b)(2) of this section, and the financing plan.
Md. Code Ann., Econ. Dev. § 10-645 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–645LinkCopy Citation
(a)
(1)
Except as agreed to in the memorandum of understanding under § 10–646 of this subtitle, the Authority shall comply with this section and § 5–303 of the Education Article to finance improvements to a Baltimore City public school facility.
(2)
The Authority and the Baltimore City Board of School Commissioners, as agreed to in the memorandum of understanding under § 10–646 of this subtitle and subject to paragraph (1) of this subsection, shall be responsible for school facilities construction and improvements financed with the proceeds of bonds issued under this subtitle in accordance with the Baltimore City Public Schools’ 10–Year Plan approved by the Baltimore City Board of School Commissioners on January 8, 2013, which may be amended from time to time in accordance with parameters established for review and comment in the memorandum of understanding established under § 10–646 of this subtitle.
(3)
(i)
Except as agreed to in the memorandum of understanding under § 10–646 of this subtitle and subject to subparagraph (ii) of this paragraph, a power granted to the Authority under this subtitle may not in any way interfere with the enumerated powers of the Baltimore City Board of School Commissioners under Title 4, Subtitle 3 of the Education Article.
(ii)
The powers of the Baltimore City Board of School Commissioners may not limit the ability of the Authority to carry out its obligations under this subtitle with respect to the improvement of Baltimore City public school facilities and the financing related to the improvements.
(b)
(1)
The Authority may not use any of its own money, whether appropriated or nonbudgeted, to pay for any costs or expenses related to financing improvements to Baltimore City public school facilities.
(2)
The sole source of payment for any costs or expenses related to financing improvements to Baltimore City public school facilities shall be the money on deposit in the Baltimore City Public School Construction Facilities Fund and the Baltimore City Public School Construction Financing Fund and bond proceeds held under a trust agreement.
(c)
At least 45 days before seeking approval of the Board of Public Works for each Baltimore City public school facilities bond issue, the Authority shall provide to the fiscal committees of the General Assembly written notice of:
(1)
the aggregate amount of funds needed for the relevant Baltimore City public school facilities, including a list of the facilities to be improved;
(2)
the anticipated total debt service for the proposed bond issue; and
(3)
the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for Baltimore City public school facilities.
(d)
(1)
A bond issued to finance improvements to a Baltimore City public school facility:
(i)
is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii)
is not a debt, liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or other governmental unit; and
(iii)
may not give rise to any pecuniary liability of the State, the Authority, or other governmental unit.
(2)
The issuance of a bond to finance improvements to a Baltimore City public school facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3)
Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.
(e)
Before each issuance of bonds to finance improvements to a Baltimore City public school facility, the Authority shall obtain the approval of the Board of Public Works of the proposed bond issue.
(f)
The total debt service for any bond issue, when added to all prior outstanding bond issues related to improvements to Baltimore City public school facilities, may not exceed the total amount of the funds provided under § 9–120(b)(1)(iii) of the State Government Article and the funds provided under subsections (g) and (h) of this section.
(g)
(1)
Beginning on July 1, 2013, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, Baltimore City shall deposit into the Baltimore City Public School Construction Financing Fund:
(i)
subject to annual appropriation, all revenues and receipts from the beverage container tax imposed by Baltimore City Ordinance No. 12–45, enacted June 26, 2012;
(ii)
the amounts paid by the State Comptroller to Baltimore City from the proceeds of table games at the video lottery facility located in Baltimore City that are dedicated to school construction in accordance with § 9–1A–27(d)(2)(i)1 of the State Government Article;
(iii)
subject to annual appropriation, 10% of the participation rent paid to Baltimore City by the operator of the video lottery facility located in Baltimore City; and
(iv)
any other revenues dedicated to or appropriated to the Baltimore City Public School Construction Financing Fund by Baltimore City.
(2)
The money deposited into the Baltimore City Public School Construction Financing Fund in accordance with this subsection shall be at least:
(i)
$4,000,000 by November 1, 2014;
(ii)
an additional $4,000,000 by May 1, 2015;
(iii)
an additional $4,000,000 by November 1, 2015;
(iv)
an additional $4,000,000 by May 1, 2016; and
(v)
until the bonds are no longer outstanding and unpaid:
(1)
an additional $10,000,000 by each November 1; and
(2)
an additional $10,000,000 by each May 1.
(3)
If the funds deposited into the Baltimore City Public School Construction Financing Fund are less than the amounts required under paragraph (2) of this subsection:
(i)
the Authority shall transfer money held in reserve for Baltimore City in the Baltimore City Public School Construction Facilities Fund to the Baltimore City Public School Construction Financing Fund in an amount equal to the lesser of:
(1)
the difference between the amount required to be paid under paragraph (2) of this subsection and the actual amount paid by Baltimore City; or
(2)
the amount held in reserve for Baltimore City in the Baltimore City Public School Construction Facilities Fund; and
(ii)
if the amount transferred to the Baltimore City Public School Construction Financing Fund under subparagraph (i) of this paragraph is less than the difference between the amount required to be paid under paragraph (2) of this subsection and the actual amount paid by Baltimore City:
(1)
the Authority shall direct the State Comptroller to withhold, under § 2–608 of the Tax – General Article, income tax revenue from Baltimore City in an amount equal to the difference between the amount transferred under subparagraph (i) of this paragraph and the amount required to be paid under paragraph (2) of this subsection; and
(2)
the State Comptroller shall credit the withheld amount to the Baltimore City Public School Construction Financing Fund on behalf of Baltimore City on or before the 15th day of the following December or June, as applicable.
(4)
Any money deposited by Baltimore City or on behalf of Baltimore City in accordance with this section in excess of the amount required in any semiannual period shall be transferred by the Authority to the Baltimore City Public School Construction Facilities Fund and held in reserve in accordance with paragraph (3) of this subsection and § 10–657 of this subtitle.
(h)
(1)
Beginning on July 1, 2013, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, the State Comptroller shall withhold from any installment due the Baltimore City Board of School Commissioners from the General State School Fund money representing additional State funds received from recurring retiree health costs shifted from Baltimore City to the Baltimore City Board of School Commissioners and deposit into the Baltimore City Public School Construction Financing Fund $10,000,000 for fiscal year 2014 and each fiscal year thereafter, to be paid in equal bi–monthly payments.
(2)
Beginning on July 1, 2015, and continuing until the bonds that have been issued to finance improvements to Baltimore City public school facilities are no longer outstanding and unpaid, in addition to the amount withheld under paragraph (1) of this subsection, the State Comptroller shall withhold from any installment due the Baltimore City Board of School Commissioners from the General State School Fund and deposit into the Baltimore City Public School Construction Financing Fund the following amounts, to be paid in equal bi–monthly payments:
(i)
$10,000,000 for fiscal year 2016; and
(ii)
$10,000,000 for fiscal year 2017 and each fiscal year thereafter.
(i)
(1)
If the money deposited in the Baltimore City Public School Construction Financing Fund in accordance with subsections (g) and (h) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Baltimore City Public School Construction Facilities Fund.
(2)
If funds are needed for debt service or debt service reserves, the Authority may transfer money in the Baltimore City Public School Construction Facilities Fund to the Baltimore City Public School Construction Financing Fund.
(j)
In connection with improvements to Baltimore City public school facilities, the Baltimore City Board of School Commissioners shall:
(1)
deliver to the Authority buildable sites, ready for improvement and free from any restrictions, easements, impediments, hazards or conditions that would affect the Authority’s schedule or budget for the improvement to a Baltimore City public school facility;
(2)
assume responsibility for the operation, maintenance, and repairs of each Baltimore City public school facility immediately before the occupancy of the Baltimore City public school facility or as agreed to in the memorandum of understanding under § 10–646 of this subtitle; and
(3)
except for a transfer or assignment to the Baltimore City Board of School Commissioners, obtain the approval of the State Superintendent of Schools and the Board of Public Works before the sale, assignment, mortgage, pledge, or encumbrance of any Baltimore City public school facility, or any interest in the facility.
(k)
(1)
Subject to subsection (b) of this section, before any bonds are issued to finance improvements to a Baltimore City public school facility, the Authority may pay for any costs of start–up, administration, overhead, and operations of the Authority or costs of engineering, architectural, and other design professionals.
(2)
(i)
Any cost overruns, unbudgeted expenses, or unforeseen costs incurred in connection with an improvement to a Baltimore City public school facility shall be payable solely from the Baltimore City Public School Construction Facilities Fund.
(ii)
If any cost overruns, unbudgeted expenses, or unforeseen costs occur as described in subparagraph (i) of this paragraph, the Authority shall provide a detailed report explaining the reasons for the cost overruns, unbudgeted expenses, or unforeseen costs and a description of the actions taken by the Authority to control costs within the budget established for each improvement to a Baltimore City public school facility.
(l)
On October 1, 2013, and each January 15 thereafter, the Authority, Baltimore City, the Baltimore City Board of School Commissioners, and the Interagency Commission on School Construction jointly shall report to the Governor, the Board of Public Works and, in accordance with § 2–1257 of the State Government Article, the fiscal committees of the General Assembly, on the progress of replacements, renovations, and maintenance of Baltimore City public school facilities, including actions:
(1)
taken during the previous fiscal year; and
(2)
planned for the current fiscal year.
(m)
Notwithstanding any other provision of law, a demolition or partial demolition of a school building under the Baltimore City Public Schools’ 10–Year Plan shall be exempt from any required notice to the Baltimore City Council or the President of the Baltimore City Council.
(n)
State funds from other sources, grants, or programs may be used in combination with funds provided under this section for a project.
Md. Code Ann., Econ. Dev. § 10-646 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–646LinkCopy Citation
(a)
Before any bonds are issued to finance improvements to a Baltimore City public school facility:
(1)
a four–party memorandum of understanding that meets the requirements of this section shall be entered into and signed by the Authority, Baltimore City, the Baltimore City Board of School Commissioners, and the Interagency Commission on School Construction; and
(2)
the Baltimore City Board of School Commissioners shall submit a long–term educational facilities master plan to the Joint Audit and Evaluation Committee and the budget committees, in accordance with § 2–1257 of the State Government Article.
(b)
In the case of a dispute between the parties relating to the provisions to be included in the memorandum of understanding, the State Superintendent of Schools shall facilitate resolution of the items in dispute.
(c)
The memorandum of understanding shall be agreed to by the parties on or before October 1, 2013, and may not go into effect until it is approved by the Board of Public Works.
(d)
(1)
The memorandum of understanding shall authorize the Authority to design and improve, or contract for the design and improvement of, a Baltimore City public school facility.
(2)
The authority granted to the Authority under paragraph (1) of this subsection is subject to the rights and responsibilities of the Interagency Commission on School Construction for the design and construction of a Baltimore City public school facility.
(e)
The memorandum of understanding shall require:
(1)
specific parameters regarding the roles, rights, and responsibilities of each party with respect to the process for and management of program development, scheduling, budgeting, procurement, design, construction administration, capital equipping, and maintenance of improvements to a Baltimore City public school facility;
(2)
specific parameters regarding the authority of the Baltimore City Board of School Commissioners over educational programs and issues relating to the Baltimore City Public Schools’ 10–Year Plan, including educational specifications, feasibility studies, and design elements of educational buildings, which shall provide that at the completion of schematic design, all parties shall agree to project scope, schedule, and budget;
(3)
specific parameters for a review and comment period for any proposed amendments to the Baltimore City Public Schools’ 10–Year Plan, as referenced in § 10–645(a) of this subtitle;
(4)
specific procedures related to the role of the Interagency Commission on School Construction related to improvements to a Baltimore City public school facility financed under this subtitle, which shall provide for efficiencies in cost, schedules, and processes;
(5)
a process for determining which planned projects for improvements to Baltimore City public school facilities will proceed as planned or will be postponed or canceled;
(6)
a pledge by Baltimore City, subject to annual appropriation, to deposit the following into the Baltimore City Public School Construction Financing Fund:
(i)
all revenues and receipts from the beverage container tax imposed by Baltimore City Ordinance No. 12–45, enacted June 26, 2012; and
(ii)
10% of the participation rent paid to Baltimore City by the operator of the video lottery facility located in Baltimore City;
(7)
a partnership between the Baltimore City Board of School Commissioners, the Baltimore City Department of Planning, Housing, Recreation, and Parks, and the Mayor of Baltimore City to coordinate new investment in Baltimore City public school facilities with the community development goals of Baltimore City;
(8)
a plan for any new or substantially renovated Baltimore City public school facilities to be available for recreational opportunities for the community;
(9)
a plan to present all architectural plans for all major renovation and new public school construction buildings and sites to the Baltimore City Planning Department’s Urban Design and Architectural Review Panel for schematic and final design review;
(10)
a process developed and agreed to by Baltimore City and the Baltimore City Board of School Commissioners to expedite the closure of public school buildings as provided in the Baltimore City Public Schools’ 10–Year Plan approved on January 8, 2013, and to arrange for the productive use of the closed buildings through the surplus process;
(11)
a plan developed by the Baltimore City Board of School Commissioners and approved by the Interagency Commission on School Construction for preventative and ongoing maintenance for existing, new, and renovated Baltimore City public school facilities, including funding sufficient to implement the plan;
(12)
a plan developed by the Baltimore City Board of School Commissioners and approved by the Interagency Commission on School Construction providing for minimum school utilization standards;
(13)
the creation of a “Stat” program for the Baltimore City Public Schools’ 10–Year Plan;
(14)
specific parameters for Baltimore City public school facilities financed under this subtitle regarding:
(i)
property management, maintenance plans and standards, annual inspections, and property insurance; and
(ii)
any claims, losses, or damages arising from the Authority’s improvement of any Baltimore City public school facility;
(15)
a process to resolve disputes and revise the memorandum of understanding, if necessary; and
(16)
an allocation of the public school improvements to be undertaken by the Authority and the Baltimore City Board of School Commissioners, respectively.
Md. Code Ann., Econ. Dev. § 10-646.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–646.1LinkCopy Citation
(a)
Except as allowed by § 10–639 of this subtitle, to finance the planning, design, and construction of any segment of a racing facility, the Authority shall comply with this section.
(b)
At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide, in accordance with § 2–1257 of the State Government Article, to the fiscal committees of the General Assembly a comprehensive financing plan for the relevant racing facility that includes:
(1)
the aggregate amount of funds needed for the racing facility to be financed with the proposed bonds;
(2)
a description of the racing facility to be constructed or renovated;
(3)
the anticipated total debt service for the proposed bond issue;
(4)
the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for racing facilities;
(5)
anticipated project costs of at least $250,000,000 for the Pimlico racing facility and $110,000,000 for the training facility site; and
(6)
a joint plan between the Maryland Thoroughbred Racetrack Operating Authority and the Department of Housing and Community Development that includes the following investments in and around the Pimlico racing facility site:
(i)
racetrack workforce housing;
(ii)
community commercial revitalization;
(iii)
community safety;
(iv)
community workforce development and job training;
(v)
affordable housing;
(vi)
homeownership and home preservation;
(vii)
redevelopment of vacant and blighted housing; and
(viii)
community beautification.
(c)
(1)
A bond issued to finance planning, design, and construction or renovations of or improvements to a racing facility:
(i)
is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii)
is not a debt, liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and
(iii)
may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.
(2)
The issuance of a bond to finance the planning, design, and construction or renovations of or improvements to a racing facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or make any appropriation to pay the bond.
(3)
Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.
(d)
(1)
In this subsection, “long–term agreement” includes a lease, operating, joint venture, or management agreement with a minimum term established by the Authority.
(2)
The Authority shall ensure that the following agreements are executed:
(i)
subject to paragraph (3) of this subsection, a long–term agreement regarding management and operations of the Pimlico racing facility site; and
(ii)
agreements between the Authority and project entities for the planning, design, and construction of a racing facility.
(3)
(i)
Subject to subparagraph (ii) of this paragraph, the long–term agreement required under paragraph (2)(i) of this subsection shall:
(1)
ensure the continuity of the Preakness Stakes at the Pimlico racing facility site after reconstruction by the Authority; and
(2)
establish:
(A)
the right of the thoroughbred racetrack operator to manage and operate the Pimlico racing facility site;
(B)
the obligation of the thoroughbred racetrack operator to operate, maintain as a first–class facility, in good condition, repair, and secure the Pimlico racing facility site during periods identified in the long–term agreement; and
(C)
the obligation of the thoroughbred racetrack operator to cooperate with respect to the provision of adequate parking and efficient transportation plans around the Pimlico racing facility site.
(ii)
(1)
If thoroughbred racing is no longer a lawful activity, or is otherwise rendered not commercially viable as a result of a change in law or regulation, the parties to the long–term agreement shall notify the Board of Public Works at least 180 days before the expiration or termination of the long–term agreement.
(2)
The notice required under subsubparagraph 1 of this subparagraph shall contain a plan for alternative uses for the Pimlico racing facility site that provide a necessary or beneficial public purpose and a process for community input that is facilitated by the Pimlico Community Advisory Board.
(3)
The long–term agreement required under paragraph (2)(i) of this subsection shall provide that if there is a dispute among the parties regarding the existence of the conditions described in subsubparagraph 1 of this subparagraph or the contents of the plan for alternative uses, the Authority is authorized to adjudicate the dispute as a contested case under Title 10, Subtitle 2 of the State Government Article, including authorization to delegate all or a portion of the adjudication to the Office of Administrative Hearings as determined in the sole discretion of the Authority.
(e)
The Authority may enter into agreements with project entities or local entities for planning, design, and construction of the racing and community development projects at a racing facility site.
(f)
For fiscal year 2022 and each fiscal year thereafter, until the bonds that have been issued to finance racing facilities are no longer outstanding and unpaid, the Comptroller shall deposit into the Racing and Community Development Financing Fund at least $17,000,000 from the State Lottery Fund under § 9–120(b)(1)(iv) of the State Government Article.
(g)
If the money deposited in the Racing and Community Development Financing Fund in accordance with subsection (f) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Racing and Community Development Facilities Fund.
(h)
If funds are needed for debt service or debt service reserves, the Authority may transfer money in the Racing and Community Development Facilities Fund to the Racing and Community Development Financing Fund.
(i)
(1)
For the purpose of the planning, design, construction, and ownership of a racing and community development project under this subtitle, the Authority is the successor entity to the Maryland Thoroughbred Racetrack Operating Authority.
(2)
For the purpose of the operation of a racing and community development project under this subtitle, the Authority is the successor entity to the Maryland Thoroughbred Racetrack Operating Authority.
(3)
The Authority may enter into any agreements necessary to carry out the provisions of this section.
(4)
The thoroughbred racetrack operator:
(i)
shall be a nonstock corporation formed under the laws of the State and not operated for profit;
(ii)
may not be construed to be an agency or instrumentality of the State or a unit of the Executive Branch for any purpose;
(iii)
may be replaced with another business entity designated by the Authority in accordance with the terms of the long–term agreement; and
(iv)
shall reimburse the Authority for the cost of a full–time auditor responsible for overseeing the financial transactions and records relating to racing and community project costs and ongoing operations.
(j)
(1)
The thoroughbred racetrack operator shall prepare accrual basis financial statements at the close of each fiscal year and provide a copy of those financial statements to the Authority annually.
(2)
The accrual basis financial statements required under paragraph (1) of this subsection shall describe the current financial conditions of the thoroughbred racetrack operator and include a statement of operating profit or loss.
(3)
(i)
Subject to subparagraph (ii) of this paragraph, beginning with the first full fiscal year of thoroughbred racing operations at the reconstructed Pimlico racing facility, 10% of the annual net income of the thoroughbred racetrack operator shall be distributed each year to the Pimlico Community Development Authority to be distributed to designated community development organizations assigned to the impacted communities for community development activities outlined in the adopted Pimlico Area Joint Plan.
(ii)
Before calculating the amount to be distributed under subparagraph (i) of this paragraph, the annual net income of the thoroughbred racetrack operator shall be reduced by contributions from any thoroughbred purse account and the cumulative operating losses carried forward, if any, from the prior years of operation.
