<section article="gec" article_name="Economic Development" number="10-101" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Board of Directors of the Corporation.</text> </level> <level label="c"> <level label="1"> <text>“Bond” means a bond or note of the Corporation issued under this subtitle.</text> </level> <level label="2"> <text>“Bond” includes:</text> <level label="i"> <text>a bond anticipation note;</text> </level> <level label="ii"> <text>a revenue anticipation note;</text> </level> <level label="iii"> <text>a grant anticipation note;</text> </level> <level label="iv"> <text>a refunding bond;</text> </level> <level label="v"> <text>a note in the nature of commercial paper; and</text> </level> <level label="vi"> <text>any other evidence of indebtedness of the Corporation, whether a general or limited obligation.</text> </level> </level> </level> <level label="d"> <text>“Corporation” means the Maryland Economic Development Corporation.</text> </level> <level label="e"> <text>“Cost” includes:</text> <level label="1"> <text>the purchase price of a project;</text> </level> <level label="2"> <text>the cost to acquire any right, title, or interest in a project;</text> </level> <level label="3"> <text>the cost of any improvement;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>the cost of any property, right, easement, franchise, and permit;</text> </level> <level label="6"> <text>the cost of labor and equipment;</text> </level> <level label="7"> <text>financing charges;</text> </level> <level label="8"> <text>interest before and during construction and, if the Corporation determines, for a limited period after the completion of construction;</text> </level> <level label="9"> <text>reserves for principal and interest and for improvements;</text> </level> <level label="10"> <text>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;</text> </level> <level label="11"> <text>administrative expenses; and</text> </level> <level label="12"> <text>other expenses as necessary or incident to:</text> <level label="i"> <text>financing a project;</text> </level> <level label="ii"> <text>acquiring and improving a project;</text> </level> <level label="iii"> <text>placing a project in operation by the Corporation or other owner, including reasonable provision for working capital; and</text> </level> <level label="iv"> <text>operating and maintaining a project.</text> </level> </level> </level> <level label="f"> <text>“Finance” includes refinance.</text> </level> <level label="g"> <text>“Governmental unit” means a county, municipal corporation, unit of State or local government, or other public body created under State or local law.</text> </level> <level label="h"> <text>“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.</text> </level> <level label="i"> <text>“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.</text> </level> <level label="j"> <level label="1"> <text>“Person” has the meaning stated in § 9–101 of this article.</text> </level> <level label="2"> <text>“Person” also includes:</text> <level label="i"> <text>a person that is created, owned, or controlled by the Corporation or of which the Corporation is a member;</text> </level> <level label="ii"> <text>a for–profit or nonprofit entity; and</text> </level> <level label="iii"> <text>a governmental unit.</text> </level> </level> </level> <level label="k"> <level label="1"> <text>“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:</text> <level label="i"> <text>is or will be used or operated for profit or not for profit;</text> </level> <level label="ii"> <text>is or will be located on a single site or multiple sites; or</text> </level> <level label="iii"> <text>may be financed by bonds, the interest on which is exempt from income taxation under federal law.</text> </level> </level> <level label="2"> <text>“Project” includes:</text> <level label="i"> <text>land or an interest in land;</text> </level> <level label="ii"> <text>structures, equipment, furnishings, rail or motor vehicles, barges, and boats;</text> </level> <level label="iii"> <text>property and rights related to the property, appurtenances, rights–of–way, franchises, and easements;</text> </level> <level label="iv"> <text>property that is functionally related and subordinate to property described in this subsection; and</text> </level> <level label="v"> <text>patents, licenses, and other rights necessary or useful in the improvement or operation of a project.</text> </level> </level> </level> <level label="l"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-102" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>This subtitle shall be liberally construed to accomplish its purposes.</text> </section> <section article="gec" article_name="Economic Development" number="10-103" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-104" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The General Assembly finds that:</text> <level label="1"> <text>the State’s economy continues to experience technological change and restructuring;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>the establishment of a public corporation to acquire or improve projects:</text> <level label="i"> <text>serves the public interest by accomplishing one or more of the Corporation’s legislative purposes listed in subsection (b) of this section; and</text> </level> <level label="ii"> <text>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</text> </level> </level> <level label="4"> <text>the State lacks and needs direct property development capability for economic development purposes.</text> </level> </level> <level label="b"> <text>The legislative purposes of the Corporation are to:</text> <level label="1"> <text>relieve unemployment in the State;</text> </level> <level label="2"> <text>encourage the increase of business activity and commerce and a balanced economy in the State;</text> </level> <level label="3"> <text>help retain and attract business activity and commerce in the State;</text> </level> <level label="4"> <text>promote economic development; and</text> </level> <level label="5"> <text>promote the health, safety, right of gainful employment, and welfare of residents of the State.</text> </level> </level> <level label="c"> <text>The General Assembly intends that:</text> <level label="1"> <text>the Corporation operate and exercise its corporate powers in all areas of the State;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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:</text> <level label="i"> <text>owning projects;</text> </level> <level label="ii"> <text>leasing projects to other persons; or</text> </level> <level label="iii"> <text>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</text> </level> </level> <level label="5"> <text>the Corporation not own and operate a project unless:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>a representative of a governmental unit requests in writing that the Corporation own and operate the project.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-105" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>There is a Maryland Economic Development Corporation.</text> </level> <level label="b"> <text>The Corporation is a body politic and corporate and is an instrumentality of the State.</text> </level> <level label="c"> <text>The exercise by the Corporation of a power under this subtitle is the performance of an essential governmental function.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-106" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>A Board of Directors shall manage the Corporation and exercise its powers.</text> </level> <level label="b"> <text>The Board consists of the following 12 members:</text> <level label="1"> <text>as ex officio voting members:</text> <level label="i"> <text>the Secretary; and</text> </level> <level label="ii"> <text>the Secretary of Transportation; and</text> </level> </level> <level label="2"> <text>the following members, appointed by the Governor with the advice and consent of the Senate:</text> <level label="i"> <text>two representatives of local government;</text> </level> <level label="ii"> <text>three members who are knowledgeable in real estate or commercial financing;</text> </level> <level label="iii"> <text>three members who are knowledgeable in industrial development or industrial relations; and</text> </level> <level label="iv"> <text>two members of the general public.</text> </level> </level> </level> <level label="c"> <text>Each member of the Board shall be a resident of the State.</text> </level> <level label="d"> <text>In appointing Board members, the Governor shall consider geographic diversity and minority representation.</text> </level> <level label="e"> <level label="1"> <text>The term of an appointed member is 4 years.</text> </level> <level label="2"> <text>The terms of the appointed members are staggered as required by the terms provided for members of the Board on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, a member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="f"> <text>Before taking office, each member appointed to the Board shall take the oath required by Article 1, § 9 of the Maryland Constitution.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-107" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>From among its members, the Board shall elect a chair, a vice chair, and a treasurer.</text> </level> <level label="b"> <text>The Board shall determine the manner of election of officers and their terms of office.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-108" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>Seven members of the Board are a quorum.</text> </level> <level label="2"> <text>An affirmative vote of at least seven members is needed for the Board to act.</text> </level> </level> <level label="b"> <text>The Board shall determine the times and places of its meetings.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-109" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>Subject to the approval of the Governor, the Board shall appoint an Executive Director.</text> </level> <level label="2"> <text>The Executive Director serves at the pleasure of the Board.</text> </level> <level label="3"> <text>The Board shall determine the salary of the Executive Director.</text> </level> </level> <level label="b"> <level label="1"> <text>The Executive Director is the chief administrative officer of the Corporation.</text> </level> <level label="2"> <text>The Executive Director shall manage the administrative affairs and technical activities of the Corporation in accordance with policies and procedures that the Board establishes.</text> </level> </level> <level label="c"> <text>The Executive Director, or the Executive Director’s designee, shall:</text> <level label="1"> <text>attend all meetings of the Board;</text> </level> <level label="2"> <text>act as secretary of the Board;</text> </level> <level label="3"> <text>keep minutes of all proceedings of the Board;</text> </level> <level label="4"> <text>approve all salaries, per diem payments, and allowable expenses of the Corporation, its employees, and its consultants;</text> </level> <level label="5"> <text>approve any expenses incidental to the operation of the Corporation; and</text> </level> <level label="6"> <text>perform the other duties that the Board directs in carrying out this subtitle.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-110" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Board shall employ any additional professional and clerical staff as necessary to carry out this subtitle.</text> </level> <level label="b"> <text>The Board may retain accountants, engineers, lawyers, financial advisors, or other consultants as necessary.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-111" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>Except as otherwise provided in this section, in exercising its powers, the Corporation:</text> <level label="i"> <text>may carry out its corporate purposes without the consent of any State unit; and</text> </level> <level label="ii"> <text>is not subject to:</text> <level label="1"> <text>Title 12, Subtitles 1 through 3 of this article;</text> </level> <level label="2"> <text>the following provisions of the Local Government Article:</text> </level> <level label="A"> <text>Title 18, Subtitle 1 (Parking Authorities Act); and</text> </level> <level label="B"> <text>Title 18, Subtitle 2 (Ocean City Convention Center);</text> </level> <level label="3"> <text>the following provisions of the State Finance and Procurement Article:</text> </level> <level label="A"> <text>Title 2, Subtitles 2 (Gifts and Grants), 4 (Water and Sewerage Systems), and 5 (Facilities for the Handicapped);</text> </level> <level label="B"> <text>Title 3 (Budget and Management);</text> </level> <level label="C"> <text>Title 4 (Department of General Services);</text> </level> <level label="D"> <text>Title 5A (Division of Historical and Cultural Programs);</text> </level> <level label="E"> <text>Title 6, Subtitle 1 (Studies and Estimates);</text> </level> <level label="F"> <text>Title 7, Subtitles 1 (State Operating Budget), 2 (Disbursements and Expenditures), and 3 (Unspent Balances);</text> </level> <level label="G"> <text>§§ 8–127, 8–128, and 8–129 (certain restrictions on State general obligation bonds);</text> </level> <level label="H"> <text>Title 8, Subtitle 1, Part V (State Revenue Anticipation Notes);</text> </level> <level label="I"> <text>Title 10 (Board of Public Works – Miscellaneous Provisions); and</text> </level> <level label="J"> <text>Division II (General Procurement Law);</text> </level> <level label="4"> <text>the following provisions of the State Government Article:</text> </level> <level label="A"> <text>Title 9, Subtitles 10 (State Archives and Artistic Property) and 17 (Maryland State Employees Surety Bond Committee); and</text> </level> <level label="B"> <text>Title 11 (Consolidated Procedures for Development Permits); and</text> </level> <level label="5"> <text>Article 41 of the Code.</text> </level> </level> </level> <level label="2"> <level label="i"> <text>The Corporation is subject to:</text> <level label="1"> <text>the Public Information Act; and</text> </level> <level label="2"> <text>the Open Meetings Act.</text> </level> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>The Corporation, its officers, and its employees are subject to the Public Ethics Law.</text> </level> <level label="2"> <text>The officers and employees of the Corporation are not subject to:</text> <level label="i"> <text>Division II of the State Personnel and Pensions Article; or</text> </level> <level label="ii"> <text>the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.</text> </level> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>a loan;</text> </level> <level label="2"> <text>a grant;</text> </level> <level label="3"> <text>insurance; or</text> </level> <level label="4"> <text>any other form of financial assistance.</text> </level> </level> <level label="d"> <text>The Corporation is subject to the same State and local regulatory requirements as any private corporation.</text> </level> <level label="e"> <text>A project of the Corporation is subject to the zoning and subdivision regulations of the jurisdiction where it is located.</text> </level> <level label="f"> <text>The Corporation, its officers, and its employees are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-112" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>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:</text> <level label="1"> <text>an agreement entered into by the Corporation under this subtitle;</text> </level> <level label="2"> <text>a bond; or</text> </level> <level label="3"> <text>any security relating to a bond.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-113" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation shall establish a system of financial accounting, controls, audits, and reports.</text> </level> <level label="b"> <text>The fiscal year of the Corporation begins on July 1 and ends on the following June 30.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-114" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation may create and administer the accounts that it requires.