Md. Code Ann., Econ. Dev. § 10-646.2 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–646.2LinkCopy Citation
(a)
Except as authorized by § 10–639 of this subtitle, to finance site acquisition, design, and construction of any segment of the Hagerstown Multi–Use Sports and Events Facility, the Authority shall comply with this section.
(b)
At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide to the fiscal committees of the General Assembly, in accordance with § 2–1257 of the State Government Article, a comprehensive financing plan for the relevant segment of the facility.
(c)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.
(d)
For fiscal year 2023 and each fiscal year thereafter, until the bonds that have been issued to finance the Hagerstown Multi–Use Sports and Events Facility are no longer outstanding and unpaid, the Governor shall include in the annual budget bill an appropriation of $3,750,000 to the Hagerstown Multi–Use Sports and Events Facility Fund.
(e)
The Authority may not issue bonds to finance the Hagerstown Multi–Use Sports and Events Facility until the Authority and The Hagerstown Multi–Use Sports and Events Facility, Inc., secure a written operating agreement.
(f)
The Authority shall secure a written agreement to transfer ownership of the Hagerstown Multi–Use Sports and Events Facility from the Authority to The Hagerstown Multi–Use Sports and Events Facility, Inc., as approved by the Board of Public Works:
(1)
in which The Hagerstown Multi–Use Sports and Events Facility, Inc., agrees to:
(i)
own, market, promote, and operate or contract for the marketing, promotion, and operation of the Hagerstown Multi–Use Sports and Events Facility in a manner that maximizes the Facility’s economic return; and
(ii)
to maintain and repair or contract for the maintenance and repair of the Hagerstown Multi–Use Sports and Events Facility so as to keep the Hagerstown Multi–Use Sports and Events Facility in first–class operating condition;
(2)
that includes provisions:
(i)
protecting the investments of the Authority and The Hagerstown Multi–Use Sports and Events Facility, Inc., in the Hagerstown Multi–Use Sports and Events Facility;
(ii)
requiring The Hagerstown Multi–Use Sports and Events Facility, Inc., to contribute to a capital improvement reserve fund an amount sufficient to keep the Hagerstown Multi–Use Sports and Events Facility in first–class operating condition;
(iii)
requiring The Hagerstown Multi–Use Sports and Events Facility, Inc., to be solely responsible for all expenditures relating to the operation of the Hagerstown Multi–Use Sports and Events Facility that may be incurred, including operating deficits; and
(iv)
allowing The Hagerstown Multi–Use Sports and Events Facility, Inc., to keep all operating profits resulting from the operation of the Hagerstown Multi–Use Sports and Events Facility each year; and
(3)
to be solely responsible for all expenditures relating to the operation, maintenance, and repair of the Hagerstown Multi–Use Sports and Events Facility that may be incurred, including the amount by which expenditures exceed revenues.
(g)
On or before December 31 each year, The Hagerstown Multi–Use Sports and Events Facility, Inc., shall report to the Senate Budget and Taxation Committee and the House Appropriations Committee, in accordance with § 2–1257 of the State Government Article, on the Facility’s assessment of the maintenance and repair needed to keep the Hagerstown Multi–Use Sports and Events Facility in operating order.
Md. Code Ann., Econ. Dev. § 10-646.3 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–646.3LinkCopy Citation
(a)
Except as authorized by § 10–639 of this subtitle, to finance site acquisition, design, construction, equipping, and furnishing of any segment of a sports entertainment facility, the Authority shall comply with this section.
(b)
(1)
The Authority shall have received a written request for financing and construction management services from the State, a county, or a local government in which the sports entertainment facility is located or to be located or a nonprofit organization that will own or operate the sports entertainment facility.
(2)
The request shall include:
(i)
the location of the proposed sports entertainment facility;
(ii)
the amount, source, and timing of funding not including Authority bonds which may be issued to finance the proposed sports entertainment facility; and
(iii)
a description of the anticipated use of the proposed sports entertainment facility.
(c)
The Authority shall provide the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of the facility.
(d)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the financing plan, and the agreement under subsection (e) of this section.
(e)
The Authority may not issue bonds to finance a sports entertainment facility until the Authority secures a written agreement with the State, county, or local government in which the sports entertainment facility is located or a nonprofit organization that will own or operate the sports entertainment facility, as approved by the Board of Public Works, under which:
(1)
the source of funding and the order in which funds will be spent is described; and
(2)
the State, county, local government, or nonprofit organization agrees to:
(i)
own, market, promote, and operate or contract for the marketing, promotion, and operation of the sports entertainment facility in a manner that maximizes the facility’s economic return;
(ii)
maintain and repair or contract for the maintenance and repair of the sports entertainment facility so as to keep the sports entertainment facility in first–class operating condition; and
(iii)
any other terms or conditions deemed necessary or appropriate by the Authority.
(f)
On or before December 31 each year, a county or local government in which a sports entertainment facility financed in whole or in part under this subtitle is located or a nonprofit organization that owns or operates a sports entertainment facility shall report to the Senate Budget and Taxation Committee and the House Appropriations Committee, in accordance with § 2–1257 of the State Government Article, on the sports entertainment facility’s assessment of the maintenance and repair needed to keep the facility in operating order.
(g)
(1)
A bond issued to finance a sports entertainment facility:
(i)
is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii)
is not a debt, liability, or pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit but is only a limited obligation of the Authority payable solely from money made available to the Authority for that purpose; and
(iii)
may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit but is only a limited obligation of the Authority payable solely from money pledged by the Authority.
(2)
The issuance of a bond to finance a sports entertainment facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3)
Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.
(h)
The sole source of payment for bonds issued for a sports entertainment facility shall be money on deposit in the Sports Entertainment Facilities Financing Fund.
Md. Code Ann., Econ. Dev. § 10-646.4 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–646.4LinkCopy Citation
(a)
Except as allowed by § 10–639 of this subtitle, to finance site acquisition and the planning, design, and construction of a Prince George’s County Blue Line Corridor facility, the Authority shall comply with this section.
(b)
At least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, the Authority shall provide, in accordance with § 2–1257 of the State Government Article, to the fiscal committees of the General Assembly a comprehensive financing plan for the relevant Prince George’s County Blue Line Corridor facility that includes:
(1)
the aggregate amount of funds needed for the Prince George’s County Blue Line Corridor facility to be financed with the proposed bonds;
(2)
a description of the Prince George’s County Blue Line Corridor facility to be constructed or renovated;
(3)
the anticipated total debt service for the proposed bond issue;
(4)
the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for Prince George’s County Blue Line Corridor facilities; and
(5)
anticipated project costs for the Prince George’s County Blue Line Corridor facility.
(c)
(1)
A bond issued to finance site acquisition, planning, design, and construction or renovations of or improvements to a Prince George’s County Blue Line Corridor facility:
(i)
is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii)
is not a debt, a liability, or a pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and
(iii)
may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.
(2)
The issuance of a bond to finance the site acquisition, planning, design, and construction or renovations of or improvements to a Prince George’s County Blue Line Corridor facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or make any appropriation to pay the bond.
(3)
Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.
(d)
The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue, the financing plan, and the agreement under subsection (e) of this section.
(e)
The Authority may not issue bonds to finance a Prince George’s County Blue Line Corridor facility until the Authority secures a written agreement with Prince George’s County identifying the roles and responsibilities of each party with respect to the Prince George’s County Blue Line Corridor facility.
(f)
For fiscal year 2027 and each fiscal year thereafter, until the bonds that have been issued to finance Prince George’s County Blue Line Corridor facilities are no longer outstanding and unpaid, the Comptroller shall deposit into the Prince George’s County Blue Line Corridor Facility Fund an amount not to exceed $29,000,000 from the State Lottery Fund under § 9–120(b)(1)(xi) of the State Government Article.
Md. Code Ann., Econ. Dev. § 10-647 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–647LinkCopy Citation
A financial institution, investment company, insurance company or association, or a personal representative, guardian, trustee, or other fiduciary, may legally invest any money belonging to it or within its control in any bonds issued by the Authority.
Md. Code Ann., Econ. Dev. § 10-648 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–648LinkCopy Citation
(a)
The Authority is exempt from any requirement to pay taxes or assessments of any kind.
(b)
The principal of and interest on bonds, and any income derived from the bonds, including profits made in their sale or transfer, are forever exempt from all State and local taxes.
Md. Code Ann., Econ. Dev. § 10-649 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–649LinkCopy Citation
(a)
(1)
Except as provided in § 10–650 of this subtitle, the Authority shall comply with this section and § 5–303 of the Education Article to finance improvements to a public school facility.
(2)
The Authority, as agreed to in the project memorandum of understanding under § 10–650 of this subtitle and subject to paragraph (1) of this subsection, shall be responsible for school facilities construction and improvements financed with the proceeds of bonds issued under this subtitle.
(3)
(i)
Except as agreed to in the project memorandum of understanding under § 10–650 of this subtitle and subject to subparagraph (ii) of this paragraph, a power granted to the Authority under this subtitle may not in any way interfere with the enumerated powers of a county board of education under Title 3 of the Education Article.
(ii)
The powers of the county board of education may not limit the ability of the Authority to carry out its obligations under this subtitle with respect to improvements of the public school facility and the financing related to the improvements.
(b)
(1)
Except as provided in subsection (j)(1) of this section, the Authority may not use any current sources of funds, whether appropriated or nonbudgeted, to pay for any costs or expenses related to financing public school facilities.
(2)
The sole source of payment for any costs or expenses related to financing public school facilities shall be the money on deposit in the Supplemental Public School Construction Facilities Fund and the Supplemental Public School Construction Financing Fund and bond proceeds held under a trust agreement.
(c)
At least 45 days before seeking approval of the Board of Public Works for each public school facilities bond issue, the Authority shall provide to the fiscal committees of the General Assembly, in accordance with § 2–1257 of the State Government Article, written notice of:
(1)
the aggregate amount of funds needed for the public school facilities to be financed with the proposed bonds;
(2)
the anticipated total debt service for the proposed bond issue; and
(3)
the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for public school facilities.
(d)
(1)
A bond issued to finance improvements, construction, or renovations to a public school facility:
(i)
is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii)
is not a debt, liability, or pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and
(iii)
may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.
(2)
The issuance of a bond to finance improvements to a public school facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3)
Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.
(e)
(1)
Before each issuance of bonds to finance improvements to a public school facility, the Authority shall obtain the approval of the Board of Public Works of the aggregate amount of the proposed bond issue.
(2)
The Authority may issue bonds to finance improvements to a public school facility on or after January 1, 2021.
(f)
(1)
Except as provided in paragraph (2) of this subsection, the total debt service for any bond issue, when added to all prior outstanding bond issues related to improvements to public school facilities, may not exceed the total amount of the funds provided under subsection (g) of this section.
(2)
If the Prince George’s County Board enters into a public–private partnership agreement under § 4–126.1 of the Education Article, the total debt service for all bond issues may not exceed $100,000,000.
(g)
(1)
In accordance with § 9–1A–30 of the State Government Article, the Comptroller shall deposit a portion of the money in the Education Trust Fund into the Supplemental Public School Construction Financing Fund for the program to be known as the Built to Learn Program.
(2)
The funds under paragraph (1) of this subsection shall be deposited in the following amounts:
(i)
in fiscal year 2022 – $30,000,000;
(ii)
in fiscal year 2023 – $60,000,000;
(iii)
in fiscal year 2024 – $125,000,000; and
(iv)
in fiscal year 2025 and each fiscal year thereafter – $127,000,000.
(3)
The Comptroller shall deposit 50% of the funds under paragraph (2) of this subsection on or before November 1 each year and the other 50% on or before May 1 each year.
(h)
(1)
If the money deposited into the Supplemental Public School Construction Financing Fund in accordance with subsection (g) of this section is not needed for debt service or debt service reserves, the Authority may transfer those funds to the Supplemental Public School Construction Facilities Fund.
(2)
If funds are needed for debt service or debt service reserves, the Authority may transfer money in the Supplemental Public School Construction Facilities Fund to the Supplemental Public School Construction Financing Fund.
(i)
Except as agreed to in the project memorandum of understanding under § 10–650 of this subtitle:
(1)
the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund; and
(2)
the county board of education shall:
(i)
deliver to the Authority buildable sites, ready for improvement and free from any restrictions, easements, impediments, hazards, or conditions that would affect the Authority’s schedule or budget for the improvement to a public school facility;
(ii)
deliver to the Authority a public school facility with title that has vested in the county board of education or in an entity approved by the county board of education other than the Authority; and
(iii)
ensure that no public school facility is sold, assigned, mortgaged, pledged, or encumbered without the consent of the Authority if there are proceeds of bonds still outstanding or unpaid that were used in the construction of or renovations to the public school facility.
(j)
(1)
Before any bonds are issued to finance improvements to a public school facility, the Authority may pay for any costs of start–up, administration, overhead, and operations of the Authority or costs of engineering, architectural, and other design professionals.
(2)
Before the availability of funds from the Supplemental Public School Construction Facilities Fund, the Authority shall be entitled to reimbursement from the Supplemental Public School Construction Financing Fund for any costs described under paragraph (1) of this subsection.
(k)
On January 15, 2021, and each January 15 thereafter, the Authority shall report to the Governor, the Board of Public Works, and, in accordance with § 2–1257 of the State Government Article, the fiscal committees of the General Assembly on the progress of construction and renovations of public school facilities, including actions:
(1)
taken during the previous fiscal year; and
(2)
planned for the current fiscal year.
(l)
(1)
On or before July 1, 2030, the Authority shall complete a 10–year evaluation of the effectiveness of the issuance of bonds to finance construction and renovations of public school facilities.
(2)
On or before December 31, 2030, the Interagency Commission on School Construction shall submit a report on the results of the evaluation required under paragraph (1) of this subsection to the Governor and, in accordance with § 2–1257 of the State Government Article, the fiscal committees of the General Assembly.
Md. Code Ann., Econ. Dev. § 10-650 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–650LinkCopy Citation
(a)
(1)
Except as provided in paragraphs (2), (3), and (4) of this subsection, the Interagency Commission on School Construction shall, on a rolling basis, approve public school facility projects to be funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund.
(2)
The first projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund shall be projects that the Interagency Commission on School Construction has deemed eligible for funding but State funding for the projects has been deferred due to fiscal constraints.
(3)
The Interagency Commission on School Construction may not approve a public school facility project that would reimburse a county for a public school facility that has been completed.
(4)
(i)
Subject to the approval of the Authority, the Interagency Commission on School Construction shall approve expenditures for eligible costs to be reimbursed for a public school facility that begins construction on or after June 1, 2020.
(ii)
Eligible costs in subparagraph (i) of this paragraph include items eligible for State funding as provided in subsection (c) of this section.
(b)
(1)
Subject to paragraph (2) of this subsection, and except as provided in paragraph (3) of this subsection, a percentage of the proceeds of the bonds authorized under § 10–628 of this subtitle shall be allocated to projects approved by the Interagency Commission on School Construction in the following amounts:
(i)
Anne Arundel County – 12.5%;
(ii)
Baltimore City – 21.0%;
(iii)
Baltimore County – 21.0%;
(iv)
Frederick County – 5.1%;
(v)
Howard County – 6.6%;
(vi)
Montgomery County – 21.0%; and
(vii)
all other counties – 11.5%.
(2)
(i)
Subject to subparagraph (ii) of this paragraph, a percentage of the bond proceeds specified for Baltimore City under paragraph (1) of this subsection shall be used to provide an amount equal to not more than 6% of the total allocation for Baltimore City for a project at a school within an area designated for grant funding through the CHOICE Neighborhood Program administered by the Department of Housing and Urban Development and coordinated locally by the Housing Authority of Baltimore City.
(ii)
The allocation required under subparagraph (i) of this paragraph may be provided only if the Mayor and City Council of Baltimore City secure at least $30,000,000 in additional revenues for the project.
(3)
For Prince George’s County, the county’s share of the additional school construction allocation will be provided through the public–private partnership agreement entered into and approved in accordance with § 4–126.1 of the Education Article.
(4)
Any allocations not utilized by a county or county board of education within 10 years after the allocation shall be subject to reallocation.
(5)
State funds from other sources, grants, or programs may be used in combination with funds provided under this section for a project.
(c)
(1)
Except as otherwise provided in paragraphs (2) through (4) of this subsection, the allocation of bond proceeds authorized in § 10–628 of this subtitle represents the State share of eligible public school construction or capital improvement costs as established by regulation in accordance with § 5–303 of the Education Article, which shall include architectural, engineering, consulting, and other planning costs as eligible costs.
(2)
For a county that receives the minimum State share of eligible school construction costs and has advanced construction funding for projects in the Public School Construction Program that the Interagency Commission on School Construction has approved for planning, the State share of eligible costs for the allocation of bond proceeds authorized in § 10–628 of this subtitle shall include 150% of the applicable gross area baseline in gross square foot per student for each project.
(3)
In Baltimore City, the bond proceeds authorized under § 10–628 of this subtitle may be used for furniture, fixtures, equipment, design, and the staff necessary to manage the school construction projects.
(4)
A county may use a loan from the School Construction Revolving Loan Fund established under § 5–315 of the Education Article to represent the State or local share of eligible public school construction or capital improvement costs.
(5)
The State share of eligible costs for projects shall be 100% if:
(i)
the project is located in a county for which the State share for school construction projects in fiscal year 2025 is below 55% and has not more than 60,000 full–time equivalent enrollment in fall 2023, as defined in § 5–201 of the Education Article;
(ii)
the allocation under subsection (b) of this section is to be used for a public high school that has the highest rate of students eligible for free and reduced price meals as compared to other public high schools in the same county;
(iii)
the project is classified as a major renovation; and
(iv)
the planning and design for the project occurs in fiscal year 2025 or 2026.
(d)
(1)
Except as agreed to in the project memorandum of understanding under this section, the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund.
(2)
In Baltimore City, the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund.
(3)
If a county board of education contracts for, manages, and oversees a public school facility project funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund, the public school facility project shall be subject to the same requirements and procedures that govern the Public School Construction Program.
(e)
(1)
Before a public school facility project is approved for funding from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund, the Authority and the Interagency Commission on School Construction shall enter into a program memorandum of understanding.
(2)
Except as provided under paragraph (3) of this subsection, the program memorandum of understanding under paragraph (1) of this subsection shall:
(i)
provide for the Authority’s right to assume a project undertaken under certain circumstances;
(ii)
provide, generally, for the order and control of all funding for public school facility construction projects under this subtitle;
(iii)
authorize the Authority to make final decisions involving disputes that may impact any Authority obligations under this subtitle; and
(iv)
(1)
authorize the Authority to review and approve project budgets; or
(2)
authorize the Authority to review and comment on project budgets, if a public school facility project funded from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund is being contracted for, managed, or overseen by a county and a county board of education.
(3)
If the county board of education contracts for, manages, and oversees public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund, the program memorandum of understanding may not include the provisions under paragraph (2)(i) and (iv)1 of this subsection.
(f)
(1)
(i)
Subject to paragraph (2) of this subsection, before a public school facility project is approved for funding from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund, the Authority, the county government, and the county board of education shall enter into a project memorandum of understanding for a public school facility.
(ii)
The project memorandum of understanding required under subparagraph (i) of this paragraph shall:
(1)
be subject to the applicable terms and conditions set forth in the program memorandum of understanding under subsection (e)(2) of this section;
(2)
identify specific parameters regarding the roles and responsibilities of each party with respect to budget review and approval, procurement, design, schedule, construction administration, and contract compliance and reporting;
(3)
reserve the right of the Authority to assume a project under certain circumstances;
(4)
include a provision that the State and local cost–share for the county established in regulations shall apply to a county public school facility approved for funding from the Supplemental Public School Construction Financing Fund or the Supplemental Public School Construction Facilities Fund;
(5)
require the county and county board of education to give priority in funding projects to schools:
(A)
that are the oldest buildings in the school system with significant facility deficiencies;
(B)
with high concentrations of students eligible for free or reduced price meals;
(C)
with a high number of relocatable classrooms;
(D)
with a high utilization based on the school’s State rated capacity; or
(E)
with space needs for full–day prekindergarten or career and technical education programs; and
(6)
include a comprehensive plan for local hiring and a plan to maximize the utilization of State–certified locally based minority and women–owned businesses for projects approved for funding.