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-115" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>The Corporation may:</text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>adopt a seal;</text> </level> <level label="3"> <text>maintain offices at a place it designates in the State;</text> </level> <level label="4"> <text>accept loans, grants, or assistance of any kind from the federal government, a governmental unit, a college or university, or a private source;</text> </level> <level label="5"> <text>enter into contracts and other legal instruments;</text> </level> <level label="6"> <text>sue and be sued in its own name;</text> </level> <level label="7"> <text>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;</text> </level> <level label="8"> <text>sell, lease as lessor, transfer, and dispose of its property or interest in property;</text> </level> <level label="9"> <text>fix and collect rates, rentals, fees, royalties, and charges for services, resources, and facilities it provides or makes available;</text> </level> <level label="10"> <text>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;</text> </level> <level label="11"> <text>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;</text> </level> <level label="12"> <text>create, own, control, or be a member of a corporation, limited liability company, partnership, or other person, whether for–profit or nonprofit;</text> </level> <level label="13"> <text>exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and</text> </level> <level label="14"> <text>do all things necessary or convenient to carry out the powers expressly granted by this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-116" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation may:</text> <level label="1"> <text>acquire, improve, develop, manage, market, maintain, lease as lessor or as lessee, and operate a project in the State;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>make loans to a person to:</text> <level label="i"> <text>finance all or a part of the acquisition or improvement of a project; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-117" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation may:</text> <level label="1"> <text>borrow money and issue bonds to finance any part of the cost of a project or for any other corporate purpose of the Corporation;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>otherwise provide for the security of bonds and the rights of bondholders.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-118" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation may authorize the issuance of revenue bonds by resolution.</text> </level> <level label="b"> <text>The Corporation may issue the bonds at one time or in one or more series from time to time.</text> </level> <level label="c"> <text>The Corporation shall determine:</text> <level label="1"> <text>the date of the bonds;</text> </level> <level label="2"> <text>the maturity dates of the bonds, which may not exceed 40 years from the date of issue;</text> </level> <level label="3"> <text>the interest rates on the bonds;</text> </level> <level label="4"> <text>the medium of payment of the principal of and interest on the bonds;</text> </level> <level label="5"> <text>the form of the bonds;</text> </level> <level label="6"> <text>the manner of executing the bonds;</text> </level> <level label="7"> <text>the denominations of the bonds; and</text> </level> <level label="8"> <text>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.</text> </level> </level> <level label="d"> <text>An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.</text> </level> <level label="e"> <level label="1"> <text>Between successive holders, bonds are negotiable instruments under Title 3 of the Maryland Uniform Commercial Code.</text> </level> <level label="2"> <text>Bonds may be registrable.</text> </level> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Bonds are exempt from §§ 8–206 and 8–208 of the State Finance and Procurement Article.</text> </level> </level> <level label="g"> <text>Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-119" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>Bonds are securities:</text> <level label="1"> <text>in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:</text> <level label="i"> <text>an officer of a governmental unit;</text> </level> <level label="ii"> <text>a bank, trust company, savings and loan association, investment company, or other person operating a banking business;</text> </level> <level label="iii"> <text>an insurance association or other person operating an insurance business;</text> </level> <level label="iv"> <text>a personal representative, guardian, trustee, or other fiduciary; and</text> </level> <level label="v"> <text>any other person; and</text> </level> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-120" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <level label="1"> <text>A bond:</text> <level label="i"> <text>is not a debt, liability, or a pledge of the full faith and credit of the State or a governmental unit; and</text> </level> <level label="ii"> <text>is payable solely from revenues provided under this subtitle.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face that:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-121" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.</text> </level> <level label="2"> <text>A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.</text> </level> <level label="3"> <text>A corporation or trust company incorporated in the State may:</text> <level label="i"> <text>act as depository of bond proceeds or revenues; and</text> </level> <level label="ii"> <text>furnish an indemnity bond or pledge security that the Corporation requires.</text> </level> </level> </level> <level label="b"> <text>The trust agreement or the resolution that provides for the issuance of a bond may:</text> <level label="1"> <text>state the rights and remedies of bondholders and any trustee;</text> </level> <level label="2"> <text>contain provisions to protect and enforce the rights and remedies of bondholders;</text> </level> <level label="3"> <text>contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;</text> </level> <level label="4"> <text>restrict the individual rights of action of bondholders;</text> </level> <level label="5"> <text>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</text> </level> <level label="6"> <text>provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.</text> </level> </level> <level label="c"> <text>Expenses incurred in carrying out a trust agreement may be treated as part of the cost of operation of the Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-122" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:</text> <level label="1"> <text>to the payment of any cost; or</text> </level> <level label="2"> <text>in any other lawful manner.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-123" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>The Corporation may issue bonds to refund outstanding bonds, including paying:</text> <level label="i"> <text>any redemption premium;</text> </level> <level label="ii"> <text>interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and</text> </level> <level label="iii"> <text>if considered advisable by the Corporation, any part of the cost of a project.</text> </level> </level> <level label="2"> <text>Refunding bonds may be issued for any corporate purpose, including:</text> <level label="i"> <text>realizing savings in the effective costs of debt service, directly or through a debt restructuring;</text> </level> <level label="ii"> <text>alleviating an impending or actual default; or</text> </level> <level label="iii"> <text>relieving the Corporation of a contractual agreement that the Corporation finds to be unreasonably onerous, impracticable, or impossible to perform.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>The Corporation may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.</text> </level> </level> </level> <level label="c"> <text>In the discretion of the Corporation, the proceeds of refunding bonds may be:</text> <level label="1"> <text>applied to the purchase, retirement at maturity, or redemption of outstanding bonds on a date the Corporation determines; and</text> </level> <level label="2"> <text>pending application under item (1) of this subsection, placed in escrow.</text> </level> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>Except as provided in subparagraph (ii) of this paragraph, the Corporation shall determine the investment of the proceeds of refunding bonds.</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="3"> <text>The earnings and profits on investments or other obligations may be applied to the payment of the bonds to be refunded.</text> </level> <level label="4"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-124" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>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:</text> <level label="1"> <text>protect and enforce rights under the laws of the State, the resolution, or the trust agreement; and</text> </level> <level label="2"> <text>enforce and compel performance of duties by the Corporation or its officers that this subtitle, the resolution, or the trust agreement requires.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-125" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation may:</text> <level label="1"> <text>lend or otherwise make available the proceeds of bonds to a person to finance costs of a project; and</text> </level> <level label="2"> <text>enter into financing agreements, mortgages, and other instruments that it determines are necessary or desirable to evidence or secure the loan.</text> </level> </level> <level label="b"> <level label="1"> <text>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:</text> <level label="i"> <text>the principal of and interest on the bonds that financed the cost of the project are paid; or</text> </level> <level label="ii"> <text>provision satisfactory to the Corporation is made for their payment.</text> </level> </level> <level label="2"> <text>Consideration required under paragraph (1) of this subsection may be nominal.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-126" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation may:</text> <level label="1"> <text>fix and collect rates or charges for its services;</text> </level> <level label="2"> <text>establish the terms and conditions for the services; and</text> </level> <level label="3"> <text>contract with a person for the use of the Corporation’s services.</text> </level> </level> <level label="b"> <text>The rates or charges of the Corporation are not subject to supervision or regulation by a governmental unit.</text> </level> <level label="c"> <text>Subject to any agreement, the Corporation may apply the rates, charges, and other revenues received by the Corporation to any lawful purpose.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-127" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation may pledge or assign:</text> <level label="1"> <text>any of its revenues;</text> </level> <level label="2"> <text>any of its rights to receive revenues;</text> </level> <level label="3"> <text>money and securities in accounts established to secure a bond; and</text> </level> <level label="4"> <text>a lien or security interest granted or assignment made to the Corporation.</text> </level> </level> <level label="b"> <text>A pledge or assignment:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>has priority over the claim.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>shall be filed in the records of the Corporation; but</text> </level> <level label="2"> <text>need not be filed or recorded elsewhere.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-128" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>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:</text> <level label="1"> <text>was transferred to the State, by gift or otherwise for substantially below market value, as a vacant or underutilized industrial facility or site;</text> </level> <level label="2"> <text>has existed for at least 10 years; and</text> </level> <level label="3"> <text>is at least 10 acres.</text> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>Property conveyed under this section may be insured under Title 9 of the State Finance and Procurement Article.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-129" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The bonds of the Corporation, including the interest on the bonds, are forever exempt from all State and local taxes.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-130" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>In this section, “Fund” means the Dorchester County Economic Development Fund.</text> </level> <level label="b"> <text>There is a Dorchester County Economic Development Fund in the Corporation.</text> </level> <level label="c"> <level label="1"> <text>The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Corporation shall manage and administer the Fund on terms and conditions acceptable to the Corporation and the Department.</text> </level> <level label="3"> <text>The Comptroller shall account and collect for the Fund and disburse the revenues to the trustee maintaining the Fund for the Corporation.</text> </level> <level label="4"> <text>Any investment earnings of the Fund shall be paid into the Fund.</text> </level> </level> <level label="d"> <text>The Fund consists of revenues from the hotel surcharge imposed under § 11–102(b) of the Tax – General Article.</text> </level> <level label="e"> <level label="1"> <text>The Fund shall be used to:</text> <level label="i"> <text>complete the Corporation project commonly known as the Chesapeake Bay Conference Center; and</text> </level> <level label="ii"> <text>satisfy the full and final settlement of pending construction claims related to the project and any bonds issued in connection with those claims.</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-131" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Corporation student housing project” means housing that is:</text> <level label="i"> <text>a residence hall, dormitory, or other housing units established under this subtitle;</text> </level> <level label="ii"> <text>owned or operated by the Corporation; and</text> </level> <level label="iii"> <text>on land leased by the Corporation from the University System of Maryland.</text> </level> </level> <level label="3"> <text>“Occupancy agreement” means a lease, license, or housing contract for any Corporation student housing project.</text> </level> </level> <level label="b"> <level label="1"> <text>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:</text> <level label="i"> <text>the names of all residences that a student may occupy;</text> </level> <level label="ii"> <text>an indication of those residences that are Corporation student housing projects; and</text> </level> <level label="iii"> <text>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:</text> <level label="1"> <text>termination;</text> </level> <level label="2"> <text>force majeure;</text> </level> <level label="3"> <text>parties to the agreement; and</text> </level> <level label="4"> <text>start and end dates to the occupancy period.</text> </level> </level> </level> <level label="2"> <text>The information required under paragraph (1)(iii) of this subsection shall include a statement that:</text> <level label="i"> <text>Corporation student housing projects are not owned or operated by the institution of higher education;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>explains the student’s liability for rental payments if the student voluntarily or involuntarily vacates the Corporation student housing project.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>An occupancy agreement between the Corporation and a student living in a Corporation student housing project shall:</text> <level label="i"> <text>indicate each reference to the Corporation in bold type;</text> </level> <level label="ii"> <text>state that the Corporation is the owner of the Corporation student housing project;</text> </level> <level label="iii"> <text>provide contact information for the management company of the Corporation student housing project; and</text> </level> <level label="iv"> <text>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:</text> <level label="1"> <text>termination;</text> </level> <level label="2"> <text>force majeure;</text> </level> <level label="3"> <text>parties to the agreement; and</text> </level> <level label="4"> <text>start and end dates to the occupancy period.</text> </level> </level> </level> <level label="2"> <text>The information required under paragraph (1)(iv) of this subsection shall include a statement that:</text> <level label="i"> <text>Corporation student housing projects are not owned or operated by the institution of higher education;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>explains the student’s liability for rental payments if the student voluntarily or involuntarily vacates the Corporation student housing project.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-132" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The audit shall include revenue and expense detail for each of the operating facilities of the Corporation.</text> </level> <level label="3"> <text>The Corporation shall select an accountant to conduct the audit who:</text> <level label="i"> <text>is licensed to practice accountancy in the State;</text> </level> <level label="ii"> <text>is experienced and qualified in the accounting and auditing of public entities; and</text> </level> <level label="iii"> <text>does not have a direct or indirect personal interest in the fiscal affairs of the Corporation.</text> </level> </level> <level label="4"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="b"> <text>The State may audit the books, records, and accounts of the Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-133" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report shall include a complete operating and financial statement and summarize the activities of the Corporation during the preceding fiscal year.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-134" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Fund” means the Strategic Infrastructure Revolving Loan Fund.</text> </level> <level label="3"> <text>“Priority funding area” means an area identified under § 5–7B–02 of the State Finance and Procurement Article.</text> </level> <level label="4"> <text>“Program” means the Strategic Infrastructure Revolving Loan Program.</text> </level> <level label="5"> <text>“Sustainable community” means an area designated under § 6–205 of the Housing and Community Development Article.</text> </level> <level label="6"> <text>“Transit–oriented development” has the meaning stated in § 7–101 of the Transportation Article.</text> </level> </level> <level label="b"> <level label="1"> <text>There is a Strategic Infrastructure Revolving Loan Program in the Maryland Economic Development Corporation.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <level label="1"> <text>There is a Strategic Infrastructure Revolving Loan Fund in the Corporation.</text> </level> <level label="2"> <text>The purpose of the Fund is to provide loans for the cost of infrastructure projects that meet the purposes of the Program.</text> </level> <level label="3"> <text>The Corporation shall administer the Fund.</text> </level> <level label="4"> <level label="i"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="ii"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="5"> <text>The Fund consists of:</text> <level label="i"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="ii"> <text>premiums, fees, interest payments, and principal payments on loans made under this section; and</text> </level> <level label="iii"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="6"> <text>The Fund may be used only for loans made under the Program.</text> </level> <level label="7"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="8"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> </level> <level label="d"> <level label="1"> <text>An applicant for a loan under this section shall submit to the Corporation an application on the form that the Corporation requires.</text> </level> <level label="2"> <text>The application shall include:</text> <level label="i"> <text>a detailed strategic plan for the targeted investment;</text> </level> <level label="ii"> <text>the amount of money required for the activities described in the strategic plan;</text> </level> <level label="iii"> <text>the money available to the applicant without financial assistance from the Program;</text> </level> <level label="iv"> <text>the amount of financial assistance requested from the Program;</text> </level> <level label="v"> <text>information relating to the financial status of the applicant, including, if applicable:</text> <level label="1"> <text>a current balance sheet;</text> </level> <level label="2"> <text>a profit and loss statement; and</text> </level> <level label="3"> <text>credit references; and</text> </level> </level> <level label="vi"> <text>any other relevant information that the Corporation requests.</text> </level> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>The Corporation shall establish an Advisory Loan Committee to review loan applications and make recommendations to the Corporation on approval.</text> </level> <level label="5"> <text>In making loans, the Corporation shall prioritize projects that:</text> <level label="i"> <text>activate underutilized property owned by the government and institutions;</text> </level> <level label="ii"> <text>redevelop land contiguous to rail transit stations that is owned by the State, Baltimore City, or the Washington Metropolitan Area Transit Authority;</text> </level> <level label="iii"> <text>offer significant development or redevelopment value;</text> </level> <level label="iv"> <text>leverage private investment; and</text> </level> <level label="v"> <text>have the potential for significant job growth or retention.</text> </level> </level> <level label="6"> <text>Loans may be used:</text> <level label="i"> <text>to acquire property, including vacant sites;</text> </level> <level label="ii"> <text>for design and development of a project; and</text> </level> <level label="iii"> <text>for rehabilitation, construction, and demolition.</text> </level> </level> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <level label="1"> <text>The Corporation shall prepare the loan documents.</text> </level> <level label="2"> <text>The loan documents shall include:</text> <level label="i"> <text>the interest rate on the loan;</text> </level> <level label="ii"> <text>the amount of the loan;</text> </level> <level label="iii"> <text>repayment provisions for the loan; and</text> </level> <level label="iv"> <text>any other provision that the Corporation determines is necessary, including a provision on taking liens and security interests in real or personal property.</text> </level> </level> </level> <level label="g"> <level label="1"> <text>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:</text> <level label="i"> <text>withhold further advances of loan proceeds until the loan recipient complies with the agreement or requirements; or</text> </level> <level label="ii"> <text>exercise any other remedy provided in the loan documents.</text> </level> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>The Corporation may take title in the Corporation’s name to any property foreclosed and convey title to a bona fide purchaser.</text> </level> </level> </level> <level label="h"> <text>The Corporation shall adopt regulations to carry out this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-137" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.</text> </level> <level label="c"> <text>“Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 10–144 of this subtitle.</text> </level> <level label="d"> <text>“Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code.</text> </level> <level label="e"> <text>“Qualified institution” means an entity that is designated as a qualified institution under § 10–139 of this subtitle and may include:</text> <level label="1"> <text>a regional higher education center as defined under § 10–101 of the Education Article;</text> </level> <level label="2"> <text>an institution of higher education as defined under § 10–101 of the Education Article; or</text> </level> <level label="3"> <text>a nonprofit organization that is affiliated with a federal agency.</text> </level> </level> <level label="f"> <text>“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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-138" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-139" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>An institution may apply to the Corporation to be designated as a qualified institution.</text> </level> <level label="b"> <text>To be eligible for designation as a qualified institution, the applicant shall:</text> <level label="1"> <text>evidence an intention:</text> <level label="i"> <text>to make a significant financial investment or commitment in an area of the State that the applicant intends to become a RISE zone;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>to create a significant number of new jobs within an area of the State that the applicant intends to become a RISE zone;</text> </level> </level> <level label="2"> <text>have a demonstrated history of community involvement and economic development within the communities that the applicant serves; and</text> </level> <level label="3"> <text>meet the minimum financial qualifications established by the Corporation.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Corporation shall adopt regulations that establish factors for evaluating applications under subsection (b) of this section.</text> </level> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>At least 30 days before approval or rejection of an application under this section, the Corporation shall notify the Legislative Policy Committee.</text> </level> <level label="3"> <text>The Legislative Policy Committee may provide advice to the Corporation regarding the approval or rejection of an institution as a qualified institution.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-140" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The application shall:</text> <level label="1"> <text>be in the form and contain the information that the Corporation requires by regulation;</text> </level> <level label="2"> <text>state the boundaries of the area of the proposed RISE zone, not exceeding 500 acres;</text> </level> <level label="3"> <text>describe the nexus of the RISE zone with the qualified institution; and</text> </level> <level label="4"> <text>contain a plan that identifies the target strategy and anticipated economic impacts of the RISE zone.</text> </level> </level> <level label="c"> <text>The Corporation may establish, by regulation, any other requirements necessary and appropriate for an area to be designated as a RISE zone.</text> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="e"> <level label="1"> <text>Within 120 days after submission of an application under this section, the Corporation shall:</text> <level label="i"> <text>approve or reject an application for designation of a RISE zone, including approval or modification of the proposed boundaries of the RISE zone; and</text> </level> <level label="ii"> <text>define the boundaries of the approved RISE zone.</text> </level> </level> <level label="2"> <text>At least 45 days before approval or rejection of an application under this section, the Corporation shall notify the Legislative Policy Committee.</text> </level> <level label="3"> <text>The Legislative Policy Committee may provide advice to the Corporation regarding:</text> <level label="i"> <text>the approval or rejection of the RISE zone; or</text> </level> <level label="ii"> <text>the boundaries of the RISE zone proposed by the Corporation.</text> </level> </level> </level> <level label="f"> <level label="1"> <level label="i"> <text>Subject to subparagraph (ii) of this paragraph, the designation of an area as a RISE zone is effective for 10 years.</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>The Corporation may not:</text> <level label="i"> <level label="1"> <text>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</text> </level> <level label="2"> <text>except as provided in paragraph (3) of this subsection, approve more than four RISE zones in Baltimore City; or</text> </level> </level> <level label="ii"> <text>approve a RISE zone the geographic area of which exceeds 500 acres.</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="g"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="h"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-141" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>The Corporation shall assign to a RISE zone a business and community development concierge who is an employee of the Corporation.</text> </level> <level label="b"> <text>A business and community development concierge shall assist entities locating in the RISE zone with:</text> <level label="1"> <text>State, county, or municipal corporation permit and license applications;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>any other activities the Corporation authorizes that relate to the development of the RISE zone.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-142" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <text>To the extent provided for in this section, a business entity that locates in a RISE zone is entitled to:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>for a taxable year beginning before January 1, 2023, the income tax credit under § 10–702 of the Tax – General Article; and</text> </level> <level label="iii"> <text>priority consideration for financial assistance from programs in Title 5, Subtitle 1 of this article.</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-143" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <level label="1"> <level label="i"> <text>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:</text> <level label="1"> <text>moves into or locates in a RISE zone on or after the date that the zone is designated under this part; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>The application shall include:</text> <level label="1"> <text>a description of the rental assistance program;</text> </level> <level label="2"> <text>the amount requested for distribution from the Fund in accordance with this section; and</text> </level> <level label="3"> <text>any other information requested by the Corporation.</text> </level> </level> <level label="iii"> <text>The applicant shall submit the application on or before the date that the Corporation specifies.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>The Corporation shall review each request for distribution of funds from the Fund for compliance with the provisions of this section and Corporation regulations.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-144" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>There is a Regional Institution Strategic Enterprise Fund in the Corporation.</text> </level> <level label="b"> <text>The Executive Director of the Corporation shall manage and supervise the Fund.</text> </level> <level label="c"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund; and</text> </level> <level label="2"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="e"> <text>The Corporation may use the Fund to:</text> <level label="1"> <text>finance, in coordination with qualified institutions, counties, and municipal corporations, the provision of rental assistance to business entities located in RISE zones; and</text> </level> <level label="2"> <text>pay the related administrative, legal, and actuarial expenses of the Corporation.</text> </level> </level> <level label="f"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="g"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-145" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report required under this section shall include the following information for the preceding fiscal year:</text> <level label="1"> <text>the number of business entities that received assistance from the Corporation under § 10–141 of this subtitle and the type of assistance provided;</text> </level> <level label="2"> <text>the number of business entities certified by the Corporation under § 10–142 of this subtitle;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>the number of small, minority–owned, or women–owned businesses described under each of items (1) through (3) of this subsection.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-146" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>Subject to subsection (b) of this section, this part and the tax credits and benefits authorized under it shall terminate on January 1, 2030.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-149" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Fund” means the Build Our Future Grant Fund.</text> </level> <level label="c"> <text>“Program” means the Build Our Future Grant Program.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-150" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>There is a Build Our Future Grant Program in the Corporation.</text> </level> <level label="b"> <text>The purpose of the Program is to provide grant funding for infrastructure projects intended to support innovation in an eligible technology sector.</text> </level> <level label="c"> <text>Grants may be awarded to private companies, nonprofit entities, local governments, or colleges and universities in the State.</text> </level> <level label="d"> <text>The Corporation shall administer the Program.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-151" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>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:</text> <level label="1"> <text>advanced manufacturing;</text> </level> <level label="2"> <text>aerospace;</text> </level> <level label="3"> <text>agriculture;</text> </level> <level label="4"> <text>artificial intelligence;</text> </level> <level label="5"> <text>biotechnology;</text> </level> <level label="6"> <text>blue technology;</text> </level> <level label="7"> <text>cybersecurity;</text> </level> <level label="8"> <text>defense;</text> </level> <level label="9"> <text>energy and sustainability;</text> </level> <level label="10"> <text>life sciences;</text> </level> <level label="11"> <text>quantum; and</text> </level> <level label="12"> <text>sensor and robotics.</text> </level> </level> <level label="b"> <text>Examples of eligible projects include:</text> <level label="1"> <text>sensitive compartmented information facilities;</text> </level> <level label="2"> <text>wet laboratories;</text> </level> <level label="3"> <text>cyber ranges;</text> </level> <level label="4"> <text>prototype manufacturing centers; and</text> </level> <level label="5"> <text>other specialized workforce training, skill certification, or research–related spaces.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <level label="1"> <text>A single entity may be awarded not more than $2,000,000 in grant funds in a fiscal year.</text> </level> <level label="2"> <level label="i"> <text>For a grant award up to $1,000,000, a grantee shall provide matching funds that are at least 200% of the grant amount.</text> </level> <level label="ii"> <text>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.</text> </level> <level label="iii"> <text>Funds received by a grantee through other State grant programs are not counted toward the grantee’s matching funds requirement.