(2)
For Baltimore City, if a provision of the memorandum of understanding entered into in accordance with § 10–646 of this subtitle conflicts with a provision of the project memorandum of understanding under this subsection, the provision of the memorandum of understanding in § 10–646 of this subtitle shall prevail.
(3)
(i)
(1)
Except as provided in subparagraph (ii) of this paragraph, the Authority may authorize a county board of education to contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund in the project memorandum of understanding.
(2)
In deciding whether to authorize a county board to take certain actions under subsubparagraph 1 of this subparagraph, the Authority shall consider the county board’s:
(A)
track record in managing public school facility projects, including completing projects on schedule and within budget; and
(B)
expertise and capacity to manage the proposed public school projects.
(ii)
In Baltimore City, the Authority shall contract for, manage, and oversee public school facility projects funded from the Supplemental Public School Construction Financing Fund and the Supplemental Public School Construction Facilities Fund.
Md. Code Ann., Econ. Dev. § 10-651 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–651LinkCopy Citation
(a)
There is a Baltimore Convention Financing Fund.
(b)
(1)
The Baltimore Convention Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore Convention facilities.
(2)
The Authority shall:
(i)
use the Baltimore Convention Fund as a revolving fund for carrying out this subtitle concerning Baltimore Convention facilities; and
(ii)
pay any and all expenses from the Baltimore Convention Fund that are incurred by the Authority related to the Baltimore Convention facility.
(c)
(1)
To the extent considered appropriate by the Authority, the receipts of the Baltimore Convention Fund shall be pledged to and charged with the following relating to the Baltimore Convention facility:
(i)
the payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to Authority borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.
(d)
The Baltimore Convention Fund consists of:
(1)
funds appropriated for deposit to the Baltimore Convention Fund;
(2)
proceeds from the sale of bonds concerning the Baltimore Convention facility;
(3)
revenues collected or received from any source under this subtitle related to Baltimore Convention facilities; and
(4)
any additional money made available from any public or private sources for the purposes established for the Baltimore Convention Fund.
(e)
(1)
The Treasurer shall invest the money of the Baltimore Convention Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Baltimore Convention Fund.
(3)
No part of the Baltimore Convention Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-652 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–652LinkCopy Citation
(a)
There is a Camden Yards Financing Fund.
(b)
The Authority shall:
(1)
use the Camden Yards Fund as a nonlapsing, revolving fund for implementing this subtitle concerning sports facilities and other facilities at Camden Yards;
(2)
pay all expenses and make all expenditures related to Camden Yards facilities from the Camden Yards Fund; and
(3)
transfer the sum of $24,000,000 to the Public School Construction Fund established under § 7–326 of the State Finance and Procurement Article by making an annual payment of $2,400,000 beginning in fiscal year 2001 and ending in fiscal year 2010.
(c)
(1)
To the extent considered appropriate by the Authority, the receipts of the Camden Yards Fund shall be pledged to and charged with the following relating to sports facilities:
(i)
the payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to Authority borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.
(d)
The Camden Yards Fund consists of:
(1)
proceeds from the sale of bonds related to sports facilities;
(2)
revenues collected or received from any source under this subtitle related to Camden Yards facilities;
(3)
any other revenues related to Camden Yards facilities, under the jurisdiction of the Authority;
(4)
admissions and amusement tax revenues distributed to the Authority under the Tax – General Article;
(5)
any additional revenue, gift, donation, or other funding source authorized by law related to Camden Yards facilities; and
(6)
payments by Baltimore City under subsection (f) of this section.
(e)
(1)
The Treasurer shall invest the money of the Camden Yards Fund in the same manner as State funds.
(2)
Any investment earnings shall be credited to the Camden Yards Fund.
(3)
No part of the Camden Yards Fund may revert to or be credited to the General Fund or any special fund of the State.
(f)
Baltimore City shall pay $1,000,000 each year into the Camden Yards Fund for the purposes of debt service and other forms of obligation by the Authority.
Md. Code Ann., Econ. Dev. § 10-652.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–652.1LinkCopy Citation
(a)
In this section, “Fund” means the Camden Yards Football Sports Facility Supplemental Financing Fund.
(b)
There is a Camden Yards Football Sports Facility Supplemental Financing Fund.
(c)
The purpose of the Fund is to enable the Authority to:
(1)
use the Fund as a revolving fund for implementing this subtitle as it relates to the Camden Yards football sports facility; and
(2)
pay any expenses incurred by the Authority that are related to the Camden Yards football sports facility.
(d)
The Authority shall administer the Fund.
(e)
(1)
The Fund is a continuing, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f)
(1)
To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following related to the Camden Yards football sports facility:
(i)
payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to the Authority’s borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in any applicable Authority resolution.
(g)
The Fund consists of:
(1)
money distributed to the Fund under § 9–120(b) of the State Government Article;
(2)
money appropriated for deposit in the Fund;
(3)
proceeds from the sale of bonds concerning the Camden Yards football sports facility;
(4)
revenues collected or received from any source under this subtitle related to the Camden Yards football sports facility;
(5)
any interest earnings of the Fund; and
(6)
any additional money made available from any source for the purposes established for the Fund.
(h)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State funds.
(2)
Any investment or interest earnings shall be credited to the Fund.
(3)
No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-652.2 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–652.2LinkCopy Citation
(a)
In this section, “Fund” means the Camden Yards Baseball Sports Facility Supplemental Financing Fund.
(b)
There is a Camden Yards Baseball Sports Facility Supplemental Financing Fund.
(c)
The purpose of the Fund is to enable the Authority to:
(1)
use the Fund as a revolving fund for implementing this subtitle as it relates to the Camden Yards baseball sports facility; and
(2)
pay any expenses incurred by the Authority that are related to the Camden Yards baseball sports facility.
(d)
The Authority shall administer the Fund.
(e)
(1)
The Fund is a continuing, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f)
(1)
To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following related to the Camden Yards baseball sports facility:
(i)
payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to the Authority’s borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in any applicable Authority resolution.
(g)
The Fund consists of:
(1)
money distributed to the Fund under § 9–120(b) of the State Government Article;
(2)
money appropriated for deposit in the Fund;
(3)
proceeds from the sale of bonds concerning the Camden Yards baseball sports facility;
(4)
revenues collected or received from any source under this subtitle related to the Camden Yards baseball sports facility;
(5)
any interest earnings of the Fund; and
(6)
any additional money made available from any source for the purposes established for the Fund.
(h)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State funds.
(2)
Any investment or interest earnings shall be credited to the Fund.
(3)
No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-652.3 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–652.3LinkCopy Citation
(a)
In this section, “Fund” means the Camden Yards Football Sports Facility Capital Works Fund.
(b)
There is a Camden Yards Football Sports Facility Capital Works Fund.
(c)
The purpose of the Fund is to enable the Authority to pay all expenses related to capital improvements and repairs at the Camden Yards football sports facility.
(d)
The Authority shall administer the Fund.
(e)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
to the extent considered appropriate by the Authority, proceeds from the sale of bonds concerning the Camden Yards football sports facility;
(3)
interest earnings; and
(4)
any other money from any other source accepted for the benefit of the Fund.
(g)
(1)
The Fund may be used only for:
(i)
capital improvements or capital repairs at or for the benefit of the Camden Yards football sports facility; and
(ii)
to the extent funds in the Camden Yards Football Sports Facility Emergency Repair Fund established under § 10–652.4 of this subtitle are insufficient, emergency repairs.
(2)
The Fund may not be:
(i)
pledged to or charged with Authority borrowing;
(ii)
used for payment of debt service; or
(iii)
used for the associated charges, expenses, or management of Authority obligations related to Authority bonds.
(h)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any interest earnings of the Fund shall be credited to the Fund.
(3)
No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-652.4 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–652.4LinkCopy Citation
(a)
In this section, “Fund” means the Camden Yards Football Sports Facility Emergency Repair Fund.
(b)
There is a Camden Yards Football Sports Facility Emergency Repair Fund.
(c)
The purpose of the Fund is to enable the Authority to pay all expenses related to emergency repairs at the Camden Yards football sports facility.
(d)
The Authority shall administer the Fund.
(e)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
to the extent considered appropriate by the Authority, proceeds from the sale of bonds concerning the Camden Yards football sports facility;
(3)
interest earnings; and
(4)
any other money from any other source accepted for the benefit of the Fund.
(g)
(1)
The Fund may be used only for expenditures related to emergency repairs at the Camden Yards football sports facility.
(2)
The Fund may not be:
(i)
pledged to or charged with Authority borrowing;
(ii)
used for payment of debt service; or
(iii)
used for the associated charges, expenses, or management of Authority obligations related to Authority bonds.
(h)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any interest earnings of the Fund shall be credited to the Fund.
(3)
No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-653 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–653LinkCopy Citation
(a)
There is a Hippodrome Performing Arts Financing Fund.
(b)
(1)
The Hippodrome Performing Arts Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning the Hippodrome Performing Arts facility.
(2)
The Authority shall:
(i)
use the Hippodrome Performing Arts Fund as a revolving fund for implementing this subtitle concerning the Hippodrome Performing Arts facility; and
(ii)
pay any and all expenses from the Hippodrome Performing Arts Fund that are incurred by the Authority concerning the Hippodrome Performing Arts facility.
(c)
(1)
To the extent considered appropriate by the Authority, the receipts of the Hippodrome Performing Arts Fund shall be pledged to and charged with the following relating to the Hippodrome Performing Arts facility:
(i)
the payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to Authority borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in § 10–634 of this subtitle.
(d)
The Hippodrome Performing Arts Fund consists of:
(1)
funds appropriated for deposit to the Hippodrome Performing Arts Fund;
(2)
proceeds from the sale of bonds concerning the Hippodrome Performing Arts facility;
(3)
revenues collected or received from any source under this subtitle concerning the Hippodrome Performing Arts facility; and
(4)
any additional money made available from any public or private source for the purposes established for the Hippodrome Performing Arts Fund.
(e)
(1)
The Treasurer shall invest the money of the Hippodrome Performing Arts Fund in the same manner as State funds.
(2)
Any investment earnings shall be credited to the Hippodrome Performing Arts Fund.
(3)
No part of the Hippodrome Performing Arts Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-654 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–654LinkCopy Citation
(a)
There is a Montgomery County Conference Financing Fund.
(b)
(1)
The Montgomery County Conference Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning the Montgomery County Conference facility.
(2)
The Authority shall:
(i)
use the Montgomery County Conference Fund as a revolving fund for implementing this subtitle relating to the Montgomery County Conference facility; and
(ii)
pay any and all expenses incurred by the Authority concerning the Montgomery County Conference facility from the Montgomery County Conference Fund.
(c)
(1)
To the extent considered appropriate by the Authority, the receipts of the Montgomery County Conference Fund shall be pledged to and charged with the following relating to the Montgomery County Conference facility:
(i)
the payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to Authority borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in § 10-634 of this subtitle.
(d)
The Montgomery County Conference Fund consists of:
(1)
funds appropriated for deposit to the Montgomery County Conference Fund;
(2)
proceeds from the sale of bonds concerning the Montgomery County Conference facility;
(3)
revenues collected or received from any source under this subtitle concerning the Montgomery County Conference facility; and
(4)
any additional money made available from any public or private sources for the purposes established for the Montgomery County Conference Fund.
(e)
(1)
The Treasurer shall invest the money of the Montgomery County Conference Fund in the same manner as State funds.
(2)
Any investment earnings shall be credited to the Montgomery County Conference Fund.
(3)
No part of the Montgomery County Conference Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-655 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–655LinkCopy Citation
(a)
There is an Ocean City Convention Financing Fund.
(b)
(1)
The Ocean City Convention Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle relating to the Ocean City Convention facility.
(2)
The Authority shall:
(i)
use the Ocean City Convention Fund as a revolving fund for implementing this subtitle relating to the Ocean City Convention facility; and
(ii)
pay any and all expenses incurred by the Authority concerning the Ocean City Convention facility from the Ocean City Convention Fund.
(c)
(1)
To the extent considered appropriate by the Authority, the receipts of the Ocean City Convention Fund shall be pledged to and charged with the following relating to the Ocean City Convention facility:
(i)
the payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to Authority borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority provision.
(d)
The Ocean City Convention Fund consists of:
(1)
funds appropriated for deposit to the Ocean City Convention Fund;
(2)
proceeds from the sale of bonds concerning the Ocean City Convention facility;
(3)
revenues collected or received from any source under this subtitle concerning Ocean City Convention facilities; and
(4)
any additional money made available from any public or private sources for the purposes established for the Ocean City Convention Fund.
(e)
(1)
The Treasurer shall invest the money of the Ocean City Convention Fund in the same manner as State funds.
(2)
Any investment earnings shall be credited to the Ocean City Convention Fund.
(3)
No part of the Ocean City Convention Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-656 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–656LinkCopy Citation
(a)
There is a Baltimore City Public School Construction Financing Fund.
(b)
(1)
The Baltimore City Public School Construction Financing Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore City public school facilities.
(2)
The Authority shall:
(i)
use the Baltimore City Public School Construction Financing Fund as a revolving fund for carrying out this subtitle concerning Baltimore City public school facilities; and
(ii)
pay any and all expenses from the Baltimore City Public School Construction Financing Fund that are incurred by the Authority related to any Baltimore City public school facilities.
(c)
(1)
To the extent considered appropriate by the Authority, the money on deposit in the Baltimore City Public School Construction Financing Fund shall be pledged to and used to pay the following relating to Baltimore City public school facilities:
(i)
debt service on Authority bonds;
(ii)
debt service reserves under a trust agreement;
(iii)
all reasonable charges and expenses related to Authority borrowing; and
(iv)
all reasonable charges and expenses related to the Authority’s administration of the Baltimore City Public School Construction Financing Fund and management of the Authority’s obligations.
(2)
The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.
(d)
The Baltimore City Public School Construction Financing Fund consists of:
(1)
money deposited in the Baltimore City Public School Construction Financing Fund;
(2)
to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning Baltimore City public school facilities;
(3)
revenues collected or received from any source under this subtitle related to Baltimore City public school facilities, including revenues collected or received in accordance with § 9–120 of the State Government Article;
(4)
funds to be deposited in accordance with § 10–645 of this subtitle; and
(5)
any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Financing Fund.
(e)
(1)
The Treasurer shall invest the money of the Baltimore City Public School Construction Financing Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Baltimore City Public School Construction Financing Fund.
(3)
No part of the Baltimore City Public School Construction Financing Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-657 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–657LinkCopy Citation
(a)
There is a Baltimore City Public School Construction Facilities Fund.
(b)
(1)
The Baltimore City Public School Construction Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore City public school facilities.
(2)
The Authority shall:
(i)
use the Baltimore City Public School Construction Facilities Fund as a revolving fund for carrying out this subtitle concerning Baltimore City public school facilities; and
(ii)
to the extent authorized by federal tax law, pay any and all expenses from the Baltimore City Public School Construction Facilities Fund that are incurred by the Authority related to any Baltimore City public school facilities.
(3)
(i)
Notwithstanding any other provision of law, the Authority shall transfer $10,000,000 of available funds to the Baltimore City Public School System to supplement funding for additional Baltimore City projects.
(ii)
The Authority may advance up to $1,000,000 of available funds in fiscal years 2021 and 2022 for the start–up and administration of Chapter 20 of the Acts of the General Assembly of 2020, which shall be reimbursed from the Supplemental Public School Construction Facilities Fund established under § 10–658.1 of this subtitle.
(c)
To the extent considered appropriate by the Authority or as agreed to in the memorandum of understanding under § 10–646 of this subtitle, the money on deposit in the Baltimore City Public School Construction Facilities Fund shall be used to pay the following relating to Baltimore City public school facilities:
(1)
debt service on Authority bonds;
(2)
design and construction costs relating to Baltimore City public school facilities;
(3)
to the extent authorized by federal tax law, costs of start–up, administration, overhead, and operations related to the management of improvements to Baltimore City public school facilities authorized under this subtitle and undertaken by the Baltimore City Board of School Commissioners; and
(4)
all reasonable charges and expenses related to the Authority’s administration of the Baltimore City Public School Construction Facilities Fund and the Baltimore City Public School Construction Financing Fund and management of the Authority’s obligations.
(d)
The Baltimore City Public School Construction Facilities Fund consists of:
(1)
funds transferred from the Baltimore City Public School Construction Financing Fund to the Baltimore City Public School Construction Facilities Fund in accordance with § 10–645(i) of this subtitle; and
(2)
any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Facilities Fund.
(e)
(1)
The Treasurer shall invest the money of the Baltimore City Public School Construction Facilities Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Baltimore City Public School Construction Facilities Fund.
(3)
No part of the Baltimore City Public School Construction Facilities Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-657.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–657.1LinkCopy Citation
(a)
There is a Supplemental Facilities Fund.
(b)
(1)
The Supplemental Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning supplemental facilities.
(2)
The Authority shall:
(i)
use the Supplemental Facilities Fund as a revolving fund for carrying out the provisions of this subtitle concerning supplemental facilities; and
(ii)
pay any and all expenses from the Supplemental Facilities Fund that are incurred by the Authority related to a supplemental facility.
(c)
(1)
To the extent considered appropriate by the Authority, the receipts of a supplemental facility shall be pledged to and charged with the following relating to the supplemental facility:
(i)
the payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to Authority borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.
(d)
The Supplemental Facilities Fund consists of:
(1)
funds appropriated for deposit to the Supplemental Facilities Fund;
(2)
proceeds from the sale of bonds concerning supplemental facilities;
(3)
revenues collected or received from any source under this subtitle related to supplemental facilities; and
(4)
any additional money made available from any public or private source for the purposes established for the Supplemental Facilities Fund.
(e)
(1)
The State Treasurer shall invest the money of the Supplemental Facilities Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Supplemental Facilities Fund.
(3)
No part of the Supplemental Facilities Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-657.2 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–657.2LinkCopy Citation
(a)
There is a Racing and Community Development Financing Fund.
(b)
(1)
The Racing and Community Development Financing Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning racing and community development projects.
(2)
The Authority shall:
(i)
use the Racing and Community Development Financing Fund as a revolving fund for implementing this subtitle relating to racing and community development projects; and
(ii)
pay any and all expenses from the Racing and Community Development Financing Fund that are incurred by the Authority, or otherwise specifically approved by the Authority, concerning racing and community development projects.
(c)
(1)
To the extent considered appropriate by the Authority, the receipts of the Racing and Community Development Financing Fund shall be pledged to and charged with the following relating to racing and community development projects:
(i)
the payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to Authority borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective in the same manner as provided in § 10–634 of this subtitle.
(d)
The Racing and Community Development Financing Fund consists of:
(1)
funds appropriated for deposit to the Racing and Community Development Financing Fund;
(2)
proceeds from the sale of bonds concerning racing and community development projects;
(3)
revenues collected or received from any source under this subtitle concerning racing and community development projects;
(4)
investment and interest earnings;
(5)
money paid to the Racing and Community Development Financing Fund under § 9–120 of the State Government Article; and
(6)
any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Financing Fund.
(e)
(1)
The State Treasurer shall invest the money of the Racing and Community Development Financing Fund in the same manner as other State funds.
(2)
Any investment or interest earnings shall be credited to the Racing and Community Development Financing Fund.
(3)
No part of the Racing and Community Development Financing Fund may revert or be credited to the General Fund of the State or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-657.3 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–657.3LinkCopy Citation
(a)
There is a Racing and Community Development Facilities Fund.
(b)
(1)
The Racing and Community Development Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning racing facilities.
(2)
The Authority shall:
(i)
use the Racing and Community Development Facilities Fund as a revolving fund for carrying out this subtitle concerning racing facilities projects; and
(ii)
to the extent authorized by federal tax law, pay any and all expenses from the Racing and Community Development Facilities Fund that are incurred by the Authority, or otherwise specifically approved by the Authority, concerning any racing facilities.