</text> </level> </level> <level label="3"> <text>A grantee must demonstrate an ability to cover the full estimated costs of the project for which the grant is awarded.</text> </level> <level label="4"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>Grants to colleges and universities from the Fund must be awarded to projects that:</text> <level label="1"> <text>are performed in collaboration with private industry; or</text> </level> <level label="2"> <text>offer the prospect of significant economic impact and the opportunity to develop entrepreneurship or clusters of technological innovation in the State.</text> </level> </level> </level> </level> <level label="e"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-152" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>A grantee may be subject to repayment of the grant in an amount determined by the Corporation if the grantee fails to:</text> <level label="1"> <text>comply with reporting requirements established by the Corporation; or</text> </level> <level label="2"> <text>demonstrate appropriate use of grant funds.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-153" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <level label="a"> <text>There is a Build Our Future Grant Fund.</text> </level> <level label="b"> <text>The Corporation shall administer the Fund.</text> </level> <level label="c"> <text>The purpose of the Fund is to provide grants for infrastructure projects to support innovation in eligible technology sectors under this part.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>any interest earnings of the Fund; and</text> </level> <level label="3"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>The Fund may be used to:</text> <level label="i"> <text>provide grants in accordance with this part; and</text> </level> <level label="ii"> <text>pay the administrative costs of the Program.</text> </level> </level> <level label="2"> <text>During each fiscal year, the Corporation may use not more than 10% of the money appropriated to the Fund to administer the Program.</text> </level> </level> <level label="g"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="h"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-154" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-155" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>The Corporation may adopt regulations to carry out this part.</text> </section> <section article="gec" article_name="Economic Development" number="10-156" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="1" subtitle_name="Maryland Economic Development Corporation"> <text>This part and the grant program under it shall terminate on June 30, 2030.</text> </section> <section article="gec" article_name="Economic Development" number="10-201" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Authority” means the Maryland Food Center Authority.</text> </level> <level label="c"> <text>“Bond” means a bond, note, or any other obligation issued under this subtitle.</text> </level> <level label="d"> <text>“Center” means the Maryland Food Center.</text> </level> <level label="e"> <text>“Costs”, with respect to a development or project, means:</text> <level label="1"> <text>the purchase price;</text> </level> <level label="2"> <text>the cost of any property, right, easement, and franchise considered necessary to construct and establish a development or project;</text> </level> <level label="3"> <text>the cost of relocation of wholesale food dealers or tenants under § 10–212 of this subtitle;</text> </level> <level label="4"> <text>the cost of labor, materials, and equipment, including expenses of relocating public utility facilities under § 10–210 of this subtitle;</text> </level> <level label="5"> <text>financing charges;</text> </level> <level label="6"> <text>interest before and during construction;</text> </level> <level label="7"> <text>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;</text> </level> <level label="8"> <text>administrative expenses; and</text> </level> <level label="9"> <text>other expenses necessary or incident to:</text> <level label="i"> <text>the financing of a development or project;</text> </level> <level label="ii"> <text>constructing and establishing a development or project; and</text> </level> <level label="iii"> <text>placing a development or project into operation.</text> </level> </level> </level> <level label="f"> <text>“Development” means:</text> <level label="1"> <text>the Center;</text> </level> <level label="2"> <text>a commercial seafood development; and</text> </level> <level label="3"> <text>any other multiproject food–related or agriculturally related real estate development that the Authority undertakes to further the purposes of this subtitle.</text> </level> </level> <level label="g"> <level label="1"> <text>“Food” means agricultural and other edible food products and floricultural and horticultural products.</text> </level> <level label="2"> <text>“Food” includes the following:</text> <level label="i"> <text>butter;</text> </level> <level label="ii"> <text>cheese;</text> </level> <level label="iii"> <text>eggs;</text> </level> <level label="iv"> <text>fruits;</text> </level> <level label="v"> <text>meats;</text> </level> <level label="vi"> <text>meat products;</text> </level> <level label="vii"> <text>poultry;</text> </level> <level label="viii"> <text>seafood; and</text> </level> <level label="ix"> <text>vegetables.</text> </level> </level> <level label="3"> <text>“Food” may be in packaged or fresh form.</text> </level> <level label="4"> <text>“Food” shall be liberally construed.</text> </level> </level> <level label="h"> <text>“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.</text> </level> <level label="i"> <text>“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.</text> </level> <level label="j"> <level label="1"> <text>“Project” means a facility, operation, or portion of a development that the Authority undertakes to further the purposes of this subtitle.</text> </level> <level label="2"> <text>“Project” includes:</text> <level label="i"> <level label="1"> <text>a market;</text> </level> <level label="2"> <text>a food handling, processing, storage, or distribution facility; and</text> </level> <level label="3"> <text>a commercial seafood facility or operation;</text> </level> </level> <level label="ii"> <text>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:</text> <level label="1"> <text>a bank;</text> </level> <level label="2"> <text>a parking or other transportation facility;</text> </level> <level label="3"> <text>a restaurant;</text> </level> <level label="4"> <text>a store; and</text> </level> <level label="5"> <text>any other commercial enterprise;</text> </level> </level> <level label="iii"> <text>land, structures, equipment, furnishings, rail or motor vehicles, barges, and boats in a development or project;</text> </level> <level label="iv"> <text>property and rights in a development or project; and</text> </level> <level label="v"> <text>land and facilities that are functionally related to a development or project.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-202" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>This subtitle shall be liberally construed to accomplish its purposes.</text> </level> <level label="b"> <text>The establishment of developments and projects under this subtitle is:</text> <level label="1"> <text>for the benefit of the residents of the State and its political subdivisions; and</text> </level> <level label="2"> <text>a public purpose.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-203" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-204" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The General Assembly finds that:</text> <level label="1"> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>public health and safety are adversely affected by the unsafe, obsolete, and unsanitary conditions of existing food markets;</text> </level> <level label="iii"> <text>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;</text> </level> <level label="iv"> <text>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;</text> </level> <level label="v"> <text>modern consolidated facilities would result in an annual saving; and</text> </level> <level label="vi"> <text>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;</text> </level> </level> <level label="2"> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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:</text> <level label="1"> <text>acquire land for a market development;</text> </level> <level label="2"> <text>construct and operate a market development; and</text> </level> <level label="3"> <text>make loans to and otherwise assist persons engaged in the wholesale food industry who want to locate in a market development;</text> </level> </level> </level> <level label="3"> <text>it is in the public interest to:</text> <level label="i"> <text>eliminate or correct the conditions described in item (1) of this subsection regarding the marketing of food; and</text> </level> <level label="ii"> <text>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:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>any ancillary or appurtenant facility that the Authority determines will enhance the public convenience or attractiveness of the market development including:</text> </level> <level label="A"> <text>a bank;</text> </level> <level label="B"> <text>a parking or other transportation facility;</text> </level> <level label="C"> <text>a restaurant;</text> </level> <level label="D"> <text>a store; or</text> </level> <level label="E"> <text>any other commercial enterprise; and</text> </level> </level> </level> <level label="4"> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>development of the seafood industry on the Eastern Shore could:</text> <level label="1"> <text>provide an opportunity for the State to capitalize on these resources;</text> </level> <level label="2"> <text>create new jobs; and</text> </level> <level label="3"> <text>produce other economic benefit to the State;</text> </level> </level> <level label="iii"> <text>a centralized seafood project is needed for the development of these resources and resulting economic benefit; and</text> </level> <level label="iv"> <text>the development of the project and these resources would be in the public interest and can best be accomplished through the Authority.</text> </level> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-205" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>There is a Maryland Food Center Authority.</text> </level> <level label="b"> <text>The Authority is a body politic and corporate and an instrumentality of the State.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <level label="1"> <text>The Authority consists of 12 members.</text> </level> <level label="2"> <level label="i"> <text>Each member shall be a resident of the State.</text> </level> <level label="ii"> <text>One member shall reside in Howard County.</text> </level> </level> <level label="3"> <text>Of the 12 members:</text> <level label="i"> <text>four shall be ex officio members:</text> <level label="1"> <text>the Director of Agricultural Extension;</text> </level> <level label="2"> <text>the Comptroller;</text> </level> <level label="3"> <text>the Secretary of Agriculture; and</text> </level> <level label="4"> <text>the Secretary of General Services; and</text> </level> </level> <level label="ii"> <text>eight shall be outstanding residents appointed by the Governor with the advice and consent of the Senate.</text> </level> </level> </level> <level label="e"> <level label="1"> <text>The term of an appointed member is 5 years.</text> </level> <level label="2"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="f"> <level label="1"> <text>Thirty days after giving written notice to the member, the Governor may remove an appointed member for inefficiency, neglect, or misconduct.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>If a member is removed, the Governor shall promptly appoint a successor.</text> </level> </level> <level label="g"> <level label="1"> <text>From among its members, the Authority shall elect a chair and a vice chair.</text> </level> <level label="2"> <text>The Authority shall elect a secretary–treasurer who need not be a member of the Authority.</text> </level> </level> <level label="h"> <level label="1"> <text>The Authority shall meet at least quarterly.</text> </level> <level label="2"> <text>At least 10 days before each meeting, written notice of the meeting shall be given to each member of the Authority.</text> </level> </level> <level label="i"> <text>Seven members of the Authority are a quorum.</text> </level> <level label="j"> <level label="1"> <text>A majority vote of the members present at a meeting having a quorum is needed for the Authority to act.</text> </level> <level label="2"> <text>An ex officio voting member may designate another individual to vote in that member’s absence.</text> </level> </level> <level label="k"> <level label="1"> <text>The Authority may pay an appointed member up to $1,000 a year on a per diem basis for services.</text> </level> <level label="2"> <text>A member of the Authority is entitled to reimbursement for expenses under the Standard State Travel Regulations.</text> </level> <level label="3"> <text>Reimbursement and compensation under this subsection may only be paid from money provided under this subtitle.</text> </level> </level> <level label="l"> <text>The Authority shall adopt rules and regulations necessary for the conduct of its affairs.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-206" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>The Authority may employ or retain officers, staff, and agents, including engineering, architectural, fiscal, and construction experts and attorneys, and set their compensation.</text> </section> <section article="gec" article_name="Economic Development" number="10-207" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>Except as otherwise provided in this subtitle, the Authority:</text> <level label="1"> <text>is not subject to the following provisions of the State Finance and Procurement Article:</text> <level label="i"> <text>Title 2, Subtitles 4 (Water and Sewerage Systems) and 5 (Facilities for the Handicapped);</text> </level> <level label="ii"> <text>Title 4, Subtitles 7 (State Board of Architectural Review) and 8 (Energy);</text> </level> <level label="iii"> <text>§§ 5A–304 and 5A–305 (Historic Landmarks; certain architectural easements);</text> </level> <level label="iv"> <text>§ 7–114.1 (Archeological Costs);</text> </level> <level label="v"> <text>§§ 8–127, 8–128, and 8–129 (Certain Restrictions on State General Obligation Debt);</text> </level> <level label="vi"> <text>Part V of Title 8, Subtitle 1 (State Revenue Anticipation Notes);</text> </level> <level label="vii"> <text>Title 10 (Board of Public Works – Miscellaneous Provisions); and</text> </level> <level label="viii"> <text>Division II of the State Finance and Procurement Article (General Procurement Laws); and</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <level label="1"> <text>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).</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>A development or project is subject to applicable State health laws and regulations of the Secretary of Health and the Secretary of the Environment.</text> </level> <level label="d"> <text>A development or project is subject to all zoning and subdivision regulations of the political subdivision in which the development or project is located.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-208" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The money of the Authority may be invested.</text> </level> <level label="b"> <text>Any income from the investment of money of the Authority shall be credited to the Authority.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-209" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The Authority may:</text> <level label="1"> <text>sue and be sued;</text> </level> <level label="2"> <text>adopt a seal;</text> </level> <level label="3"> <text>acquire, hold, and dispose of property for its corporate purposes;</text> </level> <level label="4"> <text>sell, lease, or otherwise convey, in any manner that the Authority considers appropriate, any property it owns to accomplish the purposes of this subtitle;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>issue bonds in accordance with this subtitle;</text> </level> <level label="7"> <text>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;</text> </level> <level label="8"> <text>borrow money for a corporate purpose and mortgage or otherwise encumber its property as security for the loan;</text> </level> <level label="9"> <text>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;</text> </level> <level label="10"> <text>exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law;</text> </level> <level label="11"> <text>dredge approaches and acquire, construct, maintain, equip, and operate wharves, docks, piers, and other structures, and any facilities necessary for commerce; and</text> </level> <level label="12"> <text>do all things necessary or convenient to carry out the powers expressly granted by this subtitle.</text> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>A contract is not binding on the Authority unless it is approved or authorized by a majority of the members of the Authority.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-210" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>Subject to subsection (b) of this section, the Authority may adopt rules and regulations relating to:</text> <level label="1"> <text>the use of streets, alleys, driveways, and docking slips on the Authority’s property;</text> </level> <level label="2"> <text>the establishment of parking areas on the Authority’s property; and</text> </level> <level label="3"> <text>the safety and welfare of persons using the Authority’s property.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-211" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The Authority may acquire in its own name property, franchises, and licenses by:</text> <level label="1"> <text>purchase on terms and conditions and in the manner the Authority considers appropriate; or</text> </level> <level label="2"> <text>condemnation for public use in accordance with applicable law.</text> </level> </level> <level label="b"> <level label="1"> <text>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:</text> <level label="i"> <text>lease the land, street, alley, or public place to the Authority on terms agreed to by the Authority and the political subdivision; or</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>A lease or conveyance under this paragraph requires approval by the political subdivision or, for Baltimore City, by the Board of Estimates.</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>for Baltimore City, by the Board of Estimates; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="d"> <text>The Authority need not accept and pay for any property or rights it acquires except from money provided under this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-212" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The Authority may:</text> <level label="1"> <text>develop, establish, acquire, improve, own, operate, and maintain developments and projects in the State; and</text> </level> <level label="2"> <text>pay the cost of developments or projects, including improvements to any waterways at a development or project, from:</text> <level label="i"> <text>the proceeds of bonds;</text> </level> <level label="ii"> <text>other money available under this subtitle; or</text> </level> <level label="iii"> <text>money from the State or federal government or any of their units or instrumentalities.</text> </level> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>Except for the Center, construction of a development may not begin unless:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>the Legislative Policy Committee is given 45 days after receipt to comment on the proposal.</text> </level> </level> <level label="d"> <level label="1"> <text>This subsection does not apply to facilities constructed on land leased or sold by the Authority to a private entity.</text> </level> <level label="2"> <text>Before contracting to construct a facility at a development or project, the Authority shall solicit sealed bids.</text> </level> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>All leases of real property and plans and contracts for the acquisition conveyance of real property require approval by the Board of Public Works.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-213" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>the wholesale food dealers and tenants will provide the greatest opportunity of success for a development or project; and</text> </level> <level label="2"> <text>the cost of the assistance is the most likely to be recouped.</text> </level> </level> <level label="b"> <text>To assist a wholesale food dealer or tenant, the Authority may:</text> <level label="1"> <text>acquire, by negotiation and purchase, the land, structures, equipment, or leases, or an interest in them, of the wholesale food dealer or tenant; and</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-214" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The Authority may:</text> <level label="1"> <text>fix and collect rates and charges for the use of the facilities of a development or project;</text> </level> <level label="2"> <text>establish the terms and conditions for the use of the facilities; and</text> </level> <level label="3"> <text>contract with a person for the person’s use of the facilities of a development or project.</text> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-215" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>A political subdivision in which a development or project is located may:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-216" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>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:</text> <level label="1"> <text>cleaning the development or project; and</text> </level> <level label="2"> <text>removing and disposing of refuse from the development or project.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-217" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <level label="1"> <text>“Person” has the meaning stated in § 9-101 of this article.</text> </level> <level label="2"> <text>“Person” also includes a public or quasi-public corporation.</text> </level> </level> <level label="b"> <text>Subject to subsection (c) of this section, the Authority may provide financing to a person to accomplish the purposes of this subtitle:</text> <level label="1"> <text>on property that is owned or otherwise held or controlled by the Authority or the State; or</text> </level> <level label="2"> <text>on, under, or in property that is owned or otherwise held or controlled by any other person.</text> </level> </level> <level label="c"> <level label="1"> <text>This subsection does not apply to an expenditure of money:</text> <level label="i"> <text>in connection with the acquisition of property or the preparation of plans;</text> </level> <level label="ii"> <text>to the employment of staff of the Authority; or</text> </level> <level label="iii"> <text>for other matters that customarily are preliminary to the commencement of construction.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>The contract shall:</text> <level label="i"> <text>be secured to the satisfaction of the Board of Public Works; and</text> </level> <level label="ii"> <text>require the person to pay to the Authority or its designee:</text> <level label="1"> <text>the principal of and interest on bonds sold under this subtitle as they become due;</text> </level> <level label="2"> <text>any fiscal agency charges for paying principal and interest;</text> </level> <level label="3"> <text>any charges or fees set by the Authority for its administrative costs and expenses; and</text> </level> <level label="4"> <text>any premium on bonds retired by call or purchased as provided in this subtitle.</text> </level> </level> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-218" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The Authority may authorize the issuance of federally tax-exempt or federally taxable revenue bonds by resolution.</text> </level> <level label="b"> <text>The Authority may issue revenue bonds:</text> <level label="1"> <text>to pay any part of the cost of developments or projects;</text> </level> <level label="2"> <text>to fund a deficit in accordance with subsection (i) of this section;</text> </level> <level label="3"> <text>to pay the cost of improvements of developments or projects in accordance with subsection (j) of this section;</text> </level> <level label="4"> <text>to refund outstanding bonds issued under this subtitle; and</text> </level> <level label="5"> <text>for any other purpose set forth in this subtitle.</text> </level> </level> <level label="c"> <text>The Authority may issue the bonds at one time or in one or more series from time to time.</text> </level> <level label="d"> <text>The Authority shall determine:</text> <level label="1"> <text>the dates of the bonds;</text> </level> <level label="2"> <text>the maturity dates of the bonds, which may not exceed 40 years from the date of their issue;</text> </level> <level label="3"> <text>the interest rates on the bonds;</text> </level> <level label="4"> <text>the medium of payment of the principal of and interest on the bonds;</text> </level> <level label="5"> <text>interest payment dates on the bonds, which shall occur twice in every 12 months;</text> </level> <level label="6"> <text>the form of the bonds;</text> </level> <level label="7"> <text>the manner of executing the bonds;</text> </level> <level label="8"> <text>the denominations of the bonds; and</text> </level> <level label="9"> <text>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.</text> </level> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>An officer’s signature or facsimile on a bond remains valid even if the officer leaves office before the bond is delivered.</text> </level> <level label="g"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.</text> </level> </level> <level label="h"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority may replace bonds that are mutilated, lost, or destroyed.</text> </level> <level label="3"> <text>The Authority may issue replacement bonds or bonds exchanged for temporary revenue bonds without:</text> <level label="i"> <text>another proceeding; or</text> </level> <level label="ii"> <text>the satisfaction of any other condition.</text> </level> </level> </level> <level label="i"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Unless otherwise provided in the resolution authorizing the issuance of bonds or in the trust agreement, the additional bonds are:</text> <level label="i"> <text>considered to be of the same issue as the first issue; and</text> </level> <level label="ii"> <text>entitled to payment from the same funds as the first issue, without preference or priority of the bonds of the first issue.</text> </level> </level> </level> <level label="j"> <level label="1"> <text>The resolution authorizing the issuance of bonds may provide for the issuance of additional bonds to pay the cost of any necessary improvements.</text> </level> <level label="2"> <text>The additional bonds:</text> <level label="i"> <text>may be limited in amount by the resolution or trust agreement;</text> </level> <level label="ii"> <text>shall be considered part of the first issue authorized by the resolution; and</text> </level> <level label="iii"> <text>shall be issued under the restrictions and limitations provided by the resolution or trust agreement.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-219" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>Bonds are securities:</text> <level label="1"> <text>in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:</text> <level label="i"> <text>an officer or unit of the State or a political subdivision;</text> </level> <level label="ii"> <text>a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;</text> </level> <level label="iii"> <text>an insurance company, insurance association, or other person conducting an insurance business;</text> </level> <level label="iv"> <text>a personal representative, guardian, trustee, or other fiduciary; and</text> </level> <level label="v"> <text>any other person; and</text> </level> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-220" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-221" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <level label="1"> <text>The Authority may secure a bond by a trust agreement between the Authority and a corporate trustee.</text> </level> <level label="2"> <text>A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.</text> </level> </level> <level label="b"> <text>The trust agreement or the resolution that provides for the issuance of a bond may:</text> <level label="1"> <text>provide for the protection and enforcement of rights and remedies of bondholders, including covenants setting forth the duties of the Authority in relation to:</text> <level label="i"> <text>acquisition, improvement, maintenance, operation, and insurance of the development or project; and</text> </level> <level label="ii"> <text>custody, safeguarding, and application of money;</text> </level> </level> <level label="2"> <text>provide for the rights and remedies of bondholders and of the trustee;</text> </level> <level label="3"> <text>restrict the individual right of action by bondholders as is customary in trust agreements securing bonds of corporations;</text> </level> <level label="4"> <text>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</text> </level> <level label="5"> <text>provide for the method of disbursing the proceeds and revenues with safeguards and restrictions that the Authority determines.</text> </level> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>No portion of a development or project may be conveyed or mortgaged without the express consent of the Board of Public Works.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-222" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The Authority shall apply the proceeds of the bonds for the purposes for which the bonds are authorized.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The sinking fund is pledged to paying:</text> <level label="i"> <text>the principal of and the interest on the bonds as they become due; and</text> </level> <level label="ii"> <text>the redemption or purchase price of bonds retired by call or purchase as specified in the trust agreement or resolution.</text> </level> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>to pay for maintenance, repair, and operation of a development or project;</text> </level> <level label="2"> <text>for reserves; and</text> </level> <level label="3"> <text>for improvements to a development or project.</text> </level> </level> <level label="d"> <level label="1"> <text>The lien of the pledge of revenues under subsection (b) of this section is valid and binding from the time the pledge is made.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-223" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>The Authority may authorize the issuance of a single issue of revenue bonds by resolution for the combined purposes of:</text> <level label="1"> <text>paying the cost of improvements of developments or projects; and</text> </level> <level label="2"> <text>refunding bonds.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-224" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>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:</text> <level label="1"> <text>protect and enforce a right under the laws of this State, the resolution, or the trust agreement; and</text> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-225" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>The Authority may pledge or assign:</text> <level label="1"> <text>any of its revenues;</text> </level> <level label="2"> <text>its rights to receive its revenues;</text> </level> <level label="3"> <text>money or securities in accounts established to secure a bond; or</text> </level> <level label="4"> <text>a lien or security interest granted or assignment made to the Authority.</text> </level> </level> <level label="b"> <level label="1"> <text>A pledge or assignment under subsection (a) of this section is valid and binding from the time the pledge or assignment is made.</text> </level> <level label="2"> <text>A lien, security interest, or assignment under subsection (a) of this section:</text> <level label="i"> <text>attaches immediately to the revenues or property pledged and then received by the Authority, without any physical delivery or further act; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-226" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The bonds of the Authority, including the interest on the bonds, are forever exempt from State and local taxes.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-227" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-228" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report shall include a financial statement covering the operations of developments during the preceding fiscal year.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-229" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority"> <text>This subtitle may be cited as “The Maryland Food Center Authority Act”.</text> </section> <section article="gec" article_name="Economic Development" number="10-301" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Authority” means the Maryland Health and Higher Educational Facilities Authority.</text> </level> <level label="c"> <level label="1"> <text>“Bond” means a bond issued by the Authority under this subtitle.</text> </level> <level label="2"> <text>“Bond” includes a revenue bond, a revenue refunding bond, a note, and any other obligations.