(c)
Subject to subsections (f) and (g) of this section and to the extent considered appropriate by the Authority, the money in the Racing and Community Development Facilities Fund shall be used to pay the following costs relating to racing facilities projects:
(1)
debt service on Authority bonds;
(2)
design and construction costs relating to racing facilities projects;
(3)
to the extent authorized by federal tax law, transition costs and reimbursements, costs of start–up, administration, overhead, and operations related to the management of improvements to racing facilities projects authorized under this subtitle and undertaken by the Authority; and
(4)
all reasonable charges and expenses related to the Authority’s administration of the Racing and Community Development Financing Fund and the Racing and Community Development Facilities Fund and the management of the Authority’s obligations.
(d)
The Racing and Community Development Facilities Fund consists of:
(1)
funds transferred from the Racing and Community Development Financing Fund as authorized under § 10–646.1(g) of this subtitle;
(2)
the unencumbered fund balance, including accrued interest, existing as of June 30, 2020, that is allocated to thoroughbred tracks under the Racetrack Facility Renewal Account;
(3)
the unencumbered fund balance, including accrued interest, existing as of June 30, 2020, that is available to Rosecroft Raceway under the Racetrack Facility Renewal Account;
(4)
investment and interest earnings; and
(5)
any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Facilities Fund.
(e)
(1)
The State Treasurer shall invest the money of the Racing and Community Development Facilities Fund in the same manner as other State funds.
(2)
Any investment or interest earnings shall be credited to the Racing and Community Development Facilities Fund.
(3)
No part of the Racing and Community Development Facilities Fund may revert or be credited to the General Fund of the State or any special fund of the State.
(f)
(1)
Before the issuance of any bonds authorized under this subtitle to finance improvements to a racing facility, the Authority may pay for any costs for administration, overhead, and operations of the Authority or costs of engineering, architectural, and other design professionals from the Racing and Community Development Facilities Fund.
(2)
No part of the Racing and Community Development Facilities Fund may be used for the purposes under subsection (c) of this section until the Authority receives a reimbursement from the Fund for any costs under paragraph (1) of this subsection incurred before June 1, 2020.
(g)
(1)
Subject to paragraph (2) of this subsection, for fiscal year 2028, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Racing and Community Development Facilities Fund.
(2)
The Authority shall use the funds included in the annual budget bill under paragraph (1) of this subsection for the acquisition, planning, design, construction, repair, renovation, reconstruction, site improvement, and capital equipping of backstretch housing facilities at Laurel Park.
Md. Code Ann., Econ. Dev. § 10-657.4 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–657.4LinkCopy Citation
(a)
In this section, “Fund” means the Hagerstown Multi–Use Sports and Events Facility Fund.
(b)
There is a Hagerstown Multi–Use Sports and Events Facility Fund.
(c)
The purpose of the Fund is to enable the Authority to:
(1)
use the Fund as a revolving fund for implementing this subtitle as it relates to the Hagerstown Multi–Use Sports and Events Facility; and
(2)
pay any expenses incurred by the Authority that are related to the Hagerstown Multi–Use Sports and Events Facility.
(d)
The Authority shall administer the Fund.
(e)
(1)
The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f)
(1)
To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following relating to the Hagerstown Multi–Use Sports and Events Facility:
(i)
payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to the Authority’s borrowing; and
(iii)
the management of Authority obligations.
(2)
The pledge shall be effective as provided in § 10–634 of this subtitle.
(g)
The Fund consists of:
(1)
money appropriated for deposit in the Fund;
(2)
revenues collected or received from any source under this subtitle concerning the Hagerstown Multi–Use Sports and Events Facility; and
(3)
any additional money made available from any public or private source for the purposes established for the Fund.
(h)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)
Any interest earnings of the Fund shall be paid into the Fund.
Md. Code Ann., Econ. Dev. § 10-657.5 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–657.5LinkCopy Citation
(a)
In this section, “Fund” means the Sports Entertainment Facilities Financing Fund.
(b)
There is a Sports Entertainment Facilities Financing Fund.
(c)
(1)
The Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning sports entertainment facilities.
(2)
The Authority shall:
(i)
use the Fund as a revolving fund for carrying out this subtitle concerning sports entertainment facilities; and
(ii)
pay any and all expenses from the Fund that are incurred by the Authority related to any sports entertainment facility.
(d)
To the extent considered appropriate by the Authority, the money on deposit in the Fund shall be pledged to and used to pay the following related to sports entertainment facilities:
(1)
debt service on Authority bonds;
(2)
debt service reserves under a trust agreement;
(3)
all reasonable charges and expenses related to Authority borrowing; and
(4)
all reasonable charges and expenses related to the Authority’s administration of the Fund and management of the Authority’s obligations.
(e)
The Fund consists of:
(1)
money deposited into the Fund;
(2)
to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning sports entertainment facilities;
(3)
revenues collected or received from any source under this subtitle related to sports entertainment facility projects;
(4)
any interest earnings of the Fund; and
(5)
any additional money made available from any public source for the purposes established for the Fund.
(f)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Fund.
(3)
No part of the Fund may revert or be credited to the General Fund or any special fund of the State.
Md. Code Ann., Econ. Dev. § 10-657.6 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–657.6LinkCopy Citation
(a)
In this section, “Fund” means the Prince George’s County Blue Line Corridor Facility Fund.
(b)
There is a Prince George’s County Blue Line Corridor Facility Fund.
(c)
The purpose of the Fund is to enable the Authority to:
(1)
use the Fund as a revolving fund for implementing this subtitle as it relates to a Prince George’s County Blue Line Corridor facility; and
(2)
pay any expenses incurred by the Authority that are related to a Prince George’s County Blue Line Corridor facility.
(d)
The Authority shall administer the Fund.
(e)
(1)
The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(f)
(1)
To the extent considered appropriate by the Authority, the receipts of the Fund shall be pledged to and charged with the following related to a Prince George’s County Blue Line Corridor facility:
(i)
payment of debt service on Authority bonds;
(ii)
all reasonable charges and expenses related to the Authority’s borrowing; and
(iii)
the management of the Authority’s obligations.
(2)
The pledge shall be effective in the same manner as provided in § 10–634 of this subtitle.
(g)
The Fund consists of:
(1)
money distributed to the Fund under § 9–120(b)(1)(xi) of the State Government Article;
(2)
money appropriated for deposit in the Fund;
(3)
proceeds from the sale of bonds concerning a Prince George’s County Blue Line Corridor facility;
(4)
revenues collected or received from any source under this subtitle related to a Prince George’s County Blue Line Corridor facility;
(5)
any interest earnings of the Fund; and
(6)
any additional money made available from any source for the purposes established for the Fund.
(h)
The Authority shall pay from the Fund any and all expenses that are incurred by the Authority, or otherwise specifically approved by the Authority, relating to Prince George’s County Blue Line Corridor facilities.
(i)
(1)
The State Treasurer shall invest the money of the Fund in the same manner as other State funds.
(2)
Any interest earnings shall be credited to the Fund.
Md. Code Ann., Econ. Dev. § 10-658 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–658LinkCopy Citation
(a)
There is a Supplemental Public School Construction Financing Fund.
(b)
(1)
The Supplemental Public School Construction Financing Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning public school facilities.
(2)
The Authority shall:
(i)
use the Supplemental Public School Construction Financing Fund as a revolving fund for carrying out this subtitle concerning public school facilities;
(ii)
pay any and all expenses from the Supplemental Public School Construction Financing Fund that are incurred by the Authority related to any public school facilities; and
(iii)
after all bonds have been issued, calculate the total amount allocated from the Supplemental Public School Construction Financing Fund to each county that received a percentage of bond proceeds under § 10–650(b)(1) of this subtitle.
(3)
In each fiscal year for which the provisions of § 4–126.1(d) of the Education Article remain applicable, the Authority shall deposit an amount equal to $27,000,000 each year from the Supplemental Public School Construction Financing Fund into the Prince George’s County Public–Private Partnership Fund established under § 4–126.2 of the Education Article.
(c)
To the extent considered appropriate by the Authority, the money on deposit in the Supplemental Public School Construction Financing Fund shall be pledged to and used to pay the following related to public school facilities:
(1)
debt service on Authority bonds;
(2)
debt service reserves under a trust agreement;
(3)
all reasonable charges and expenses related to Authority borrowing; and
(4)
all reasonable charges and expenses related to the Authority’s administration of the Supplemental Public School Construction Financing Fund and management of the Authority’s obligations.
(d)
The Supplemental Public School Construction Financing Fund consists of:
(1)
money deposited into the Supplemental Public School Construction Financing Fund;
(2)
to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning public school facilities;
(3)
revenues collected or received from any source under this subtitle related to public school facility projects;
(4)
any interest earnings of the Supplemental Public School Construction Financing Fund; and
(5)
any additional money made available from any public source for the purposes established for the Supplemental Public School Construction Financing Fund.
(e)
(1)
The State Treasurer shall invest the money of the Supplemental Public School Construction Financing Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Supplemental Public School Construction Financing Fund.
(3)
No part of the Supplemental Public School Construction Financing Fund may revert or be credited to the General Fund or any special fund of the State.
(f)
The money in the Supplemental Public School Construction Financing Fund shall be used to supplement, and may not supplant, money appropriated to the Public School Construction Program established under Title 5, Subtitle 3 of the Education Article.
Md. Code Ann., Econ. Dev. § 10-658.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–658.1LinkCopy Citation
(a)
There is a Supplemental Public School Construction Facilities Fund.
(b)
(1)
The Supplemental Public School Construction Facilities Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning public school facilities.
(2)
The Authority shall:
(i)
use the Supplemental Public School Construction Facilities Fund as a revolving fund for carrying out this subtitle concerning public school facilities; and
(ii)
to the extent authorized by federal tax law, pay any and all expenses from the Supplemental Public School Construction Facilities Fund that are incurred by the Authority related to any public school facilities.
(c)
To the extent considered appropriate by the Authority, the money on deposit in the Supplemental Public School Construction Facilities Fund shall be used to pay the following related to public school facilities:
(1)
debt service on Authority bonds;
(2)
design and construction costs related to public school facilities;
(3)
to the extent authorized by federal tax law, costs of start–up, administration, overhead, and operations related to the management of improvements to public school facilities authorized under this subtitle;
(4)
all reasonable charges and expenses related to the Authority’s administration of the Supplemental Public School Construction Facilities Fund and the Supplemental Public School Construction Financing Fund and management of the Authority’s obligations; and
(5)
if Prince George’s County submits a public–private partnership agreement to the Authority for review under § 4–126.1 of the Education Article, all reasonable expenses related to the Authority’s review of the public–private partnership agreement.
(d)
The Supplemental Public School Construction Facilities Fund consists of:
(1)
funds transferred from the Supplemental Public School Construction Financing Fund to the Supplemental Public School Construction Facilities Fund in accordance with § 10–649 of this subtitle;
(2)
any interest earnings of the Supplemental Public School Construction Facilities Fund; and
(3)
any additional money made available from any public source for the purposes established for the Supplemental Public School Construction Facilities Fund.
(e)
(1)
The State Treasurer shall invest the money of the Supplemental Public School Construction Facilities Fund in the same manner as other State funds.
(2)
Any investment earnings shall be credited to the Supplemental Public School Construction Facilities Fund.
(3)
No part of the Supplemental Public School Construction Facilities Fund may revert or be credited to the General Fund or any special fund of the State.
(f)
The money in the Supplemental Public School Construction Facilities Fund shall be used to supplement, and may not supplant, money appropriated to the Public School Construction Program established in Title 5, Subtitle 3 of the Education Article.
Md. Code Ann., Econ. Dev. § 10-659 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 6. Maryland Stadium Authority
§ 10–659LinkCopy Citation
This subtitle may be cited as the Maryland Stadium Authority Act.
Subtitle 7. Maryland Venture Capital Trust
Md. Code Ann., Econ. Dev. § 10-701 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–701LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Board” means the Board of Trustees of the Maryland Venture Capital Trust.
(c)
“Investor” means a person or governmental entity that invests money in the Maryland Venture Capital Trust.
(d)
(1)
“Seed capital financing” means financing provided to a business during the initial stages of its development.
(2)
“Seed capital financing” includes financing for a business:
(i)
to finish research and development of a product;
(ii)
to develop marketing plans; and
(iii)
to provide for initial facilities, inventory, and working capital.
(e)
“Trust” means the Maryland Venture Capital Trust.
(f)
“Venture capital fund” means an investment fund that provides capital to a business at any stage of its development before the business makes a public offering of stock.
Md. Code Ann., Econ. Dev. § 10-702 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–702LinkCopy Citation
(a)
The General Assembly finds that:
(1)
small businesses are a major source of new jobs and innovations in the State;
(2)
the State’s research capacity could spur innovation in new and existing businesses to create and maintain jobs in the State; and
(3)
an inadequate supply of seed capital financing and venture capital funds has limited the commercialization of research and development in the State.
(b)
The General Assembly intends for the Trust to:
(1)
help fill the gap in the State’s economy caused by the inadequate supply of seed capital financing and venture capital funds; and
(2)
stimulate the commercialization of research and development to create and sustain businesses throughout the State.
Md. Code Ann., Econ. Dev. § 10-703 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–703LinkCopy Citation
This subtitle shall be liberally construed to accomplish its purposes.
Md. Code Ann., Econ. Dev. § 10-704 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–704LinkCopy Citation
(a)
There is a Maryland Venture Capital Trust.
(b)
The Trust is a body politic and corporate and is an instrumentality of the State.
Md. Code Ann., Econ. Dev. § 10-705 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–705LinkCopy Citation
(a)
There is a Board of Trustees of the Trust.
(b)
(1)
The Board consists of seven members appointed by the Governor with the advice and consent of the Senate.
(2)
Of the seven members:
(i)
four shall represent the investors and have been recommended to the Governor by the investors;
(ii)
at least one shall have expertise in venture capital financing; and
(iii)
at least one shall have experience as a small business owner.
(3)
Each member shall be a resident of the State.
(4)
The Governor shall consider geographic diversity of the State when appointing members of the Board.
(c)
(1)
The term of a member is 4 years.
(2)
The terms of members are staggered as required by the terms provided for members of the Board on October 1, 2008.
(3)
At the end of a term, a member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(5)
The Governor may remove a member with or without cause.
(d)
The Governor shall appoint a chair from among the Board members.
(e)
(1)
A majority of the members then serving on the Board is a quorum.
(2)
A majority vote of the members present at a meeting having a quorum is needed for the Board to act.
(f)
A member of the Board:
(1)
may not receive compensation as a member of the Board; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(g)
The Board:
(1)
shall manage the Trust; and
(2)
exercises all of the corporate powers of the Trust.
Md. Code Ann., Econ. Dev. § 10-706 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–706LinkCopy Citation
(a)
The Trust is:
(1)
exempt from the General Procurement Law provisions of Division II of the State Finance and Procurement Article; but
(2)
subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.
(b)
The Trust is exempt from the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
Md. Code Ann., Econ. Dev. § 10-707 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–707LinkCopy Citation
(a)
The Trust may:
(1)
solicit and accept for investment in the Trust money from any source including not more than $2,000,000 in appropriations from the State;
(2)
enter into agreements with the investors that set forth the terms governing the investment of money in the Trust by the investors;
(3)
by preparing and publishing requests for proposals, solicit offerings by venture capitalists and venture capital funds that meet the purposes and requirements of the Trust, which shall be set forth in the requests for proposals;
(4)
subject to § 10-708 of this subtitle, select the venture capital funds in which to invest money from the Trust;
(5)
retain investment earnings that exceed the investment earnings that the Trust must pay to investors; and
(6)
take any action necessary to carry out the powers expressly granted by this subtitle.
(b)
(1)
The Trust may not accept a cumulative investment of more than $15,000,000 from the State Retirement and Pension System.
(2)
The Trust may not accept a cumulative investment of more than $5,000,000 from any other single investor.
Md. Code Ann., Econ. Dev. § 10-708 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–708LinkCopy Citation
The Board shall give preference to venture capital fund proposals that:
(1)
provide financing predominately to businesses that conduct a substantial amount of business in the State;
(2)
require venture capital funds to match the money invested by the Trust with money invested by private investors on at least a 1 to 3 ratio; and
(3)
ensure that a majority of the money that the Trust invests is for seed capital financing in the State.
Md. Code Ann., Econ. Dev. § 10-709 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–709LinkCopy Citation
Seed capital financing may not exceed $1,000,000 for a single business.
Md. Code Ann., Econ. Dev. § 10-710 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–710LinkCopy Citation
A debt, claim, obligation, or liability of the Trust is not a debt, claim, obligation, or liability of the State or a unit or instrumentality of the State or a pledge of the State’s credit.
Md. Code Ann., Econ. Dev. § 10-711 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–711LinkCopy Citation
The Trust is exempt from taxation by the State and local governments.
Md. Code Ann., Econ. Dev. § 10-712 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 7. Maryland Venture Capital Trust
§ 10–712LinkCopy Citation
(a)
Each year, an independent auditor approved by the State shall audit the books and records of the Trust.
(b)
At its discretion, the State may audit the books and records of the Trust.
(c)
The Trust shall pay the expense of an audit conducted under this section.
Subtitle 8. Maryland Clean Energy Center
Md. Code Ann., Econ. Dev. § 10-801 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–801LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Administration” means the Maryland Energy Administration.
(c)
“Advanced clean energy” includes:
(1)
solar photovoltaic technology;
(2)
solar heating;
(3)
geothermal;
(4)
wind;
(5)
biofuels;
(6)
ethanol;
(7)
renewable chemical production;
(8)
other qualifying biomass as defined in § 7–701 of the Public Utilities Article;
(9)
ocean, including energy from waves, tides, currents, and thermal differences;
(10)
a fuel cell that produces energy with reduced greenhouse gas emissions as compared to conventional technology;
(11)
energy efficiency and conservation;
(12)
combined heat and power;
(13)
energy storage and battery technologies;
(14)
grid modernization, including the use of artificial technology and integrated systems for energy demand response, demand management technology, and improved energy distribution;
(15)
biotechnology in clean energy and for the reduction of direct and indirect agricultural emissions;
(16)
carbon dioxide removal and management or reuse;
(17)
clean fuels and displacement of energy–intensive products;
(18)
transportation electrification and mobility technologies;
(19)
new concepts to improve safety and reduce the cost of nuclear power;
(20)
carbon–free generation technologies;
(21)
any other technology or service that the Center determines will contribute directly or indirectly to the production of energy from renewable or sustainable sources, or to the improvement of efficiency in the use of energy; and
(22)
deployment of any of the technologies or services listed in items (1) through (21) of this subsection.
(d)
“Board” means the Board of Directors of the Center.
(e)
(1)
“Bond” means a bond issued by the Center under this subtitle.
(2)
“Bond” includes a revenue bond, a revenue refunding bond, a note, and any other obligation, whether a general or limited obligation of the Center.
(f)
“Center” means the Maryland Clean Energy Center.
(g)
“Clean energy innovation” means in–State development and deployment of advanced clean energy technologies that address the goals of:
(1)
energy efficiency in all economic sectors;
(2)
carbon–free generation of electrical power; and
(3)
the reduction of direct and indirect greenhouse gas emissions in all economic sectors.
(h)
“Cost”, with respect to a project financed under this subtitle, includes:
(1)
the purchase price of a project;
(2)
the cost to acquire any right, title, or interest in a project;
(3)
the cost of any improvement;
(4)
the cost of any property, right, easement, and franchise;
(5)
the cost of demolition, removal, or relocation of structures;
(6)
the cost of acquiring land to which the structures may be moved;
(7)
the cost of equipment;
(8)
financing charges;
(9)
interest before and during construction and, if the Center determines, for a limited period after the completion of construction;
(10)
reserves for principal and interest and for improvements;
(11)
the cost of revenue and cost estimates, architectural, engineering, financial, and legal services, plans, specifications, studies, surveys, and other expenses necessary or incident to determining the feasibility of improving a project; and
(12)
other expenses as necessary or incident to:
(i)
financing a project;
(ii)
acquiring and improving a project; and
(iii)
placing a project in operation.