</text> </level> </level> <level label="d"> <text>“Cost”, with respect to a project financed under this subtitle, includes:</text> <level label="1"> <text>the purchase price of a project;</text> </level> <level label="2"> <text>the cost to acquire any right, title, or interest in a project;</text> </level> <level label="3"> <text>the cost of any improvement;</text> </level> <level label="4"> <text>the cost of any property, right, easement, and franchise;</text> </level> <level label="5"> <text>the cost of demolition, removal, or relocation of structures;</text> </level> <level label="6"> <text>the cost of acquiring land to which the structures may be moved;</text> </level> <level label="7"> <text>the cost of equipment;</text> </level> <level label="8"> <text>financing charges;</text> </level> <level label="9"> <text>interest before and during construction and, if the Authority determines, for a limited period after the completion of construction;</text> </level> <level label="10"> <text>reserves for principal and interest and for improvements;</text> </level> <level label="11"> <text>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</text> </level> <level label="12"> <text>other expenses as necessary or incident to:</text> <level label="i"> <text>financing a project;</text> </level> <level label="ii"> <text>acquiring and improving a project; and</text> </level> <level label="iii"> <text>placing a project in operation.</text> </level> </level> </level> <level label="e"> <text>“Educational institution” means an institution of higher education or a noncollegiate educational institution.</text> </level> <level label="f"> <text>“Finance” includes refinance.</text> </level> <level label="g"> <level label="1"> <text>“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:</text> <level label="i"> <text>a nonprofit hospital as defined under § 19–301 of the Health – General Article that:</text> <level label="1"> <text>is licensed as a hospital by the Secretary of Health under § 19–318 of the Health – General Article; or</text> </level> <level label="2"> <text>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;</text> </level> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>a combination of institutions listed in items (i) and (ii) of this paragraph;</text> </level> <level label="iv"> <text>except as provided in paragraph (3) of this subsection:</text> <level label="1"> <text>a nonprofit comprehensive health center that provides outpatient primary health services available to the general public; or</text> </level> <level label="2"> <text>a nonprofit life care or continuing care community that provides self–contained residence facilities for the retired or elderly;</text> </level> </level> <level label="v"> <text>any combination of health care entities listed in item (iv) of this paragraph;</text> </level> <level label="vi"> <text>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</text> </level> <level label="vii"> <text>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.</text> </level> </level> <level label="2"> <text>“Health care institution” includes a nonprofit corporation organized to construct or acquire an institution under paragraph (1) of this subsection.</text> </level> <level label="3"> <text>“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:</text> <level label="i"> <text>a nonprofit comprehensive health center that is a medical or health care facility of the University System of Maryland; or</text> </level> <level label="ii"> <text>a nonprofit life care or continuing care community that provides self–contained residence facilities for the retired or elderly.</text> </level> </level> <level label="4"> <text>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.</text> </level> </level> <level label="h"> <text>“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.</text> </level> <level label="i"> <text>“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.</text> </level> <level label="j"> <level label="1"> <text>“Institution of higher education” means an educational institution in the State that:</text> <level label="i"> <text>by law or charter:</text> <level label="1"> <text>is a public or nonprofit educational institution; and</text> </level> <level label="2"> <text>is authorized to provide:</text> </level> <level label="A"> <text>a program of education beyond the high school level and award a bachelor’s or advanced degree; or</text> </level> <level label="B"> <text>a program of 2 or more years’ duration that is accepted for full credit toward a bachelor’s degree; and</text> </level> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>“Institution of higher education” includes:</text> <level label="i"> <text>a community college for which a board of community college trustees is established under § 16–101 of the Education Article;</text> </level> <level label="ii"> <text>a regional community college established under § 16–202 of the Education Article;</text> </level> <level label="iii"> <text>the Baltimore City Community College established under § 16–501 of the Education Article; and</text> </level> <level label="iv"> <text>the College of Southern Maryland established under § 16–603 of the Education Article.</text> </level> </level> <level label="3"> <text>“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.</text> </level> </level> <level label="k"> <text>“Noncollegiate educational institution” means a noncollegiate educational institution as defined in § 2–206 of the Education Article that:</text> <level label="1"> <text>has received a certificate of approval from the State Board of Education; or</text> </level> <level label="2"> <text>is an institution operated by a bona fide church organization.</text> </level> </level> <level label="l"> <text>“Participating institution” means a participating educational institution or a participating health care institution that receives assistance under this subtitle.</text> </level> <level label="m"> <level label="1"> <text>With respect to an educational institution:</text> <level label="i"> <text>“project” means a structure or facility that is required or useful for an educational institution;</text> </level> <level label="ii"> <text>“project” includes:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>equipment and other similar items; and</text> </level> </level> <level label="iii"> <text>“project” does not include books, fuel, supplies, or other items that customarily result in a current operating charge.</text> </level> </level> <level label="2"> <text>With respect to a health care institution:</text> <level label="i"> <text>“project” means a structure or facility that is required or useful for the effective operation of a health care institution;</text> </level> <level label="ii"> <text>“project” includes:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>equipment and other similar items; and</text> </level> </level> <level label="iii"> <text>“project” does not include fuel, supplies, or other items that customarily result in a current operating charge.</text> </level> </level> </level> <level label="n"> <text>“Sinking fund” means a fund established under § 10–328 of this subtitle.</text> </level> <level label="o"> <level label="1"> <text>“Trust agreement” means an agreement entered into by the Authority to secure a bond.</text> </level> <level label="2"> <text>“Trust agreement” may include a bond contract, bond resolution, or other contract with or for the benefit of a bondholder.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-302" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>This subtitle is necessary for the welfare of the State and its residents and shall be construed liberally to accomplish its purposes.</text> </level> <level label="b"> <text>This subtitle:</text> <level label="1"> <text>is supplemental authorization and is in addition to the powers conferred by other laws; and</text> </level> <level label="2"> <text>does not derogate any powers.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-303" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>it is essential that:</text> <level label="i"> <text>people have the fullest opportunity to learn and to develop intellectual capacities;</text> </level> <level label="ii"> <text>educational institutions in the State have the appropriate means to assist people in achieving required levels of learning and development of intellectual capacities;</text> </level> <level label="iii"> <text>health care institutions in the State have appropriate means to expand and establish hospitals and other related health care facilities; and</text> </level> <level label="iv"> <text>educational institutions and health care institutions in the State are able to finance projects at the least cost to their users;</text> </level> </level> <level label="2"> <text>existing facilities for education and health care and existing financing vehicles available to these institutions are insufficient to meet these needs; and</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="b"> <text>The purposes of the Authority are to:</text> <level label="1"> <text>assist educational institutions and health care institutions in the acquisition, improvement, and financing of projects; and</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-306" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>There is a Maryland Health and Higher Educational Facilities Authority.</text> </level> <level label="b"> <text>The Authority is a body politic and corporate and is an instrumentality of the State.</text> </level> <level label="c"> <text>The exercise of a power under this subtitle is the performance of an essential governmental function.</text> </level> <level label="d"> <text>The exercise of a power under this article is:</text> <level label="1"> <text>for the benefit of the people of the State;</text> </level> <level label="2"> <text>to increase their commerce, welfare, and prosperity; and</text> </level> <level label="3"> <text>to improve their health, education, and living conditions.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-307" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority consists of the following nine members:</text> <level label="1"> <text>eight residents of the State appointed by the Governor; and</text> </level> <level label="2"> <text>the Treasurer or a deputy treasurer designated by the Treasurer.</text> </level> </level> <level label="b"> <text>Each year the Governor shall designate one member as chair and one as vice chair.</text> </level> <level label="c"> <text>Before taking office, each member shall take an oath to administer the duties of the office faithfully and impartially.</text> </level> <level label="d"> <level label="1"> <text>The term of an appointed member is 5 years and begins on July 1.</text> </level> <level label="2"> <text>The terms of members are staggered as required by the terms in effect for members of the Authority on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, a member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>The Governor shall fill any vacancy for the unexpired term.</text> </level> </level> <level label="e"> <text>The Governor may remove an appointed member at any time.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-308" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>Five members of the Authority are a quorum.</text> </level> <level label="2"> <text>The affirmative vote of a majority of members present at a meeting having a quorum is required for the Authority to take any action.</text> </level> <level label="3"> <text>The Authority may take action under this subtitle by passing a resolution at a regular or special meeting.</text> </level> <level label="4"> <text>A resolution shall take effect immediately and without being published or posted.</text> </level> </level> <level label="b"> <text>A member of the Authority:</text> <level label="1"> <text>may not receive compensation as a member of the Authority; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-309" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>Subject to the approval of the Governor, the Authority shall appoint an Executive Director.</text> </level> <level label="2"> <text>The Executive Director serves at the pleasure of the Authority.</text> </level> <level label="3"> <text>The Authority shall determine the compensation of the Executive Director.</text> </level> <level label="4"> <text>The Executive Director may not be a member of the Authority.</text> </level> </level> <level label="b"> <text>Subject to the supervision of the Authority, the Executive Director is the chief administrative officer of the Authority.</text> </level> <level label="c"> <text>The Executive Director:</text> <level label="1"> <text>shall keep a record of the proceedings of the Authority; and</text> </level> <level label="2"> <text>is the custodian of all books and documents filed with the Authority, the records of the Authority, and the seal of the Authority.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-310" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>Subject to the approval of the Governor, the Authority may appoint a full-time or part-time General Counsel.</text> </level> <level label="2"> <text>The General Counsel serves at the pleasure of the Authority.</text> </level> <level label="3"> <text>The Authority shall determine the compensation of the General Counsel.</text> </level> <level label="4"> <text>The General Counsel may not be a member of the Authority.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-311" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority may determine the duties of all its officers.</text> </level> <level label="b"> <text>The Authority may appoint additional officers.</text> </level> <level label="c"> <level label="1"> <text>Additional officers serve at the pleasure of the Authority.</text> </level> <level label="2"> <text>The Authority shall determine the compensation of the additional officers.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-312" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-313" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority shall follow State procedures to obtain, for internal administrative functions, office space, supplies, facilities, materials, equipment, and professional services.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-314" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority may:</text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>sue and be sued;</text> </level> <level label="3"> <text>adopt a seal;</text> </level> <level label="4"> <text>maintain an office at a place it designates;</text> </level> <level label="5"> <text>issue bonds in accordance with this subtitle;</text> </level> <level label="6"> <text>accept a grant, loan, or other assistance in any form from any public or private source, subject to the provisions of this subtitle;</text> </level> <level label="7"> <text>charge to and equitably allocate among participating institutions the administrative costs and expenses of carrying out this subtitle; and</text> </level> <level label="8"> <text>do all things necessary or convenient to carry out the powers expressly granted by this subtitle.</text> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall comply with the terms and conditions of assistance received in accordance with subsection (a)(6) of this section.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-315" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority may:</text> <level label="1"> <level label="i"> <text>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</text> </level> <level label="ii"> <text>take title to the property in the name of the Authority or the participating institution as its designated agent;</text> </level> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>fix and collect rates, rentals, fees, and charges for services and facilities that a project provides or makes available;</text> </level> <level label="5"> <text>directly, or through a participating institution acting as its designated agent, establish rules and regulations for the use of a project;</text> </level> <level label="6"> <text>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</text> </level> <level label="7"> <text>make a loan to a participating institution to:</text> <level label="i"> <text>improve or acquire a project in accordance with an agreement between the Authority and the participating institution;</text> </level> <level label="ii"> <text>refinance any part of a project; and</text> </level> <level label="iii"> <text>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.</text> </level> </level> </level> <level label="b"> <text>The Authority may undertake a joint project for two or more participating institutions.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-316" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>Expenses incurred under this subtitle are payable only from money obtained under this subtitle.</text> </level> <level label="b"> <text>The Authority may not incur a liability in excess of money obtained under this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-317" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>The Executive Director and each other officer authorized by the Authority may:</text> <level label="i"> <text>allow copies to be made of the minutes and records of the Authority; and</text> </level> <level label="ii"> <text>certify records under seal showing that the copies are true copies.</text> </level> </level> <level label="2"> <text>A person may rely on the certified record.</text> </level> </level> <level label="b"> <text>The records of the Authority are public records subject to reasonable inspection.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-318" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>At least once each year the Authority shall have its books audited by a certified public accountant.</text> </level> <level label="b"> <text>The Authority shall pay for the cost of the audit from money available to it under this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-319" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>On or before October 1 of each year, the Authority shall report to the Governor on its activities for the preceding fiscal year.