(i)
“Director” means the Director of the Administration.
(j)
“Executive Director” means the Executive Director of the Maryland Clean Energy Center.
(k)
“Finance” includes refinance.
(l)
“Governmental unit” means:
(1)
a county;
(2)
a municipal corporation;
(3)
a State unit;
(4)
a local unit; or
(5)
any other public body or unit established in accordance with a State or local law, ordinance, or resolution.
(m)
“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(n)
“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.
(o)
With respect to Parts I through VI of this subtitle:
(1)
“project” means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the purposes listed in § 10–802(b) of this subtitle, whether or not the property:
(i)
is or will be used or operated for profit or not for profit;
(ii)
is or will be located on a single site or multiple sites; or
(iii)
may be financed by bonds, the interest on which is exempt from income taxation under federal law; and
(2)
“project” includes:
(i)
land or an interest in land;
(ii)
structures, equipment, furnishings, rail or motor vehicles, barges, and boats;
(iii)
property and rights related to property, appurtenances, rights–of–way, franchises, and easements;
(iv)
property that is functionally related and subordinate to a project; and
(v)
patents, licenses, and other rights necessary or useful in the improvement or operation of a project.
(p)
(1)
“Revenues” means the income, revenue, and other money the Center receives from or in connection with a project, and all other income of the Center.
(2)
“Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.
(q)
“State agency” means any permanent or temporary State office, department, division or unit, bureau, board, commission, task force, authority, institution, State college or university, and any other unit of State government, whether executive, legislative, or judicial, and any subunits of State government.
(r)
(1)
“Trust agreement” means an agreement entered into by the Center to secure a bond.
(2)
“Trust agreement” may include a bond contract, bond resolution, or other contract with or for the benefit of a bondholder.
Md. Code Ann., Econ. Dev. § 10-802 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–802LinkCopy Citation
(a)
The General Assembly finds that:
(1)
the United States as a whole, and the State in particular, are facing increased energy costs based on many factors, including rising fuel costs, limited investment in generation and transmission facilities, and a complex combination of market–based and other regulatory mechanisms that balance environmental, economic, health, and welfare interests;
(2)
continued exclusive reliance on traditional forms of electricity supply entrenches the State’s dependence on fossil fuels, working against the State’s policy of decreasing greenhouse gas production, as evidenced by the State’s accession to the Regional Greenhouse Gas Initiative;
(3)
“advanced clean energy”, a broad term that includes a wide and varied mixture of strategies and techniques to produce useful energy from renewable and sustainable sources in a manner that minimizes fossil fuel use and harmful emissions, and to increase the efficient use of energy derived from all sources, offers many different opportunities for residents of the State to succeed in entrepreneurial and other commercial activity, to the overall economic and environmental benefit of the entire State, as measured in improved air and water quality, moderated energy expenditures, and increased State and local tax receipts;
(4)
many individuals and businesses in the State possess talents and interest in the clean energy technology sector, which may form the basis for encouraging development and deployment of sustainable and renewable energy technologies in the State, the nation, and the world;
(5)
the State will benefit from a targeted effort to establish and incubate advanced clean energy industries and clean energy innovation industries in the State, including financial assistance, information sharing, and technical support for entrepreneurs in the manufacture and installation of advanced clean energy technology and clean energy innovations; and
(6)
it is in the public interest to establish a public corporation to undertake the tasks of promoting advanced clean energy industries and clean energy innovation industries in the State, developing incubators for those industries, providing financial assistance, and also providing information sharing and technical assistance.
(b)
The purposes of this subtitle are to:
(1)
encourage the development of advanced clean energy industries and clean energy innovation industries in the State;
(2)
encourage the deployment of advanced clean energy technologies and clean energy innovations in the State;
(3)
help retain and attract business activity and commerce in the advanced clean energy technology industry and clean energy innovation industry sectors in the State;
(4)
promote economic development;
(5)
designate the Maryland Clean Energy Center as a green bank for the State;
(6)
encourage the Center to work in conjunction with other local and private green banks; and
(7)
promote the health, safety, and welfare of residents of the State.
(c)
The General Assembly intends that:
(1)
the Center operate and exercise its corporate powers in all areas of the State;
(2)
without limiting its authority to otherwise exercise its corporate powers, the Center exercise its corporate powers to assist governmental units and State and local economic development agencies to contribute to the expansion, modernization, and retention of existing enterprises in the State as well as the attraction of new business to the State;
(3)
the Center cooperate with private industries and local governments in maximizing new economic opportunities for residents of the State; and
(4)
the Center accomplish at least one of the purposes listed in subsection (b) of this section and complement existing State marketing and financial assistance programs by:
(i)
owning projects;
(ii)
leasing projects to other persons; or
(iii)
lending the proceeds of bonds to other persons to finance the costs of acquiring or improving projects that the persons own or will own.
Md. Code Ann., Econ. Dev. § 10-803 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–803LinkCopy Citation
(a)
This subtitle shall be liberally construed to carry out its purposes.
(b)
This subtitle may not be construed to limit or restrict the duties, programs, or authority of the Maryland Energy Administration.
Md. Code Ann., Econ. Dev. § 10-806 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–806LinkCopy Citation
(a)
There is a Maryland Clean Energy Center.
(b)
The Center is a body politic and corporate and is an instrumentality of the State.
(c)
The exercise by the Center of the powers conferred by this subtitle is the performance of an essential governmental function.
(d)
The purposes of the Center are to:
(1)
promote economic development and jobs in the advanced clean energy industry and clean energy innovation industry sectors in the State;
(2)
promote the deployment of advanced clean energy technology and clean energy innovations in the State;
(3)
serve as an incubator for the development of the advanced clean energy industry and clean energy innovation industry in the State;
(4)
in collaboration with the Administration, collect, analyze, and disseminate industry data;
(5)
provide outreach and technical support to further the advanced clean energy industry and clean energy innovation industry in the State; and
(6)
work as a green bank and in conjunction with local and private green banks.
(e)
It is the intent of the General Assembly that, as the Center develops programs and activities under this subtitle, the Center and the Administration shall work collaboratively together, as appropriate, in order to coordinate shared–interest functions and avoid duplication of efforts.
Md. Code Ann., Econ. Dev. § 10-807 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–807LinkCopy Citation
(a)
A Board of Directors shall manage the Center and exercise its corporate powers.
(b)
The Board consists of the following nine members:
(1)
the Director, or the Director’s designee;
(2)
the Director of the Maryland Energy Innovation Institute, or the Director of the Maryland Energy Innovation Institute’s designee; and
(3)
seven members appointed by the Governor with the advice and consent of the Senate:
(i)
one representing the nonprofit advanced clean energy research sector of the State;
(ii)
two with expertise in capital financing;
(iii)
two representing advanced clean energy industries in the State;
(iv)
one consumer member; and
(v)
one member of the general public.
(c)
A member of the Board shall reside in the State.
(d)
In making appointments to the Board, the Governor shall consider:
(1)
diversity; and
(2)
all geographic regions of the State.
(e)
A member of the Board:
(1)
may not receive compensation as a member of the Board; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(f)
(1)
The term of an appointed member is 4 years and begins on July 1.
(2)
The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.
(3)
At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(g)
The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.
Md. Code Ann., Econ. Dev. § 10-808 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–808LinkCopy Citation
From among the members of the Board:
(1)
the Governor shall appoint a chair; and
(2)
the Board shall elect a vice chair and a treasurer.
Md. Code Ann., Econ. Dev. § 10-809 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–809LinkCopy Citation
(a)
The Board shall determine the times and places of its meetings.
(b)
(1)
A majority of the appointed and qualified members of the Board is a quorum.
(2)
The Board may act with an affirmative vote of a majority of the appointed and qualified members of the Board.
Md. Code Ann., Econ. Dev. § 10-810 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–810LinkCopy Citation
(a)
(1)
The Board shall establish an Advisory Committee.
(2)
The Advisory Committee consists of individuals that the Board considers will assist the Center in studying and developing policies to further the purposes of this subtitle.
(b)
(1)
The Board shall establish a Financing Investment Advisory Committee.
(2)
The Financing Investment Advisory Committee consists of individuals with knowledge and expertise in financing matters relevant to borrower eligibility, terms and conditions of support, and other financing evaluation criteria of the Center.
(3)
Before the Center provides financing for a project, including a project to be funded by the Maryland Energy Innovation Fund under § 10–835 of this subtitle, the Financing Investment Advisory Committee shall review and make recommendations to the Board for qualifying project applicants.
(4)
The Maryland Economic Development Corporation and other State economic development units may provide resources and expertise to the Financing Investment Advisory Committee and the Center to assist in evaluating projects, coordinating financing for projects, and other matters.
(c)
The Board may establish other committees as appropriate.
(d)
(1)
The membership of a committee may include individuals who are not Board members.
(2)
The Board may establish the term and manner of selection of the membership of a committee.
Md. Code Ann., Econ. Dev. § 10-811 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–811LinkCopy Citation
(a)
(1)
Subject to the approval of the Governor, the Board shall appoint an Executive Director.
(2)
The Executive Director serves at the pleasure of the Board.
(3)
The Board shall determine the salary of the Executive Director.
(b)
(1)
The Executive Director is the chief administrative officer of the Center.
(2)
The Executive Director shall manage the administrative affairs and technical activities of the Center in accordance with policies and procedures that the Board establishes.
(c)
The Executive Director, or the Executive Director’s designee, shall:
(1)
attend all meetings of the Board;
(2)
act as secretary to the Board;
(3)
keep minutes of all proceedings of the Board;
(4)
approve all salaries, per diem payments, and allowable expenses of the Center, its employees, and its consultants;
(5)
approve any expenses incidental to the operation of the Center; and
(6)
perform the other duties that the Board directs in carrying out this subtitle.
Md. Code Ann., Econ. Dev. § 10-812 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–812LinkCopy Citation
(a)
The Attorney General is the legal advisor to the Center.
(b)
With the approval of the Attorney General, the Center may retain any necessary lawyers.
Md. Code Ann., Econ. Dev. § 10-813 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–813LinkCopy Citation
The Center may retain any necessary accountants, engineers, financial advisors, or other consultants.
Md. Code Ann., Econ. Dev. § 10-814 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–814LinkCopy Citation
(a)
Except as provided in subsections (b), (c), and (e) of this section, the Center is exempt from Title 10 and Division II of the State Finance and Procurement Article.
(b)
(1)
The Center is subject to:
(i)
the Public Information Act; and
(ii)
the Open Meetings Act.
(2)
For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Center if no organizational business is conducted.
(c)
The Board and the officers and employees of the Center are subject to the Public Ethics Law.
(d)
The officers and employees of the Center are not subject to the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
(e)
The Center, its Board, and employees are subject to Title 12, Subtitle 4 and Title 14, Subtitle 3 of the State Finance and Procurement Article.
(f)
The Center is a public body under Title 5, Subtitle 4 of this article, the Maryland Industrial Development Financing Authority Act, for purposes of applying for, receiving, and making agreements in connection with:
(1)
a loan;
(2)
a grant;
(3)
insurance; or
(4)
any other form of financial assistance.
Md. Code Ann., Econ. Dev. § 10-815 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–815LinkCopy Citation
A finding by the Board concerning the public purpose of an action, the legislative intent expressed under this subtitle, or the appropriateness of the action in serving the public purpose and satisfying the legislative intent is conclusive in a proceeding that involves the validity or enforceability of:
(1)
an agreement entered into by the Center under this subtitle;
(2)
a bond; or
(3)
any security relating to a bond.
Md. Code Ann., Econ. Dev. § 10-816 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–816LinkCopy Citation
(a)
The Center shall establish a system of financial accounting, controls, audits, and reports.
(b)
The fiscal year of the Center begins on July 1 and ends on the following June 30.
Md. Code Ann., Econ. Dev. § 10-817 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–817LinkCopy Citation
(a)
The Center may create and administer the accounts that it requires.
(b)
The Center shall deposit its money into a State or national bank or a federally insured savings and loan association that has a total paid–in capital of at least $1,000,000.
(c)
The Center may designate the trust department of a State bank, national bank, or savings and loan association as a depository to receive securities that the Center owns or acquires.
(d)
Unless an agreement or covenant between the Center and the holders of its obligations limits classes of investments, the Center may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a governmental unit.
Md. Code Ann., Econ. Dev. § 10-818 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–818LinkCopy Citation
(a)
(1)
The Executive Director and each other officer authorized by the Center may:
(i)
allow copies to be made of the minutes and records of the Center; and
(ii)
certify records under seal showing that the copies are true copies.
(2)
A person may rely on the certified record.
(b)
The records of the Center are public records subject to reasonable inspection.
Md. Code Ann., Econ. Dev. § 10-819 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–819LinkCopy Citation
The Center may:
(1)
adopt bylaws for the conduct of its business;
(2)
adopt a seal;
(3)
maintain offices at a place it designates in the State;
(4)
accept loans, grants, or assistance of any kind from the federal or State government, a local government, a college or university, or a private source;
(5)
enter into contracts and other legal instruments;
(6)
sue or be sued;
(7)
acquire, purchase, hold, lease as lessee, and use:
(i)
a franchise, patent, or license;
(ii)
any real, personal, mixed, tangible, or intangible property; or
(iii)
an interest in the property listed in this item;
(8)
sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires;
(9)
fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available;
(10)
create, own, control, or be a member of a corporation, limited liability company, partnership, or other entity, whether operated for profit or not for profit;
(11)
exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(12)
do all things necessary or convenient to carry out the powers granted by this subtitle.
Md. Code Ann., Econ. Dev. § 10-820 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–820LinkCopy Citation
The Center may make grants to or provide equity investment financing for advanced clean energy technology–based businesses and clean energy innovation businesses.
Md. Code Ann., Econ. Dev. § 10-821 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–821LinkCopy Citation
The Center may:
(1)
acquire, develop, improve, manage, market, license, sublicense, maintain, lease as lessor or lessee, or operate a project in the State to carry out its purposes;
(2)
acquire, directly or indirectly, from a person or governmental unit, by purchase, gift, or devise any property, rights–of–way, franchises, easements, or other interests in land, including submerged land and riparian rights:
(i)
as necessary or convenient to improve or operate a project to carry out its purposes; and
(ii)
on the terms and at the prices that it considers reasonable; and
(3)
enter into a project with a manufacturer to carry out its purposes.
Md. Code Ann., Econ. Dev. § 10-821.1 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–821.1LinkCopy Citation
(a)
The Center may enter into financing transactions with, on behalf of, or for the benefit of any State agency for the purposes of a project on State–owned or State–leased property.
(b)
Financing under this section:
(1)
may be in any form, including bonds, loans, grants, energy performance contracts, shared energy savings contracts, participation agreements, lease agreements, and reimbursement agreements; but
(2)
may not pledge the faith and credit of the State.
(c)
The Department of General Services and the Department of Budget and Management shall work with the Center to ensure that financing transactions under this section are efficient and cost–effective for the State.
Md. Code Ann., Econ. Dev. § 10-822 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–822LinkCopy Citation
The Center may:
(1)
borrow money and issue bonds to finance any part of the cost of a project or for any other corporate purpose of the Center;
(2)
secure the payment of any portion of the borrowing by pledge of or mortgage or deed of trust on property or revenues of the Center;
(3)
combine projects for financing, make agreements with or for the benefit of the bondholders or with others in connection with the issuance or future issuance of bonds, as the Center considers advisable; and
(4)
otherwise provide for the security of bonds and the rights of bondholders.
Md. Code Ann., Econ. Dev. § 10-823 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–823LinkCopy Citation
(a)
The Center may disseminate information and materials pertinent to advanced clean energy technology, clean energy innovation, financing, and development in the State, for persons engaged in the advanced clean energy and clean energy innovation industries as developers, manufacturers, and installers, as well as for consumers and financial institutions, including information on available federal, State, and private financial assistance and technical assistance.
(b)
The Center may:
(1)
cooperate with and provide assistance to local governments, instrumentalities, and research entities in the State; and
(2)
coordinate advanced clean energy technology and clean energy innovation development, education, and deployment activities with programs of the federal government and of governmental units and public and private entities in and outside the State.
(c)
The Center may conduct the activities under this section in consultation with the Administration.
(d)
The Maryland Environmental Service, the Maryland Economic Development Corporation, and other State economic development units shall cooperate with the Center and may make available to the Center resources and expertise for the evaluation of project financing and coordination of financing between the Center and other economic development units.
Md. Code Ann., Econ. Dev. § 10-824 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–824LinkCopy Citation
The Center is exempt from State and local taxes.
Md. Code Ann., Econ. Dev. § 10-825 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–825LinkCopy Citation
(a)
The books and records of the Center are subject to audit:
(1)
at any time by the State; and
(2)
each year by an independent auditor.
(b)
The Center shall publish its annual audits on its website.
Md. Code Ann., Econ. Dev. § 10-826 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–826LinkCopy Citation
(a)
On or before December 1 of each year, the Center shall report to the Governor, the Administration, and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
(b)
The report shall include:
(1)
a complete operating and financial statement covering the Center’s operations;
(2)
a summary of the Center’s activities during the preceding fiscal year;
(3)
a summary of the Center’s activities specific to clean energy innovation; and
(4)
a summary of the Center’s activities specific to the Green and Renewable Energy Efficiency for Nonprofits Loan Program established under § 10–863 of this subtitle, including:
(i)
the total number of loans awarded;
(ii)
the total monetary value of the loans awarded;
(iii)
the average term of loans in the loan portfolio;
(iv)
the estimated annual energy savings, in kilowatt–hours, resulting from measures associated with loans in the loan portfolio; and
(v)
the estimated reduction of greenhouse gas emissions, in metric tons, associated with loans in the loan portfolio.
Md. Code Ann., Econ. Dev. § 10-828 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–828LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Academic institution” means a public senior higher education institution or an independent institution of higher education in the State, as those terms are defined in § 10–101 of the Education Article.
(c)
“Fund” means the Maryland Energy Innovation Fund.
(d)
“Institute” means the Maryland Energy Innovation Institute.
(e)
“Institute Board” means the Advisory Board of the Maryland Energy Innovation Institute.
(f)
“Institute Director” means the Director of the Maryland Energy Innovation Institute.
Md. Code Ann., Econ. Dev. § 10-829 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–829LinkCopy Citation
(a)
There is a Maryland Energy Innovation Institute.
(b)
The Institute is a part of the A. James Clark School of Engineering of the University of Maryland.
(c)
The A. James Clark School of Engineering shall manage the Institute according to the policies of the University of Maryland and the University System of Maryland with the advice of the Institute Board.
(d)
The purposes of the Institute are to:
(1)
collaborate with academic institutions in the State to participate in advanced clean energy and clean energy innovation programs; and
(2)
develop and attract private investment in clean energy innovation and commercialization in the State.
(e)
The exercise by the Institute of the powers conferred by this part is the performance of an essential governmental function.
Md. Code Ann., Econ. Dev. § 10-830 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–830LinkCopy Citation
(a)
(1)
There is an Advisory Board of the Institute.
(2)
The Institute Board advises the University of Maryland on the management of the Institute.
(b)
The Institute Board consists of the following nine members:
(1)
the chair of the Board of Directors of the Maryland Clean Energy Center;
(2)
the Director; and
(3)
seven members selected by the University of Maryland based on expertise in energy technology commercialization, the advanced clean energy industry, the clean energy innovation industry, venture capital financing, and energy research.
(c)
A member of the Institute Board:
(1)
may not receive compensation as a member of the Institute Board; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(d)
From among its members, the Institute Board shall elect a chair and a vice chair.
Md. Code Ann., Econ. Dev. § 10-831 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–831LinkCopy Citation
(a)
The Institute Board shall determine the times and places of its meetings.
(b)
(1)
Seven members of the Institute Board are a quorum.
(2)
The Institute Board may act with an affirmative vote of five members.
Md. Code Ann., Econ. Dev. § 10-832 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–832LinkCopy Citation
(a)
(1)
The Director of the University of Maryland Energy Research Center, a University of Maryland faculty member, shall be the Director of the Institute.
(2)
The Institute Director shall appoint an Associate Director who shall be a University of Maryland faculty member.
(b)
The Institute Director, or the Institute Director’s designee, shall:
(1)
attend all meetings of the Institute Board;
(2)
act as secretary to the Institute Board;
(3)
keep minutes of all proceedings of the Institute Board;
(4)
approve all salaries, per diem payments, and allowable expenses of the Institute, its employees, and its consultants;
(5)
approve any expenses incidental to the operation of the Institute; and
(6)
perform the other duties the Institute Board directs in carrying out this part.
Md. Code Ann., Econ. Dev. § 10-833 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–833LinkCopy Citation
The Institute may retain any staff or consultants.
Md. Code Ann., Econ. Dev. § 10-834 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–834LinkCopy Citation
(a)
The Institute may:
(1)
maintain offices at the University of Maryland, College Park campus;
(2)
coordinate and promote energy research and education at the University of Maryland, College Park campus, including its relevant energy centers, as well as at other academic institutions;
(3)
provide energy policy innovation advice to State and federal units;
(4)
collaborate with other academic institutions, governmental units, foundations, and industrial companies for advanced clean energy research and innovation;
(5)
pursue grants, other funds, and in–kind contributions for advanced clean energy research and innovation;
(6)
provide seed grant funding to academic institution–based entrepreneurs or entities, in order to promote the commercialization of advanced clean energy technologies developed wholly or partly by an academic institution, but not duplicate existing seed grants made through the Maryland Technology Development Corporation;
(7)
work with the Maryland Technology Enterprise Institute to jointly manage, operate, and maintain facilities for an advanced clean energy and clean energy innovation incubator at the University of Maryland, College Park campus;
(8)
work with the Maryland Technology Enterprise Institute to expand Maryland Industrial Partnership Awards to promote the commercialization of advanced clean energy and clean energy innovation technologies developed wholly or partly by an academic institution;
(9)
work with the Maryland Technology Enterprise Institute and the University of Maryland Office of Technology Commercialization to:
(i)
identify advanced clean energy and clean energy innovation technologies at academic institutions that may be viable for commercialization; and
(ii)
provide grant funding and investment financing to cover patent, facilities, and other costs not allowed under federal or state research grants to an academic institution–based entrepreneur or entity, in order to promote the commercialization of advanced clean energy and clean energy innovation technologies developed wholly or partly by an academic institution;
(10)
coordinate incubation and potential financing of academic institution–based entrepreneurs or entities with resources provided by the Center;
(11)
work closely with State units, industrial partners, nongovernmental organizations, and federal agencies and laboratories to ensure effective implementation and execution of the State’s energy mission and vision, in collaboration with the Administration;
(12)
undergo periodic reviews every 5 years consistent with University System of Maryland policies; and
(13)
do all things necessary or convenient to carry out the powers granted by this part.
(b)
The Institute shall coordinate with the Maryland Technology Development Corporation in supporting Maryland–based technology companies engaged in clean energy innovation.
(c)
(1)
The Institute and the Center shall implement an accelerator program for Maryland–based technology companies engaged in clean energy innovation that features seed funding, training, developmental support for the companies, and pilot projects focused on on–site clean energy generation for buildings.
(2)
In carrying out their responsibilities under this subsection, the Institute and the Center shall consult with the Department, the Maryland Technology Development Corporation, the Administration, the Department of the Environment, and the Maryland Industrial Partnership Awards program.
Md. Code Ann., Econ. Dev. § 10-835 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–835LinkCopy Citation
(a)
(1)
There is a Maryland Energy Innovation Fund in the University System of Maryland.
(2)
The Fund shall be used by the Institute and the Center.
(b)
(1)
The Institute:
(i)
may use the Fund to:
(1)
carry out the purposes of this subtitle, including the purposes listed in § 10–834 of this subtitle;
(2)
purchase advisory services and technical assistance to better support economic development; and
(3)
pay the administrative, legal, and actuarial expenses of the Institute; and
(ii)
shall use the Fund for the administrative and operating costs of the Center.
(2)
The Center may use the Fund to:
(i)
make a grant or a loan under this subtitle, at the rate of interest the Center sets;
(ii)
provide equity investment financing for a business enterprise under this subtitle; and
(iii)
guarantee a loan, an equity, an investment, or any other private financing to expand the capital resources of a business enterprise under this subtitle.
(c)
The Institute shall manage and supervise the Fund.
(d)
(1)
The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
money appropriated by the State to the Fund;
(2)
money contributed to the Fund through federal programs or private entities;
(3)
repayment of principal of a loan made from the Fund;
(4)
payment of interest on a loan made from the Fund;
(5)
proceeds from the sale, disposition, lease, or rental by the Center of collateral related to financing that the Center provides from the Fund;
(6)
premiums, fees, royalties, interest, repayments of principal, and returns on investments paid to the Center by or on behalf of:
(i)
a business enterprise in which the Center has made an investment from the Fund; or
(ii)
an investor providing an investment guaranteed by the Center from the Fund;
(7)
recovery of an investment made by the Center in a business enterprise from the Fund, including an arrangement under which the Center’s investment in the business enterprise is recovered through:
(i)
a requirement that the Fund receive a proportion of cash flow, commission, royalty, or payment on a patent; or
(ii)
the repurchase from the Center of any evidence of indebtedness or other financial participation made from the Fund, including a note, stock, bond, or debenture;
(8)
repayment of a conditional grant extended by the Center from the Fund;
(9)
money transferred to the Fund in accordance with § 9–20B–05 of the State Government Article; and
(10)
any other money made available to the Institute for the Fund.
(f)
(1)
The State Treasurer shall invest the money in the same manner as other State money may be invested.
(2)
Any interest earnings of the Fund shall be credited to the Fund.
(g)
Money expended from the Fund under this subtitle is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for the Center, the Institute, or any part of the University System of Maryland.
Md. Code Ann., Econ. Dev. § 10-836 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–836LinkCopy Citation
The Institute is exempt from State and local taxes.
Md. Code Ann., Econ. Dev. § 10-837 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–837LinkCopy Citation
The books and records of the Institute are subject to audit:
(1)
at any time by the State; and
(2)
each year by an independent auditor that the Office of Legislative Audits approves.
Md. Code Ann., Econ. Dev. § 10-838 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–838LinkCopy Citation
The Institute and the Center are independent entities that are not liable or responsible for each other’s debts, liabilities, bonds, or obligations.
Md. Code Ann., Econ. Dev. § 10-839 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–839LinkCopy Citation
(a)
On or before October 1 each year, the Institute shall report to the Governor, the Administration, and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
(b)
The report shall include:
(1)
a complete operating and financial statement covering the Institute’s operations;
(2)
a summary of the Institute’s activities during the preceding fiscal year; and
(3)
a summary of:
(i)
the annual increase in the number of clean energy innovation businesses in the State;
(ii)
federal funding awarded for clean energy innovation and commercialization in the State; and
(iii)
private sector investment in clean energy innovation and commercialization in the State.
Md. Code Ann., Econ. Dev. § 10-840 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–840LinkCopy Citation
(a)
(1)
The Center may periodically:
(i)
issue bonds for any corporate purpose, including operating expenses;
(ii)
refund those bonds;
(iii)
purchase its bonds with any funds available; and
(iv)
hold, pledge, cancel, or resell bonds.
(2)
By resolution, the Board may authorize the chair, vice chair, one of its members, or a committee of its members to determine, provide for, or approve any matters relating to bonds that the Board considers appropriate including:
(i)
specifying, determining, prescribing, and approving matters, documents, and procedures that relate to the authorization, sale, security, issuance, delivery, and payment of and for the bonds;
(ii)
creating security for the bonds;
(iii)
providing for the administration of bond issues; and
(iv)
taking other actions it considers appropriate concerning the bonds.
(3)
The power granted in paragraph (2) of this subsection is in addition to powers conferred on the Board by this subtitle and does not limit any power of the Board under this subtitle.
(4)
(i)
Subject to subparagraph (ii) of this paragraph, the Board may authorize the Executive Director to take any of the actions described in paragraph (2) of this subsection.
(ii)
If the Board authorizes the Executive Director to take any of the actions described in paragraph (2) of this subsection, the Board shall prescribe limits within which the Executive Director may exercise discretion.
(b)
(1)
Except as otherwise provided by the Center, each issue of its bonds is a general obligation of the Center payable from any revenues or money of the Center that are available and not otherwise pledged.
(2)
The provisions of paragraph (1) of this subsection are subject to any agreements with:
(i)
holders of particular bonds pledging any particular revenues or money; and
(ii)
any participating institution.
(c)
For each issue of its bonds, the Center shall pass a resolution that:
(1)
specifies and describes the project for which the proceeds of the bond issuance are intended;
(2)
generally describes the public purpose and the financing transaction to be accomplished;
(3)
specifies the maximum principal amount of the bonds that may be issued by the Center; and
(4)
imposes any terms or conditions on the issuance and sale of the bonds that the Center considers appropriate.
(d)
Subject to any provision for their registration, bonds are negotiable instruments for all purposes regardless of whether they are payable from a special fund.
(e)
(1)
The bonds may be:
(i)
serial bonds;
(ii)
term bonds; or
(iii)
both in the discretion of the Center.
(2)
Subject to any delegation under subsection (a)(2) of this section, the resolution authorizing bonds may provide:
(i)
the dates of the bonds;
(ii)
the maturity dates of the bonds;
(iii)
the interest rates on the bonds;
(iv)
the time at which the bonds will be payable;
(v)
the denominations of the bonds;
(vi)
whether the bonds will be in a coupon or registered form;
(vii)
any registration privileges of the bonds;
(viii)
the manner of execution of the bonds;
(ix)
the place at which the bonds will be payable; and
(x)
any terms of redemption of the bonds.
(3)
The bonds shall mature within a period not to exceed 50 years after their date.
(4)
The bonds shall be payable in United States currency.
(f)
The bonds may be sold by competitive or negotiated sale at a price determined by the Center.
(g)
Pending preparation of the definitive bonds, the Center may issue interim receipts or certificates that will be exchanged for definitive bonds.
(h)
(1)
A trust agreement authorizing bonds may contain provisions that are part of the contract with the bondholders.
(2)
The provisions may include:
(i)
pledging the following to secure payment of bonds, subject to any existing agreements with bondholders:
(1)
the full faith and credit of the Center;
(2)
the full faith and credit of a participating institution;
(3)
revenues of a project;
(4)
a revenue–producing contract the Center has made with a person or public entity; or
(5)
the proceeds of the sale of bonds;
(ii)
the rentals, fees, and other charges, the amounts to be raised in each year, and the use and disposition of the revenues;
(iii)
the setting aside of reserves and sinking funds and their disposition;
(iv)
limits on the right of the Center or its agents to restrict and regulate the use of a project;
(v)
limits on the purpose to which the proceeds of sale of bonds may be applied;
(vi)
limits on issuing additional bonds, the terms under which additional bonds may be issued and secured, and refunding outstanding bonds;
(vii)
the procedure to amend or abrogate the terms of a contract with bondholders and the requirements for consent;
(viii)
limits on the amount of project revenues to be expended for operating, administrative, or other expenses of the Center;
(ix)
the acts or omissions that constitute default by the Center and the rights and remedies of the bondholders in the event of a default;
(x)
the conveyance or mortgaging of a project and its site to secure the bondholders; and
(xi)
creation and disposition of a collateral fund, instead of conveyance or mortgage, for the purpose of securing the bondholders.
(i)
The members of the Board and a person executing the bonds may not be held liable personally on the bonds.
Md. Code Ann., Econ. Dev. § 10-841 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–841LinkCopy Citation
(a)
The Center may secure bonds by a trust agreement.
(b)
The corporate trustee under a trust agreement may be a trust company or a bank that has the powers of a trust company in or outside the State.
(c)
In addition to the provisions described in § 10–840(h) of this subtitle, the trust agreement may contain:
(1)
either:
(i)
a provision conveying or mortgaging all or a portion of the project; or
(ii)
a provision creating a collateral account;
(2)
other provisions that the Center considers reasonable and proper for the security of bondholders; and
(3)
a provision that restricts the individual right of action by bondholders.
(d)
An expense incurred in carrying out the trust agreement or a resolution may be treated as part of the cost of the operation of a project.
Md. Code Ann., Econ. Dev. § 10-842 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–842LinkCopy Citation
Bonds are securities:
(1)
in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:
(i)
an officer or unit of the State or a political subdivision;
(ii)
a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;
(iii)
an insurance company, insurance association, or other person conducting an insurance business;
(iv)
a personal representative, guardian, trustee, or other fiduciary; and
(v)
any other person; and
(2)
that may be deposited with and received by a unit of the State or a political subdivision for any purpose for which the deposit of bonds or obligations of the State is authorized by law.
Md. Code Ann., Econ. Dev. § 10-843 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–843LinkCopy Citation
(a)
A bond:
(1)
is not:
(i)
a debt or liability of the State or a political subdivision of the State; or
(ii)
a pledge of the faith and credit of the State or a political subdivision of the State; and
(2)
is payable solely from money available in accordance with this subtitle.
(b)
Each bond shall state on its face that:
(1)
the State and its political subdivisions are not obliged to pay the bond or the interest on the bond except from revenues of the project or the portion of the project for which the bond is issued; and
(2)
the faith, credit, and taxing power of the State and its political subdivisions are not pledged to pay the principal of or the interest on the bond.
(c)
The issuance of bonds does not directly, indirectly, or contingently obligate the State or its political subdivisions:
(1)
to levy or pledge a tax to pay the bonds; or
(2)
to make an appropriation to pay the bonds.
(d)
This section does not prevent the Center from pledging its full faith and credit to pay bonds.
Md. Code Ann., Econ. Dev. § 10-844 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–844LinkCopy Citation
(a)
The Center may:
(1)
fix and collect rates, rents, fees, and charges for the use of a project and for the services furnished or to be furnished by a project; and
(2)
contract with a person or governmental entity to exercise its authority under this section.
(b)
The rates, rents, fees, and charges established by the Center under this section shall be fixed and adjusted so that the aggregate amount of the rates, rents, fees, and charges from the project, when added to other available money, is sufficient to:
(1)
pay for maintaining, repairing, and operating the project;
(2)
pay the principal of and the interest on the bonds that the Center issued for the project as they become due and payable; and
(3)
create and maintain reserves required or provided for in a trust agreement.
(c)
The rates, rents, fees, and charges established by the Center under this section are not subject to supervision or regulation by any unit of the State other than the Center.
Md. Code Ann., Econ. Dev. § 10-845 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–845LinkCopy Citation
(a)
(1)
Any pledge of revenues and other money under § 10–840(h) of this subtitle is valid and binding from the time the pledge is made.
(2)
(i)
The revenue or money that the Center pledges and receives is subject immediately to the lien of the pledge.
(ii)
Neither physical delivery of the revenue or money nor any other act is required to validate the lien.
(3)
The lien of the pledge is valid and binding against each party with a claim against the Center in tort, contract, or otherwise, regardless of whether the party has notice of the lien.
(b)
The trust agreement and any other agreement or lease creating a pledge under this section need not be filed or recorded, except in the records of the Center.
Md. Code Ann., Econ. Dev. § 10-846 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–846LinkCopy Citation
(a)
Proceeds from the sale of bonds and other revenues received under this subtitle are trust funds to be held and applied solely as provided in this subtitle.
(b)
(1)
Each officer, bank, or trust company that receives money from the Center under this subtitle shall act as trustee of the money and shall hold and apply the money for the purposes specified under this subtitle.
(2)
The officer, bank, or trust company holding money is subject to:
(i)
any regulation adopted under this subtitle; and
(ii)
the trust agreement securing the bonds.
Md. Code Ann., Econ. Dev. § 10-847 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–847LinkCopy Citation
(a)
(1)
The Center may issue bonds to refund outstanding bonds of the Center, including paying:
(i)
any redemption premium;
(ii)
interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
(iii)
if considered advisable by the Center, any part of the cost of acquiring or improving a project.
(2)
Refunding bonds may be issued for any corporate purpose, including:
(i)
realizing savings in the effective costs of debt service, directly or through a debt restructuring; or
(ii)
alleviating a potential or actual default.
(b)
A refunding bond that the Center issues under this section shall be issued in the same manner and is subject to this subtitle to the same extent as any other bond.
(c)
(1)
The Center may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.
(2)
(i)
In addition to other sources of payment that the Center determines, refunding bonds may be payable from escrowed bond proceeds and earnings and profits on investments.
(ii)
Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.
Md. Code Ann., Econ. Dev. § 10-848 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–848LinkCopy Citation
(a)
The Center may issue negotiable bond anticipation notes in anticipation of the sale of bonds for any corporate purpose.
(b)
Bond anticipation notes issued under this section shall be issued in the same manner as bonds.
(c)
Bond anticipation notes issued under this section and the resolution authorizing them may contain any provisions, conditions, or limitations that may be included in a trust agreement.
(d)
The Center may issue bond anticipation notes to pay any other bond anticipation notes.
(e)
Bond anticipation notes shall be paid from:
(1)
revenues of the Center;
(2)
money available and not otherwise pledged; or
(3)
the proceeds of the sale of the bonds in anticipation of which the notes were issued.
Md. Code Ann., Econ. Dev. § 10-849 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–849LinkCopy Citation
(a)
The Center shall convey title to a project and release collateral in accordance with this section when the following conditions are met:
(1)
(i)
the principal of and interest on bonds issued to finance the project, including any refunding bonds, have been fully paid and retired; or
(ii)
adequate provision has been made to fully pay and retire the bonds;
(2)
all other conditions of the trust agreement have been satisfied; and
(3)
the lien of the trust agreement has been released.
(b)
On satisfaction of the conditions under subsection (a) of this section, the Center promptly shall execute any deeds, conveyances, releases, and documents and take any other action necessary to convey title to the project to the participating institution and release collateral free of all liens and encumbrances created through the Center.
Md. Code Ann., Econ. Dev. § 10-850 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–850LinkCopy Citation
(a)
A bondholder, a holder of any coupons attached to bonds, or a trustee under a trust agreement securing the bonds may sue to:
(1)
protect and enforce rights under the laws of the State or a trust agreement; and
(2)
enforce and compel the performance of duties by the Center or its officer, employee, or agent that this subtitle or a trust agreement requires, including fixing and collecting rates, rents, fees, and charges that the trust agreement requires.
(b)
The rights under this section are subject to any trust agreement.
Md. Code Ann., Econ. Dev. § 10-851 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–851LinkCopy Citation
(a)
The Center, its agent, or its lessee is not required to pay a tax or assessment on:
(1)
a project or property that it acquires or uses under this subtitle; or
(2)
the income from that project or property.
(b)
The principal of and interest on bonds, the transfer of bonds, and any income derived from the bonds, including profits made in their sale or transfer, are forever exempt from all State and local taxes.
Md. Code Ann., Econ. Dev. § 10-854 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–854LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Fund” means the Climate Catalytic Capital Fund.
(c)
“Low– to moderate–income household” means a household located in a census tract with an average median income at or below 80% of the average median income for the State.
(d)
“Qualified project” means a project related to the purposes specified in § 10–855(b) of this subtitle.
Md. Code Ann., Econ. Dev. § 10-855 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–855LinkCopy Citation
(a)
There is a Climate Catalytic Capital Fund.
(b)
The purpose of the Fund is to promote geographical impact remedies and to leverage increased private capital investment in technology development and deployment, including project planning, to:
(1)
reduce greenhouse gas emissions and enable the adoption of measures to combat climate impacts;
(2)
facilitate the electrification of the transportation sector and the use of sustainable alternative fuels in aviation;
(3)
enable improvements in energy management and efficiency to reduce greenhouse gas emissions from the building sector;
(4)
expand the deployment of clean energy generation and energy storage capacity;
(5)
target the implementation of energy and weatherization measures for low– to moderate–income households;
(6)
optimize the economic, health, social, and environmental value of community–scale infrastructure for resilience and energy equity;
(7)
allow for the deployment of advanced clean energy technology; and
(8)
provide for the creation of a Maryland Green Bond program.