</text> </level> <level label="b"> <text>The report shall include a complete operating and financial statement covering the operations of the Authority during the preceding fiscal year.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-320" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>On termination of the Authority, its rights and property pass to the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-323" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>The Authority may periodically:</text> <level label="i"> <text>issue bonds for any corporate purpose, including operating expenses;</text> </level> <level label="ii"> <text>refund those bonds;</text> </level> <level label="iii"> <text>purchase its bonds with any funds available; and</text> </level> <level label="iv"> <text>hold, pledge, cancel, or resell bonds.</text> </level> </level> <level label="2"> <text>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:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>creating security for the bonds;</text> </level> <level label="iii"> <text>providing for the administration of bond issues; and</text> </level> <level label="iv"> <text>taking other actions it considers appropriate concerning the bonds.</text> </level> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The provisions of paragraph (1) of this subsection are subject to any agreements with:</text> <level label="i"> <text>holders of particular bonds pledging any particular revenues or money; and</text> </level> <level label="ii"> <text>any participating institution.</text> </level> </level> </level> <level label="c"> <text>For each issue of its bonds, the Authority shall pass a resolution that:</text> <level label="1"> <text>specifies and describes the project for which the proceeds of the bond issuance are intended;</text> </level> <level label="2"> <text>generally describes the public purpose and the financing transaction to be accomplished;</text> </level> <level label="3"> <text>specifies the maximum principal amount of the bonds that may be issued by the Authority; and</text> </level> <level label="4"> <text>imposes any terms or conditions on the issuance and sale of the bonds that the Authority considers appropriate.</text> </level> </level> <level label="d"> <text>Subject to any provision for their registration, bonds are negotiable instruments for all purposes regardless of whether they are payable from a special fund.</text> </level> <level label="e"> <level label="1"> <text>The bonds may be:</text> <level label="i"> <text>serial bonds;</text> </level> <level label="ii"> <text>term bonds; or</text> </level> <level label="iii"> <text>both in the discretion of the Authority.</text> </level> </level> <level label="2"> <text>Subject to any delegation under subsection (a)(2) of this section, the resolution authorizing bonds may provide:</text> <level label="i"> <text>the dates of the bonds;</text> </level> <level label="ii"> <text>the maturity dates of the bonds;</text> </level> <level label="iii"> <text>the interest rates on the bonds;</text> </level> <level label="iv"> <text>the time at which the bonds will be payable;</text> </level> <level label="v"> <text>the denominations of the bonds;</text> </level> <level label="vi"> <text>whether the bonds will be in a coupon or registered form;</text> </level> <level label="vii"> <text>any registration privileges of the bonds;</text> </level> <level label="viii"> <text>the manner of execution of the bonds;</text> </level> <level label="ix"> <text>the place at which the bonds will be payable; and</text> </level> <level label="x"> <text>any terms of redemption of the bonds.</text> </level> </level> <level label="3"> <text>The bonds shall mature within a period not to exceed 50 years after their date.</text> </level> <level label="4"> <text>The bonds shall be payable in United States currency.</text> </level> </level> <level label="f"> <text>The bonds may be sold by competitive or negotiated sale at a price determined by the Authority.</text> </level> <level label="g"> <text>Pending preparation of the definitive bonds, the Authority may issue interim receipts or certificates that will be exchanged for definitive bonds.</text> </level> <level label="h"> <level label="1"> <text>A trust agreement authorizing bonds may contain provisions that are part of the contract with the bondholders.</text> </level> <level label="2"> <text>The provisions may include:</text> <level label="i"> <text>pledging the following to secure payment of bonds, subject to any existing agreements with bondholders:</text> <level label="1"> <text>the full faith and credit of the Authority;</text> </level> <level label="2"> <text>the full faith and credit of a participating institution;</text> </level> <level label="3"> <text>revenues of a project;</text> </level> <level label="4"> <text>a revenue–producing contract the Authority has made with a person or public entity; or</text> </level> <level label="5"> <text>the proceeds of the sale of bonds;</text> </level> </level> <level label="ii"> <text>the rentals, fees, and other charges, the amounts to be raised in each year, and the use and disposition of the revenues;</text> </level> <level label="iii"> <text>setting aside of reserves and sinking funds and their disposition;</text> </level> <level label="iv"> <text>limits on the right of the Authority or its agents to restrict and regulate the use of a project;</text> </level> <level label="v"> <text>limits on the purpose to which the proceeds of sale of bonds may be applied;</text> </level> <level label="vi"> <text>limits on issuing additional bonds, the terms under which additional bonds may be issued and secured, and refunding outstanding bonds;</text> </level> <level label="vii"> <text>the procedure to amend or abrogate the terms of a contract with bondholders and the requirements for consent;</text> </level> <level label="viii"> <text>limits on the amount of project revenues to be expended for operating, administrative, or other expenses of the Authority;</text> </level> <level label="ix"> <text>the acts or omissions that constitute default by the Authority and the rights and remedies of the bondholders in the event of a default;</text> </level> <level label="x"> <text>the conveyance or mortgaging of a project and its site to secure the bondholders; and</text> </level> <level label="xi"> <text>creation and disposition of a collateral fund, instead of conveyance or mortgage, for the purpose of securing the bondholders.</text> </level> </level> </level> <level label="i"> <text>The members of the Authority and a person executing the bonds may not be held liable personally on the bonds.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-324" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority may secure bonds by a trust agreement.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>In addition to the provisions described in § 10–323(h) of this subtitle, the trust agreement may contain:</text> <level label="1"> <text>either:</text> <level label="i"> <text>a provision conveying or mortgaging all or a portion of the project; or</text> </level> <level label="ii"> <text>a provision creating a collateral account;</text> </level> </level> <level label="2"> <text>other provisions that the Authority considers reasonable and proper for the security of bondholders; and</text> </level> <level label="3"> <text>a provision that restricts the individual right of action by bondholders.</text> </level> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-325" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <text>Bonds are securities:</text> <level label="1"> <text>in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:</text> <level label="i"> <text>an officer or unit of the State or a political subdivision;</text> </level> <level label="ii"> <text>a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;</text> </level> <level label="iii"> <text>an insurance company, insurance association, or other person conducting an insurance business;</text> </level> <level label="iv"> <text>a personal representative, guardian, trustee, or other fiduciary; and</text> </level> <level label="v"> <text>any other person; and</text> </level> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-326" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>A bond:</text> <level label="1"> <text>is not a debt, liability, or a pledge of the faith and credit of the State or a political subdivision of the State; and</text> </level> <level label="2"> <text>is payable solely from money available in accordance with this subtitle.</text> </level> </level> <level label="b"> <text>Each bond shall state on its face that:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The issuance of bonds does not directly, indirectly, or contingently obligate the State or its political subdivisions:</text> <level label="1"> <text>to levy or pledge a tax to pay the bonds; or</text> </level> <level label="2"> <text>to make an appropriation to pay the bonds.</text> </level> </level> <level label="d"> <text>This section does not prevent the Authority or a participating institution from pledging its full faith and credit to pay bonds.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-327" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority may:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>contract with a person or governmental entity to exercise its authority under this section.</text> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>pay for maintaining, repairing, and operating the project;</text> </level> <level label="2"> <text>pay the principal of and the interest on the bonds that the Authority issued for the project as they become due and payable; and</text> </level> <level label="3"> <text>create and maintain reserves required or provided for in a trust agreement.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-328" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The sinking fund is pledged to pay:</text> <level label="i"> <text>the principal of and the interest on the bonds as they become due; and</text> </level> <level label="ii"> <text>the redemption or purchase price of bonds retired by call or purchase as specified in the trust agreement.</text> </level> </level> <level label="3"> <text>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:</text> <level label="i"> <text>to pay for project maintenance, repair, and operation;</text> </level> <level label="ii"> <text>for reserves; and</text> </level> <level label="iii"> <text>for improvements to the project.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>The pledge of revenues under subsection (a) of this section is valid and binding from the time the pledge is made.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>Neither physical delivery of the rates, rents, charges, fees, and other revenue or money nor any other act is required to validate the lien.</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-329" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <text>A sinking fund:</text> <level label="1"> <text>may be held:</text> <level label="i"> <text>for all of the bonds issued to finance projects at a particular participating institution without distinction or priority of one bond over another bond;</text> </level> <level label="ii"> <text>for a particular project and for the bonds issued for that project; and</text> </level> <level label="iii"> <text>for bonds having a lien subordinate to the lien securing other bonds; and</text> </level> </level> <level label="2"> <text>shall be subject to the trust agreement.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-330" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The officer, bank, or trust company holding money is subject to:</text> <level label="i"> <text>any regulation adopted under this subtitle; and</text> </level> <level label="ii"> <text>the trust agreement securing the bonds.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-331" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>The Authority may issue bonds to refund outstanding bonds of the Authority, including paying:</text> <level label="i"> <text>any redemption premium;</text> </level> <level label="ii"> <text>interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and</text> </level> <level label="iii"> <text>if considered advisable by the Authority, any part of the cost of acquiring or improving a project.</text> </level> </level> <level label="2"> <text>Refunding bonds may be issued for any corporate purpose, including:</text> <level label="i"> <text>realizing savings in the effective costs of debt service, directly or through a debt restructuring; or</text> </level> <level label="ii"> <text>alleviating a potential or actual default.</text> </level> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <level label="1"> <text>The Authority may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-332" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Authority may place proceeds of refunding bonds in escrow before applying the proceeds to refund bonds.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-333" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>Pending their use in accordance with this subtitle, proceeds of bonds issued under § 10-331 of this subtitle may be invested in:</text> <level label="1"> <text>obligations of or guaranteed by the United States; or</text> </level> <level label="2"> <text>certificates of deposit or time deposits secured by obligations of or guaranteed by the United States.</text> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <level label="1"> <text>The Authority may apply the interest, income, and profit from the investments described in subsection (a) of this section:</text> <level label="i"> <text>to pay the bonds that are to be refunded; or</text> </level> <level label="ii"> <text>to pay the costs of acquiring or improving a project.</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-334" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority may issue negotiable bond anticipation notes in anticipation of the sale of bonds for any corporate purpose.</text> </level> <level label="b"> <text>Bond anticipation notes issued under this section shall be issued in the same manner as bonds.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Authority may issue bond anticipation notes to pay any other bond anticipation notes.</text> </level> <level label="e"> <text>Bond anticipation notes shall be paid from:</text> <level label="1"> <text>revenues of the Authority;</text> </level> <level label="2"> <text>money available and not otherwise pledged; or</text> </level> <level label="3"> <text>the proceeds of the sale of the bonds in anticipation of which the notes were issued.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-335" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority shall convey title to a project and release collateral in accordance with this section when the following conditions are met:</text> <level label="1"> <level label="i"> <text>the principal of and interest on bonds issued to finance the project, including any refunding bonds, have been fully paid and retired; or</text> </level> <level label="ii"> <text>adequate provision has been made to fully pay and retire the bonds;</text> </level> </level> <level label="2"> <text>all other conditions of the trust agreement have been satisfied; and</text> </level> <level label="3"> <text>the lien of the trust agreement has been released.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-336" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>A bondholder, a holder of any coupons attached to bonds, or a trustee under a trust agreement securing the bonds may sue to:</text> <level label="1"> <text>protect and enforce rights under the laws of the State or a trust agreement; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>The rights under this section are subject to any trust agreement.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-337" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>The Authority, its agent, or its lessee is not required to pay a tax or assessment on:</text> <level label="1"> <text>a project or property that it acquires or uses under this subtitle; or</text> </level> <level label="2"> <text>the income from that project or property.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-340" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“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.</text> </level> <level label="c"> <level label="1"> <text>“Closure cost” means costs incurred in connection with the closure or delicensing of a hospital.</text> </level> <level label="2"> <text>“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.</text> </level> </level> <level label="d"> <text>“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.</text> </level> <level label="e"> <text>“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.</text> </level> <level label="f"> <text>“Program” means the Maryland Hospital Bond Program under this part.