(c)
(1)
The Center shall administer the Fund.
(2)
The Center shall establish a Fund Oversight Committee, appointed by the Board, to manage the Fund.
(d)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
money made available to the Fund through private contributions and federal grants or programs;
(3)
proceeds from the sale, disposition, lease, or rental of collateral related to financing made from the Fund;
(4)
repayment of financing made from the Fund;
(5)
returns from or recovery of any financing made from the Fund;
(6)
proceeds from the sale of any financing made, or assets acquired with proceeds, from the Fund;
(7)
interest earnings on money in the Fund; and
(8)
any other money from any other source accepted for the benefit of the Fund.
(e)
(1)
The Fund may be used only to:
(i)
evaluate and coordinate financing for qualified projects and clean energy technologies related to the purposes specified under subsection (b) of this section;
(ii)
provide financing for qualified projects;
(iii)
facilitate efficient tax equity markets for qualified projects;
(iv)
secure private investment capital for financing of qualified projects;
(v)
make grants to other green banks in the State for the purpose of financing qualified projects; and
(vi)
subject to paragraph (2) of this subsection, administer the Fund and activities of the Center in carrying out this part.
(2)
Not more than 5% of the Fund balance may be used for administrative purposes.
(3)
The Fund may not be used for a project to install new equipment that uses fossil fuels or improve the efficiency of existing equipment that uses fossil fuels.
(f)
(1)
Expenditures from the Fund may be made only with the approval of the Fund Oversight Committee.
(2)
(i)
Except as provided in subparagraph (ii) of this paragraph, in each fiscal year at least 40% of the Fund balance shall be used for qualified projects in communities with low– to moderate–income households.
(ii)
In any fiscal year that there are not sufficient applications for qualified projects in communities with low– to moderate–income households, the Fund Oversight Committee may authorize funding that would otherwise be reserved under subparagraph (i) of this paragraph to be used for other qualified projects.
(g)
(1)
The Fund shall be subject to independent audit.
(2)
On or before December 1 each year, the Center shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the use of the Fund and outcomes of investments made from the Fund.
(h)
For fiscal years 2024, 2025, and 2026, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Fund.
Md. Code Ann., Econ. Dev. § 10-858 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–858LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Climate technology” includes:
(1)
solar energy;
(2)
wind energy;
(3)
energy storage devices;
(4)
grid modernization;
(5)
carbon capture utilization and storage; and
(6)
any other technology defined by the Center that:
(i)
reduces greenhouse gas emissions;
(ii)
mitigates the impacts of climate change; or
(iii)
provides a negative emission benefit in the electric, oil, or gas sector.
(c)
“Fund” means the Climate Technology Founder’s Fund.
(d)
“Qualified project” means a project related to climate technology.
Md. Code Ann., Econ. Dev. § 10-859 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–859LinkCopy Citation
(a)
There is a Climate Technology Founder’s Fund.
(b)
The purpose of the Fund is to provide early–stage funding for start–up companies focused on qualified projects in climate technologies.
(c)
(1)
The Center shall administer the Fund.
(2)
The Center shall establish a Fund Oversight Committee, appointed by the Board, to manage the Fund.
(d)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
money made available to the Fund through private contributions and federal grants or programs;
(3)
proceeds from the sale, disposition, lease, or rental of collateral related to financing made from the Fund;
(4)
repayment of financing made from the Fund;
(5)
returns from or recovery of any financing made from the Fund;
(6)
proceeds from the sale of any financing made or assets acquired with proceeds from the Fund;
(7)
money transferred from the Maryland Strategic Energy Investment Fund under § 9–20B–05 of the State Government Article;
(8)
interest earnings on money in the Fund; and
(9)
any other money from any other source accepted for the benefit of the Fund.
(e)
(1)
The Fund may be used only to:
(i)
evaluate and coordinate financing for qualified projects related to the purpose of the Fund;
(ii)
provide financing to qualified projects;
(iii)
secure private investment capital for financing of qualified projects; and
(iv)
subject to paragraph (2) of this subsection, administer the Fund and the activities of the Center in carrying out this part.
(2)
Money in the Fund may be allocated as follows:
(i)
up to $1,720,000 for direct investments of the Fund;
(ii)
up to $3,280,000 for the Maryland Clean Energy Center and the Maryland Energy Innovation Accelerator tech support programs; and
(iii)
up to $2,000,000 for Maryland Energy Innovation Institute seed grants.
(f)
(1)
Subject to paragraphs (2) and (3) of this subsection, in determining the qualified projects to receive investment from the Fund, the Center shall give preference to companies that are small, minority, women–owned, and veteran–owned businesses in the clean energy industry.
(2)
At least 40% of the funds awarded by the Center shall be used for equity investments in minority, women–owned, and veteran–owned businesses start–up companies.
(3)
Forty percent of the funding from the Center’s overall appropriation that is allocated for Maryland Energy Innovation Institute seed grants shall be used to provide grants for start–up companies from minority serving institutions.
(g)
(1)
Expenditures from the Fund may be made only with approval of the Fund Oversight Committee.
(2)
A recipient of financial assistance under this section shall provide matching funds for the qualified project equal to the amount of financial assistance awarded from the Fund by the Center.
(h)
On or before October 1 each year, the Center shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the use of the Fund and outcomes of investments made from the Fund.
Md. Code Ann., Econ. Dev. § 10-862 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–862LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Borrower” means a nonprofit organization that applies and qualifies for a loan under the Program.
(c)
“Fund” means the Green and Renewable Energy Efficiency for Nonprofits Loan Fund.
(d)
“Nonprofit organization” means an organization that is exempt from federal income tax under § 501(c)(3) of the Internal Revenue Code.
(e)
“Program” means the Green and Renewable Energy Efficiency for Nonprofits Loan Program.
(f)
“Qualifying energy system” means a system that:
(1)
generates electricity or usable thermal energy that is used to meet on–site demand; and
(2)
assists the State in meeting the environmental and greenhouse gas reduction goals under Title 2, Subtitle 12 of the Environment Article.
Md. Code Ann., Econ. Dev. § 10-863 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–863LinkCopy Citation
There is a Green and Renewable Energy Efficiency for Nonprofits Loan Program in the Center.
Md. Code Ann., Econ. Dev. § 10-864 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–864LinkCopy Citation
The purpose of the Program is to provide financial assistance in the form of no–interest loans to nonprofit organizations for:
(1)
the planning, purchase, and installation of qualifying energy systems in the State; and
(2)
actions that improve energy efficiency, such as repairing or replacing windows, doors, and heating, ventilation, and air–conditioning systems and other similar improvements.
Md. Code Ann., Econ. Dev. § 10-865 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–865LinkCopy Citation
The Center shall:
(1)
manage, supervise, and administer the Program;
(2)
adopt regulations to ensure that loans provided to nonprofit organizations carry out the purpose of the Program; and
(3)
attach to any loan specific terms that are considered necessary to ensure that the purpose of the Program is fulfilled.
Md. Code Ann., Econ. Dev. § 10-866 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–866LinkCopy Citation
(a)
(1)
A borrower must file an application with the Center to receive a loan under the Program.
(2)
The application must be signed by the chief operating officer or an authorized officer of the nonprofit organization.
(b)
The application must contain any information the Center determines is necessary, including:
(1)
the projected cost of the qualifying energy system, energy efficiency action, or technical assistance being financed through the loan;
(2)
the location of the property where the qualifying energy system will be installed or an energy efficiency action will occur and whether the property is owned or leased by the applicant;
(3)
(i)
evidence that the borrower:
(1)
is current on its registration status with the Secretary of State at the time the borrower submits the application; or
(2)
is an exempt organization that is complying with any filing requirements of the Secretary of State related to exempt organizations; or
(ii)
certification that the borrower is not required to register or file as an exempt organization with the Secretary of State because the borrower does not solicit charitable contributions in the State; and
(4)
any additional information relating to the borrower or the proposed qualifying energy system or energy efficiency action being financed through the loan that may be required by the Center to administer the Program.
(c)
The Center may approve an application for a loan specified in § 10–867(a)(1) or (3) of this subtitle only if the application demonstrates that the proposed qualifying energy system or energy efficiency action is estimated, based on projected energy costs, to generate energy cost savings over the useful life of the system or energy efficiency action that equal or exceed the total amortized cost of the loan.
(d)
In approving an application, the Center shall consider and give priority to an applicant that has an annual budget of $1,000,000 or less.
Md. Code Ann., Econ. Dev. § 10-867 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–867LinkCopy Citation
(a)
Loans from the Fund may be used for:
(1)
the purchase and installation of a qualifying energy system, including any necessary ancillary machinery, equipment, or furnishings;
(2)
technical assistance for the planning and installation of a qualifying energy system; and
(3)
actions that improve energy efficiency, such as repairing or replacing windows, doors, and heating, ventilation, and air–conditioning systems and other similar improvements.
(b)
Each borrower for a loan under subsection (a)(1) or (3) of this section shall contribute at least 10% of the cost of the qualifying energy system or energy efficiency action.
(c)
(1)
Loans made under the Program shall be repayable by the borrower in accordance with a schedule set by the Center.
(2)
The schedule set by the Center may be on a deferred payment basis.
(d)
(1)
A borrower shall provide assurances for the repayment of a loan.
(2)
The assurances:
(i)
shall include a promissory note; and
(ii)
may include a plan for repayment.
(e)
Loans may be made in conjunction with or in addition to financial assistance provided through other State or federal programs.
Md. Code Ann., Econ. Dev. § 10-868 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–868LinkCopy Citation
(a)
There is a Green and Renewable Energy Efficiency for Nonprofits Loan Fund.
(b)
The Center shall administer the Fund.
(c)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The Center shall hold the Fund separately and account for the Fund.
(d)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
money transferred from the Strategic Energy Investment Fund established under § 9–20B–05 of the State Government Article;
(3)
money received from any public or private source;
(4)
interest and investment earnings of the Fund; and
(5)
repayments and prepayments on loans made from the Fund.
(e)
(1)
In fiscal year 2028, the Governor may include in the annual budget bill an appropriation of $5,000,000 for the Fund.
(2)
In fiscal year 2029, the Governor may include in the annual budget bill an appropriation equal to at least $5,000,000 minus the amount in the Fund as of June 30 of the immediately preceding fiscal year.
(f)
The Fund may be used only:
(1)
to pay the expenses of the Program; and
(2)
to provide loans to eligible borrowers under the Program.
(g)
(1)
The Center shall invest and reinvest the money of the Fund in the same manner as other State money held by the Center may be invested.
(2)
Any investment earnings of the Fund shall be paid into the Fund.
(3)
Any repayment on loans made from the Fund shall be paid into the Fund.
Md. Code Ann., Econ. Dev. § 10-871 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–871LinkCopy Citation
(a)
In this part the following words have the meanings indicated.
(b)
“Borrower” means an eligible State agency, local jurisdiction, nonprofit organization, or eligible business that applies and qualifies for a loan under this Program.
(c)
“Eligible business” means a commercial enterprise or business that is in good standing with the State Department of Assessments and Taxation and is:
(1)
incorporated in the State; or
(2)
registered to do business in the State.
(d)
“Energy cost savings” means the actual reduction in operating expenses resulting from the installation, operation, and maintenance of a project financed under the Program.
(e)
“Fund” means the Jane E. Lawton Conservation Fund.
(f)
(1)
“Local jurisdiction” means any county or municipality of the State.
(2)
“Local jurisdiction” includes:
(i)
a board of education of a county or municipality;
(ii)
a special district that is established by State law and that operates within a single county;
(iii)
a special district that is established by a county under public general law; and
(iv)
an office, board, or department that is established in a county under State law and that is funded, under State law, at least in part by the county governing body.
(g)
“Municipality” means any municipal corporation in the State that is subject to the provisions of Article XI–E of the Maryland Constitution or any duly authorized agency or instrumentality of the municipality.
(h)
“Nonprofit organization” means a corporation, foundation, school, hospital, or other legal entity, no part of the net earnings of which inure to the benefit of any private shareholder or individual holding an interest in the entity.
(i)
“Program” means the Jane E. Lawton Conservation Loan Program.
(j)
“Project” means one or more improvements or modifications that enhance the energy efficiency and reduce the operating expenses of a structure located in Maryland.
Md. Code Ann., Econ. Dev. § 10-872 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–872LinkCopy Citation
There is a Jane E. Lawton Conservation Loan Program in the Center.
Md. Code Ann., Econ. Dev. § 10-873 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–873LinkCopy Citation
The purpose of the Program is to provide financial assistance in the form of low interest and zero interest loans to nonprofit organizations, local jurisdictions, State agencies, and eligible businesses for projects to:
(1)
promote energy conservation;
(2)
reduce consumption of fossil fuels;
(3)
improve energy efficiency;
(4)
enhance energy–related economic development and stability in the nonprofit, commercial, and industrial sectors; and
(5)
reduce greenhouse gas emissions.
Md. Code Ann., Econ. Dev. § 10-874 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–874LinkCopy Citation
The Center shall:
(1)
manage, supervise, and administer the Program;
(2)
ensure that loans are provided only to projects that carry out the purpose of the Program;
(3)
attach specific terms to any loan that are considered necessary to ensure that the purpose of the Program is fulfilled; and
(4)
develop procedures for monitoring projects to assess whether the improvements or modifications made by an eligible entity or business that had received a loan under the Program have resulted in a measurable reduction in energy consumption.
Md. Code Ann., Econ. Dev. § 10-875 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–875LinkCopy Citation
(a)
(1)
To receive a loan under the Program, a borrower must file an application with the Center.
(2)
If the borrower is an eligible business, the application must be signed by the chief operating officer or an authorized officer of the business.
(3)
If the borrower is a local jurisdiction, the application must be signed by the chief elected officer of the county or municipality, or if none, by the governing body of the county or municipality in which the project is located.
(4)
If the borrower is a public school, the application must be signed by the board of education of the county in which the project is located.
(5)
If the borrower is a State agency, the application must be signed by the head of the State agency.
(b)
The application shall contain any information the Center determines is necessary, including:
(1)
the projected cost to accomplish a proposed project;
(2)
the amount of energy or fuel a proposed project is expected to save over a defined period of time after completion of the project;
(3)
the anticipated environmental benefits in the form of reduced emissions or pollution attributable to the proposed project;
(4)
the amount of cost savings expected to be generated over a defined period of time after completion of the proposed project;
(5)
a description of the borrower’s contribution to a proposed project as required by § 10–867 of this subtitle; and
(6)
any additional information relating to the borrower or the proposed project that may be required by the Center in order to administer the Program.
Md. Code Ann., Econ. Dev. § 10-876 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–876LinkCopy Citation
(a)
Loans from the Fund may be used for:
(1)
the costs of implementing projects, including the costs of all necessary:
(i)
technical assessments;
(ii)
studies;
(iii)
surveys;
(iv)
plans and specifications; and
(v)
start–up, architectural, engineering, or other special services;
(2)
the costs of procuring necessary technology, equipment, licenses, or materials; and
(3)
the costs of construction, rehabilitation, or modification, including the purchase and installation of any necessary machinery, equipment, or furnishings.
(b)
Each borrower shall make a contribution to a project that is of a type and amount acceptable to the Center.
(c)
A borrower other than a State agency must document that the anticipated energy cost savings to the borrower over a defined period according to a methodology acceptable to the Center after the completion of the project are greater than the total cost of the project to the borrower.
(d)
Loans made under the Program to a borrower other than a State agency shall:
(1)
be repayable by the borrower from specified revenues that may include the energy cost savings generated by a project;
(2)
bear interest at a rate that the Center determines to be necessary and reasonable for the project; and
(3)
be repayable in accordance with a schedule that the Center sets, which may be on a deferred payment basis.
(e)
(1)
A borrower other than a State agency shall provide assurances for the repayment of a loan.
(2)
The assurances:
(i)
shall include a promissory note; and
(ii)
may include superior or subordinate mortgage liens, guarantees of repayment, or other forms of collateral.
(f)
Loans may be made in conjunction with, or in addition to, financial assistance provided through other State or federal programs.
Md. Code Ann., Econ. Dev. § 10-877 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–877LinkCopy Citation
(a)
There is a Jane E. Lawton Conservation Fund.
(b)
The Center shall administer the Fund.
(c)
(1)
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2)
The Center shall hold the Fund.
(d)
The Fund consists of:
(1)
money appropriated in the State budget to the Program;
(2)
money received from any public or private source;
(3)
interest and investment earnings on the Fund; and
(4)
repayments and prepayments of principal and interest on loans made from the Fund.
(e)
The Fund may be used only:
(1)
to pay the expenses of the Program;
(2)
to provide loans to eligible borrowers and projects; and
(3)
to enhance the credit of a financing offered by eligible banks and other financial institutions for projects.
(f)
(1)
The Center shall invest and reinvest the money of the Fund in the same manner as other money held by the Center may be invested.
(2)
Any investment earnings of the Fund shall be paid into the Fund.
(3)
Any repayment of principal and interest on loans made from the Fund shall be paid into the Fund.
(g)
(1)
The Center shall annually reserve for at least 90 days a portion of the money from the Fund that is available for financial assistance under the Program for loans to nonprofit organizations.
(2)
In a fiscal year in which requests for financial assistance from nonprofit organizations are less than the amount of money reserved under paragraph (1) of this subsection for the period determined by the Center, the Center may make the unencumbered or noncommitted portion of the reserve available to other borrowers in the Program.
Md. Code Ann., Econ. Dev. § 10-878 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–878LinkCopy Citation
The Center may enter into contracts with third parties to make, service, or settle loans made under this part.
Md. Code Ann., Econ. Dev. § 10-879 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–879LinkCopy Citation
(a)
The Center may use the Fund to enhance the credit of a financing offered by a bank or other financial institution for a project.
(b)
A credit enhancement issued in accordance with subsection (a) of this section shall:
(1)
carry out the purpose of the Program in a manner the Center considers appropriate;
(2)
facilitate financing of at least one project of a local jurisdiction, nonprofit organization, or eligible business; and
(3)
be offered only to a bank or other financial institution in good standing with the State Department of Assessments and Taxation that is:
(i)
incorporated in the State; or
(ii)
registered to do business in the State.
(c)
The Center may assess a reasonable fee to a participating bank or financial institution for the administration of this section.
Md. Code Ann., Econ. Dev. § 10-880 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–880LinkCopy Citation
(a)
A person may not knowingly make or cause to be made any false statement or report in any document required to be furnished to the Center by any agreement relating to financial assistance.
(b)
A person applying for financial assistance may not knowingly make or cause to be made any false statement for the purpose of influencing any action of the Center on an application for financial assistance or for the purpose of influencing any action of the Center affecting financial assistance already provided.
(c)
A person who violates this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 1 year or both.
Md. Code Ann., Econ. Dev. § 10-883 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 8. Maryland Clean Energy Center
§ 10–883LinkCopy Citation
This subtitle may be cited as the “Maryland Clean Energy Center Act”.
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
Md. Code Ann., Econ. Dev. § 10-901 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–901LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Board” means the Board of Directors of the Corporation.
(c)
“Corporation” means the Maryland Public–Private Partnership Marketing Corporation.
Md. Code Ann., Econ. Dev. § 10-902 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–902LinkCopy Citation
(a)
There is a Maryland Public–Private Partnership Marketing Corporation.
(b)
The Corporation is a body politic and corporate and is an instrumentality of the State.
(c)
The purposes of the Corporation are to:
(1)
create a branding strategy for the State;
(2)
market the State’s assets to out–of–state businesses;
(3)
recruit out–of–state businesses to locate and grow in the State; and
(4)
foster public–private partnerships that encourage location and development of new businesses in the State.
Md. Code Ann., Econ. Dev. § 10-903 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–903LinkCopy Citation
(a)
A Board of Directors shall manage the Corporation and its units and exercise the corporate powers of the Board of Directors.
(b)
The Board consists of the following 17 members:
(1)
the Secretary;
(2)
(i)
one member of the Senate of Maryland, who shall be a nonvoting member of the Board, designated by the President of the Senate; and
(ii)
one member of the House of Delegates, who shall be a nonvoting member of the Board, designated by the Speaker of the House; and
(3)
the following 14 members, appointed by the Governor with the advice and consent of the Senate:
(i)
three representing businesses in the State;
(ii)
two representing labor in the State;
(iii)
two representing nonprofit organizations in the State;
(iv)
three with expertise in marketing or advertising;
(v)
one with expertise in public relations and communications; and
(vi)
three with expertise in economic development.
(c)
Each member of the Board shall reside in the State.
(d)
In making appointments to the Board, the Governor shall consider diversity and all geographic regions of the State.
(e)
A member of the Board:
(1)
may not receive compensation as a member of the Board; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(f)
(1)
The term of an appointed member is 4 years.
(2)
The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2015.
(3)
At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(g)
The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.
(h)
The Board shall elect a chair from among the members of the Board.
(i)
The Board may act with an affirmative vote of nine board members.
Md. Code Ann., Econ. Dev. § 10-904 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–904LinkCopy Citation
(a)
The Corporation shall employ an Executive Director.
(b)
The Executive Director shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation.
Md. Code Ann., Econ. Dev. § 10-905 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–905LinkCopy Citation
(a)
In this section, “Fund” means the Economic Development Marketing Fund.
(b)
There is an Economic Development Marketing Fund.
(c)
The Corporation shall administer the Fund.
(d)
(1)
The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.
(2)
The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e)
The Fund consists of:
(1)
money appropriated in the State budget to the Fund;
(2)
money made available to the Fund through federal programs or private contributions;
(3)
money derived by the Corporation from the sale of advertising, publications, sponsorships, or other promotional or marketing opportunities; or
(4)
any other money made available to the Corporation for the Fund.
(f)
(1)
The Fund may be used only to market the State as a location for businesses to locate, retain, or expand their operations through any of the following means:
(i)
website management;
(ii)
media content creation;
(iii)
social media outreach;
(iv)
electronic mail marketing to promote events and opportunities for businesses;
(v)
collateral and display development;
(vi)
event management; and
(vii)
any other approaches the Corporation determines to be appropriate.
(2)
The Corporation may conduct these activities directly or through contract providers.
(g)
(1)
The Treasurer shall invest money in the Fund in the same manner as other State money may be invested.
(2)
Any investment earnings of the Fund shall be paid into the Fund.
(h)
Nothing in this section may be construed to prevent the Department from expending funds appropriated in the State budget to the Department directly for marketing purposes.
Md. Code Ann., Econ. Dev. § 10-906 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–906LinkCopy Citation
(a)
The Attorney General is the legal advisor to the Corporation.
(b)
With the approval of the Attorney General, the Corporation may retain any necessary lawyers.
Md. Code Ann., Econ. Dev. § 10-907 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–907LinkCopy Citation
The Corporation may retain any necessary accountants, financial advisors, or other consultants.
Md. Code Ann., Econ. Dev. § 10-908 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–908LinkCopy Citation
(a)
Except as provided in subsections (b), (c), and (e) of this section, the Corporation is exempt from:
(1)
Title 10 and Division II of the State Finance and Procurement Article; and
(2)
§§ 3–301 and 3–303 of the General Provisions Article.
(b)
The Corporation is subject to the Public Information Act.
(c)
The Board and the officers and employees of the Corporation are subject to the Public Ethics Law.
(d)
The officers and employees of the Corporation are not subject to the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
(e)
The Corporation, the Board, and the employees of the Corporation are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.
Md. Code Ann., Econ. Dev. § 10-909 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–909LinkCopy Citation
The Corporation may:
(1)
adopt bylaws for the conduct of its business;
(2)
adopt a seal;
(3)
maintain offices at a place in the State that the Corporation designates;
(4)
accept loans, grants, or assistance of any kind from the federal or State government, local government, a college or university, or a private source;
(5)
accept assistance from the Maryland Economic Development Corporation;
(6)
enter into contracts and other legal instruments;
(7)
sue or be sued;
(8)
acquire, purchase, hold, lease as lessee, and use:
(i)
a franchise, patent, or license;
(ii)
any real, personal, mixed, tangible, or intangible property; or
(iii)
an interest in the property listed in this item;
(9)
sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that the Corporation acquires;
(10)
fix and collect rates, rentals, fees, royalties, and charges for services and resources the Corporation provides or makes available; and
(11)
do all things necessary or convenient to carry out the powers granted by this subtitle.
Md. Code Ann., Econ. Dev. § 10-910 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–910LinkCopy Citation
The Corporation is exempt from State and local taxes.
Md. Code Ann., Econ. Dev. § 10-911 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–911LinkCopy Citation
The books and records of the Corporation are subject to audit:
(1)
at any time by the State; and
(2)
each year by an independent auditor.
Md. Code Ann., Econ. Dev. § 10-912 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 9. Maryland Public-Private Partnership Marketing Corporation
§ 10–912LinkCopy Citation
(a)
On or before October 1 of each year, the Corporation shall report to the Governor, the Secretary, and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
(b)
The report shall include a complete operating and financial statement covering the Corporation’s operations and a summary of the Corporation’s activities during the preceding fiscal year.
Subtitle 11. Maryland Community Investment Corporation
Md. Code Ann., Econ. Dev. § 10-1101 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1101LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Board” means the Board of Directors of the Corporation.
(c)
“Corporation” means the Maryland Community Investment Corporation.
(d)
“Investment committee” means a committee appointed by the Board to advise on and approve investments as required under this subtitle.
(e)
“Low–income community” means a community in the State that meets the definition of a low–income community under 26 U.S.C. § 45D(e)(1).
(f)
“New markets tax credit” means the federal tax credits allocated under 26 U.S.C. § 45D.
(g)
“Qualified community development entity” means an entity that meets the definition of a qualified community development entity under 26 U.S.C. § 45D(c)(1).
(h)
“Qualified equity investment” means an investment that meets the definition of a qualified equity investment under 26 U.S.C. § 45D(b)(1).
Md. Code Ann., Econ. Dev. § 10-1102 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1102LinkCopy Citation
This subtitle shall be liberally construed to carry out the purposes of this subtitle.
Md. Code Ann., Econ. Dev. § 10-1103 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1103LinkCopy Citation
(a)
There is a Maryland Community Investment Corporation.
(b)
The Corporation is a body politic and corporate and is an instrumentality of the State.
Md. Code Ann., Econ. Dev. § 10-1104 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1104LinkCopy Citation
The purposes of the Corporation are to:
(1)
do all things necessary to qualify as a qualified community development entity;
(2)
apply to the U.S. Department of the Treasury to be designated as a qualified community development entity;
(3)
apply to the U.S. Department of the Treasury for an allocation of new markets tax credits;
(4)
receive, make, and facilitate qualified equity investments and financial assistance available in low–income communities in the State;
(5)
allocate any new markets tax credits received by the Corporation;
(6)
coordinate with other qualified community development entities in the State to help ensure that low–income communities are receiving the maximum benefit of qualified equity investments in the State;
(7)
make investments and financial assistance available to low–income communities in the State from the Corporation’s money or from any other source;
(8)
build a long–term financial capacity and sustained investment in low–income communities in the State;
(9)
coordinate and create pathways to follow–on financing in the State; and
(10)
foster inclusive and diverse entrepreneurship and innovation throughout the State, which may include initiatives to raise awareness of programs to assist low–income communities.
Md. Code Ann., Econ. Dev. § 10-1105 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1105LinkCopy Citation
(a)
A Board of Directors shall manage the Corporation and its units and exercise its corporate powers.
(b)
The Board consists of the following members:
(1)
the Comptroller or the Comptroller’s designee;
(2)
the Secretary or the Secretary’s designee;
(3)
the Secretary of Housing and Community Development or the Secretary’s designee;
(4)
the Secretary of Planning or the Secretary’s designee;
(5)
the Secretary of General Services or the Secretary’s designee; and
(6)
the following members appointed by the Governor with the advice and consent of the Senate:
(i)
one representative of nonprofit entities in the State; and
(ii)
one representative of low–income communities.
(c)
A member of the Board shall reside in the State.
(d)
In making appointments to the Board, the Governor shall consider:
(1)
diversity; and
(2)
all geographic regions of the State.
(e)
A member of the Board:
(1)
may not receive compensation as a member of the Board; but
(2)
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
(f)
(1)
The term of an appointed member is 4 years.
(2)
The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2024.
(3)
At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.
(4)
A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.
(g)
(1)
This subsection applies to a member who is appointed by the Governor under subsection (b)(6) of this section.
(2)
The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.
Md. Code Ann., Econ. Dev. § 10-1106 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1106LinkCopy Citation
The Board shall elect a chair from among its members.
Md. Code Ann., Econ. Dev. § 10-1107 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1107LinkCopy Citation
(a)
Four members of the Board are a quorum.
(b)
A majority vote of the members present at a meeting having a quorum is needed for the Corporation to act.
Md. Code Ann., Econ. Dev. § 10-1108 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1108LinkCopy Citation
(a)
The Board shall appoint members of an advisory committee.
(b)
The membership of the advisory committee shall be composed of members who are:
(1)
required for the Corporation to qualify as a qualified community development entity under 26 U.S.C. § 45D(c)(1);
(2)
residents of the State; and
(3)
geographically representative of the locations of low–income communities in the State.
(c)
The Board shall adopt policies establishing the responsibilities of the advisory committee.
(d)
The advisory committee shall prioritize projects owned or operated by entities that have their principal place of business in the State when advising on investments made in low–income communities in the State.
Md. Code Ann., Econ. Dev. § 10-1109 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1109LinkCopy Citation
(a)
The Corporation shall establish an investment committee.
(b)
The Corporation shall adopt regulations establishing:
(1)
the responsibilities of the investment committee; and
(2)
the procedures for the appointment of investment committee members.
(c)
Members of the investment committee shall be geographically representative of the locations of low–income communities in the State.
(d)
The investment committee shall prioritize projects that are owned or operated by entities that have their principal place of business in the State.
Md. Code Ann., Econ. Dev. § 10-1110 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1110LinkCopy Citation
(a)
The Corporation shall employ a Chief Executive Officer.
(b)
The Chief Executive Officer shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation.
(c)
The Chief Executive Officer may not be a member of the Board.
Md. Code Ann., Econ. Dev. § 10-1111 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1111LinkCopy Citation
(a)
The Attorney General is the legal advisor to the Corporation.
(b)
(1)
The Attorney General shall assign to the Corporation assistant Attorneys General.
(2)
The Attorney General shall designate one assistant Attorney General as general counsel to the Corporation.
(3)
(i)
The general counsel to the Corporation shall:
(1)
advise the Chief Executive Officer, the Board, and any other official of the Corporation as requested by the Corporation;
(2)
supervise the other assistant Attorneys General assigned to the Corporation; and
(3)
perform for the Corporation other duties the Attorney General assigns.
(ii)
The general counsel may not provide any other assistance not specified in subparagraph (i) of this paragraph.
(c)
With the approval of the Attorney General, the Corporation may retain any additional necessary attorneys.
Md. Code Ann., Econ. Dev. § 10-1112 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1112LinkCopy Citation
(a)
The Department and the Department of Housing and Community Development may provide staff to the Corporation as provided in the State budget.
(b)
The Corporation may retain any necessary accountants, engineers, financial advisors, or other consultants.
Md. Code Ann., Econ. Dev. § 10-1113 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1113LinkCopy Citation
(a)
Except as provided in subsections (b), (c), and (e) of this section, the Corporation is exempt from Title 10 and Division II of the State Finance and Procurement Article.
(b)
The Corporation is subject to the Public Information Act.
(c)
The Board, the officers and employees of the Corporation, members of the investment committee, and members of any advisory committee appointed are subject to the Public Ethics Law.
(d)
The officers and employees of the Corporation are not subject to the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.
(e)
(1)
The Corporation, the Board, and employees of the Corporation are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.
(2)
The Board, the officers and employees of the Corporation, the members of the investment committee, and the members of any advisory committee appointed shall disclose to the State Ethics Commission whether they are employed by or have a financial interest in an entity that currently has or will apply for funds or an investment in a program administered by the Corporation.
(f)
For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Corporation if no organizational business is conducted.
Md. Code Ann., Econ. Dev. § 10-1114 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1114LinkCopy Citation
(a)
The Corporation shall establish a system of financial accounting, controls, audits, and reports.
(b)
The fiscal year of the Corporation begins on July 1 and ends on the following June 30.
Md. Code Ann., Econ. Dev. § 10-1115 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1115LinkCopy Citation
(a)
The Corporation may create and administer the accounts that it requires.
(b)
The Corporation shall deposit its money into a State or national bank or a federally insured savings and loan association that has a total paid–in capital of at least $1,000,000.
(c)
The Corporation may designate the trust department of a State bank, national bank, or savings and loan association as a depository to receive securities that the Corporation owns or acquires.
(d)
Unless an agreement or covenant between the Corporation and the holders of its obligations limits classes of investments, the Corporation may invest its money in bonds or other obligations of, or guaranteed as to principal and interest by, the United States, the State, or a governmental unit.
(e)
Any income from the investment of money of the Corporation, including investment proceeds and earnings, shall be credited to the Corporation.
Md. Code Ann., Econ. Dev. § 10-1116 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1116LinkCopy Citation
The Corporation may:
(1)
adopt bylaws for the conduct of its business;
(2)
adopt a seal;
(3)
maintain offices at a place it designates in the State;
(4)
accept loans, grants, investments, or assistance of any kind from the federal or State government, a local government, a college or university, or a private source;
(5)
enter into contracts and other legal instruments;
(6)
sue or be sued;
(7)
acquire, purchase, hold, lease as lessee, and use:
(i)
a franchise, patent, or license;
(ii)
any real, personal, mixed, tangible, or intangible property; or
(iii)
an interest in the property listed in this item;
(8)
sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires;
(9)
fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available;
(10)
create, own, control, or be a member of a corporation, limited liability company, partnership, or other entity, whether operated for profit or not for profit;
(11)
exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and
(12)
do all things necessary or convenient to carry out this subtitle.
Md. Code Ann., Econ. Dev. § 10-1117 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1117LinkCopy Citation
The Board shall:
(1)
develop a public and internal strategic plan that includes:
(i)
performance goals and measures;
(ii)
a mission statement and core values;
(iii)
an analysis of strengths, weaknesses, opportunities, and threats;
(iv)
action plans; and
(v)
yearly and long–term goals and objectives;
(2)
review strategic plans and update the plans annually to measure performance;
(3)
approve compensation plans for the Chief Executive Officer and employees of the Corporation;
(4)
designate a person to review and approve expense reimbursements of the Chief Executive Officer and employees of the Corporation in accordance with standards established by the Board;
(5)
designate a person to receive ethics complaints and any complaints involving the Board, the Chief Executive Officer, and employees of the Corporation;
(6)
establish policies that govern:
(i)
severance packages for employees that involuntarily leave employment;
(ii)
tuition reimbursement and limits for employees;
(iii)
eligible expense reimbursement requirements that include:
(1)
the types of expenses that are considered part of Corporation functions;
(2)
limits on reimbursements and time frames for submission; and
(3)
allowable travel expenses including any out–of–state travel;
(iv)
the use of all Corporation equipment, personal property, and real property and whether any property may be transferred to a departing employee; and
(v)
whistleblower complaints and protections for those filing complaints; and
(7)
conduct an annual performance review of the Chief Executive Officer.
Md. Code Ann., Econ. Dev. § 10-1118 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1118LinkCopy Citation
(a)
Except as provided in subsection (c) of this section, the Corporation may make qualified equity investments and other financial assistance available to projects in low–income communities if the investments are made on review and approval of a written application that contains:
(1)
sufficient information to verify that the project is in the State; and
(2)
a certification of the veracity of the information by an authorized signatory of the applicant.
(b)
In regard to any and all programs of the Corporation, except as otherwise provided in this subtitle, the Corporation shall adopt regulations to govern investments under this subsection that specify:
(1)
the types of businesses and projects in which an investment may be made;
(2)
the basic standards an enterprise shall meet to qualify for an investment;
(3)
the amount of money available for investment;
(4)
the investment policy statement of the Corporation that describes the procedures, criteria, investment philosophy, and guidelines for how the Corporation’s investment decisions will be made; and
(5)
a process for considering whether investments help to foster inclusive and diverse entrepreneurship, including the Corporation’s support for low–income communities.
(c)
The Corporation may make investments under an agreement with the Board of Trustees for the State Retirement and Pension System under § 21–123.2 of the State Personnel and Pensions Article.
Md. Code Ann., Econ. Dev. § 10-1119 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1119LinkCopy Citation
The Corporation may:
(1)
provide equity investment to a qualified business or project in the form of a grant, loan, tax credit allocation, or any other form of financial assistance to carry out its purposes;
(2)
acquire, develop, improve, manage, market, license, sublicense, maintain, lease as lessor or lessee, or operate a project in the State to carry out its purposes; and
(3)
acquire, directly or indirectly, from a person or political subdivision, by purchase, gift, or devise, any property, rights–of–way, franchises, easements, or other interests in land, including submerged land and riparian rights:
(i)
as necessary or convenient to improve or operate a project to carry out its purposes; and
(ii)
on the terms and at the prices that the Corporation considers reasonable.
Md. Code Ann., Econ. Dev. § 10-1120 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1120LinkCopy Citation
A debt, claim, obligation, or liability of the Corporation or any subsidiary is not:
(1)
a debt, claim, obligation, or liability of the State, a unit or instrumentality of the State, or of a State officer or State employee; or
(2)
a pledge of the credit of the State.
Md. Code Ann., Econ. Dev. § 10-1121 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1121LinkCopy Citation
The Corporation is exempt from State and local taxes.
Md. Code Ann., Econ. Dev. § 10-1122 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1122LinkCopy Citation
(a)
The books and records of the Corporation are subject to audit:
(1)
at any time by the State; and
(2)
each year by an independent auditor, including an annual financial statement under generally accepted accounting principles.
(b)
The Corporation shall conduct an independent assessment of the Board and the Corporation every 5 years.
Md. Code Ann., Econ. Dev. § 10-1123 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 11. Maryland Community Investment Corporation
§ 10–1123LinkCopy Citation
(a)
(1)
On or before October 1 each year, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
(2)
The report required under this subsection shall include:
(i)
a complete operating and financial statement covering the Corporation’s operations;
(ii)
a summary of the Corporation’s activities during the preceding fiscal year;
(iii)
information on all salaries and any incentives approved by the Board for Corporation employees;
(iv)
information on outreach, training, mentorship, support, and investment in minority– and women–owned qualified businesses, including support for marketing by the Maryland Small Business Development Financing Authority;
(v)
information on entities that have current investments and entities that received funding or investments in the current year on:
(1)
the principal business operations;
(2)
the number of employees in the State and the number of employees outside the State;
(3)
the capital or other investments made in the State; and
(4)
the proposed and actual job creation or capital investment in the State as a result of the investment or support;
(vi)
information on the creation of and appointments made to an advisory committee and the responsibilities of the advisory committee and members of the committee; and
(vii)
the policies of the Board and any changes to existing policies.
(b)
(1)
On a quarterly basis, the Corporation shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the Joint Audit and Evaluation Committee and the General Assembly.
(2)
The report required under this subsection shall include a list of the businesses and projects receiving support through programs administered by the Corporation, including those receiving investments made under § 21–123.2 of the State Personnel and Pensions Article.
(3)
The list of businesses and projects receiving support shall include for each:
(i)
the number of employees in the State;
(ii)
the number of employees outside the State;
(iii)
the capital or other investments made in the State; and
(iv)
proposed job creation or capital investment in the State as a result of the investment or support.
(c)
The Corporation shall publish annual financial statements, audit reports, and policies of the Board visibly on its website.