</text> </level> <level label="g"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“Public obligation” does not include an obligation, or portion of an obligation, if:</text> <level label="i"> <text>the principal of and interest on the obligation or the portion of the obligation is:</text> <level label="1"> <text>insured by an effective municipal bond insurance policy; and</text> </level> <level label="2"> <text>issued on behalf of a hospital that voluntarily closed in accordance with § 19–120(l) of the Health – General Article; and</text> </level> </level> <level label="ii"> <text>the proceeds of the obligation or the portion of the obligation are used to finance wholly or partly:</text> <level label="1"> <text>a facility or part of a facility that is used primarily to provide outpatient services at a location other than the hospital; or</text> </level> <level label="2"> <text>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.</text> </level> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-341" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <text>This part applies to:</text> <level label="1"> <text>the closure of a hospital under § 19-120(l) of the Health - General Article; and</text> </level> <level label="2"> <text>the delicensure of a hospital under § 19-325 of the Health - General Article.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-342" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-343" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>There is a Maryland Hospital Bond Program in the Authority.</text> </level> <level label="b"> <text>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:</text> <level label="1"> <level label="i"> <text>the closure of the hospital is in accordance with § 19–120(l) of the Health – General Article; or</text> </level> <level label="ii"> <text>the delicensure of the hospital is in accordance with § 19–325 of the Health – General Article;</text> </level> </level> <level label="2"> <text>a public obligation issued on behalf of the hospital is outstanding; and</text> </level> <level label="3"> <text>the hospital plan for closure or delicensure and the related financing plan is acceptable to:</text> <level label="i"> <text>the Secretary of Health, in consultation with the Maryland Health Care Commission; and</text> </level> <level label="ii"> <text>the Authority.</text> </level> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <level label="i"> <text>the closure of the hospital is in accordance with § 19–120(l) of the Health – General Article; or</text> </level> <level label="ii"> <text>the delicensure of the hospital is in accordance with § 19–325 of the Health – General Article;</text> </level> </level> <level label="2"> <text>a public obligation issued on behalf of the hospital is outstanding;</text> </level> <level label="3"> <text>the hospital plan for closure or delicensure and the related financing plan is acceptable to:</text> <level label="i"> <text>the Secretary of Health, in consultation with the Maryland Health Care Commission; and</text> </level> <level label="ii"> <text>the Authority; and</text> </level> </level> <level label="4"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-344" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>The Maryland Health Care Commission shall notify in writing:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>The Commission shall give the notice required by this subsection within 5 days after the date of the filing.</text> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The notifications under this section shall include the name and location of the hospital and the scheduled date of its closure or delicensure.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-345" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>for a hospital that is located in a county with fewer than three hospitals, notification of its finding on whether the proposed closing is:</text> <level label="i"> <text>in the public interest; and</text> </level> <level label="ii"> <text>not inconsistent with the State health plan or an institution-specific plan that the Maryland Health Care Commission developed; and</text> </level> </level> <level label="3"> <text>the name and location of the hospital and the scheduled date of the closure.</text> </level> </level> <level label="b"> <text>The Maryland Health Care Commission shall submit the notifications required under this section at least 150 days before the scheduled date of the closure.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-346" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The statement shall include:</text> <level label="i"> <text>the name of each issuer of the public obligation;</text> </level> <level label="ii"> <text>the outstanding principal amount of each public obligation;</text> </level> <level label="iii"> <text>the due dates for payment or any mandatory redemption or purchase of each public obligation;</text> </level> <level label="iv"> <text>the due dates for the payment of interest on each public obligation and the interest rates; and</text> </level> <level label="v"> <text>the documents and information about the public obligation that the Authority or the Health Services Cost Review Commission requests.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The hospital shall file the items required under subsections (a) and (b) of this section:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>at least 150 days before the scheduled date of delicensure under § 19–325 of the Health – General Article.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-347" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>encourage and assist the hospital to close; or</text> </level> <level label="2"> <text>implement the Program created by this part.</text> </level> </level> <level label="b"> <text>In making the determinations under subsection (a) of this section, the Health Services Cost Review Commission shall consider:</text> <level label="1"> <text>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:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>5 years after the date of closure or delicensure; and</text> </level> </level> <level label="2"> <text>the recommendations of the Maryland Health Care Commission and the Authority.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>give written notification of its determination to the Maryland Health Care Commission and the Authority.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-348" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The proposed plan may include a tender, redemption, advance refunding, or other technique that the Authority considers appropriate.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>The Authority shall promptly submit the schedule of payments and the proposed plan required by this section to the Health Services Cost Review Commission.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-349" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The bonds issued under subsection (a) of this section shall:</text> <level label="1"> <text>be payable from the fees provided under § 10-350 of this subtitle or from other sources provided in the plan;</text> </level> <level label="2"> <text>be authorized, sold, executed, and delivered in accordance with this subtitle; and</text> </level> <level label="3"> <text>have terms consistent with constitutional and other legal requirements.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-350" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>pay the principal and interest on any bonds that the Authority issues under § 10–349 of this subtitle to finance public obligations;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>maintain a reserve required by the trust agreement;</text> </level> <level label="4"> <text>pay any required financing fees or charges; and</text> </level> <level label="5"> <text>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.</text> </level> </level> <level label="b"> <text>The fee assessed each hospital shall be:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>determined as of the date the Authority determines after consulting with the Health Services Cost Review Commission.</text> </level> </level> <level label="c"> <level label="1"> <text>As the Authority directs, each hospital shall pay the fee:</text> <level label="i"> <text>directly to the Authority;</text> </level> <level label="ii"> <text>directly to a trustee for the bondholders; or</text> </level> <level label="iii"> <text>otherwise as the Authority directs.</text> </level> </level> <level label="2"> <text>The fee shall be assessed at any time necessary to meet the payment requirements of this section.</text> </level> </level> <level label="d"> <text>The fee assessed is not subject to supervision or regulation by a unit of the State.</text> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <text>If the Health Services Cost Review Commission terminates by law, the Secretary of Health shall impose the fee under this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-351" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <level label="1"> <text>By any method it considers appropriate, the Authority may determine the fair market value of any property or services, including by:</text> <level label="i"> <text>the appraisal of an independent professional appraiser; or</text> </level> <level label="ii"> <text>the report of an independent consultant.</text> </level> </level> <level label="2"> <text>The closed or delicensed hospital shall pay the cost of the appraiser or consultant.</text> </level> </level> <level label="c"> <level label="1"> <text>The Authority may act under this subsection if the Authority determines that the action is:</text> <level label="i"> <text>necessary to protect the interests of holders of public obligations; or</text> </level> <level label="ii"> <text>consistent with the public purpose of encouraging and assisting the hospital to close or delicense.</text> </level> </level> <level label="2"> <text>The Authority may proceed against:</text> <level label="i"> <text>a closed or delicensed hospital; or</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="d"> <text>In making the determination required under subsection (c) of this section, the Authority shall consider:</text> <level label="1"> <text>the circumstances under which the guaranty or other collateral was provided; and</text> </level> <level label="2"> <text>the recommendations of the Health Services Cost Review Commission and the Maryland Health Care Commission.</text> </level> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-352" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-353" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-356" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="3" subtitle_name="Maryland Health and Higher Educational Facilities Authority"> <text>This subtitle may be cited as the “Maryland Health and Higher Educational Facilities Authority Act”.</text> </section> <section article="gec" article_name="Economic Development" number="10-401" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Board of Directors of the Corporation.</text> </level> <level label="c"> <text>“Corporation” means the Maryland Technology Development Corporation.</text> </level> <level label="d"> <text>“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.</text> </level> <level label="e"> <text>“Investment committee” means a committee appointed by the Board to advise on and approve investments as required under this subtitle.</text> </level> <level label="f"> <text>“Principal business operations” means the headquarters from which the business’s officers direct, control, and coordinate the business’s activities.</text> </level> <level label="g"> <text>“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:</text> <level label="1"> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="2"> <text>has agreed to use the investment primarily to:</text> <level label="i"> <text>support business operations in the State; or</text> </level> <level label="ii"> <text>in the case of a start–up company, establish and support business operations in the State;</text> </level> </level> <level label="3"> <text>has not more than 250 employees; and</text> </level> <level label="4"> <text>is not primarily engaged in:</text> <level label="i"> <text>retail sales;</text> </level> <level label="ii"> <text>real estate development;</text> </level> <level label="iii"> <text>the business of insurance, banking, or lending; or</text> </level> <level label="iv"> <text>the provision of professional services by accountants, attorneys, or physicians.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-402" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Maryland Technology Development Corporation.</text> </level> <level label="b"> <text>The Corporation is a body politic and corporate and is an instrumentality of the State.</text> </level> <level label="c"> <text>The purposes of the Corporation are to:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>assist in commercializing those results and products;</text> </level> <level label="3"> <text>assist in commercializing technology developed in the private sector;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>generally assist early–stage and start–up businesses in the State;</text> </level> <level label="6"> <text>invest in Maryland–based technology companies and promote the commercialization and growth of technology companies and jobs in the State;</text> </level> <level label="7"> <text>build a long–term entrepreneurial capacity and sustained venture capital presence in the State;</text> </level> <level label="8"> <text>create pathways to follow–on financing in the State; and</text> </level> <level label="9"> <text>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.</text> </level> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-403" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>A Board of Directors shall manage the Corporation and its units and exercise its corporate powers.</text> </level> <level label="2"> <level label="i"> <text>The Board of Directors may appoint members of an advisory committee.</text> </level> <level label="ii"> <text>If the Board of Directors appoints an advisory committee, the Board shall adopt policies establishing the responsibilities of the advisory committee.</text> </level> </level> </level> <level label="b"> <text>The Board consists of the following 19 members:</text> <level label="1"> <text>the Secretary or the Secretary’s designee;</text> </level> <level label="2"> <text>fourteen members appointed by the Governor with the advice and consent of the Senate:</text> <level label="i"> <text>two representing the nonprofit research sector of the State;</text> </level> <level label="ii"> <text>two with expertise in venture capital financing;</text> </level> <level label="iii"> <text>five with experience in technology–based businesses;</text> </level> <level label="iv"> <text>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</text> </level> <level label="v"> <text>three members of the general public; and</text> </level> </level> <level label="3"> <text>subject to subsection (c) of this section:</text> <level label="i"> <text>two members appointed by the President of the Senate; and</text> </level> <level label="ii"> <text>two members appointed by the Speaker of the House.</text> </level> </level> </level> <level label="c"> <text>The members appointed under subsection (b)(3) of this section shall:</text> <level label="i"> <text>represent the nonprofit research sector of the State;</text> </level> <level label="ii"> <text>have expertise in venture capital financing;</text> </level> <level label="iii"> <text>have experience in technology–based businesses;</text> </level> <level label="iv"> <text>represent colleges and universities; or</text> </level> <level label="v"> <text>be members of the general public.</text> </level> </level> <level label="d"> <text>A member of the Board shall reside in the State.</text> </level> <level label="e"> <text>In making appointments to the Board, the Governor shall consider:</text> <level label="1"> <text>diversity; and</text> </level> <level label="2"> <text>all geographic regions of the State.</text> </level> </level> <level label="f"> <text>A member of the Board:</text> <level label="1"> <text>may not receive compensation as a member of the Board; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="g"> <level label="1"> <text>The term of an appointed member is 4 years.</text> </level> <level label="2"> <text>The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="h"> <level label="1"> <text>This subsection applies to a member who is appointed by the Governor under subsection (b) of this section.</text> </level> <level label="2"> <text>The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.</text> </level> </level> <level label="i"> <text>The Board shall elect a chair from among its members.</text> </level> <level label="j"> <text>The Board may act with an affirmative vote of 11 Board members.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-404" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>The Corporation shall employ a Chief Executive Officer.</text> </level> <level label="b"> <text>The Chief Executive Officer shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-405" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>The Attorney General is the legal advisor to the Corporation.</text> </level> <level label="b"> <level label="1"> <text>The Attorney General shall assign to the Corporation assistant Attorneys General.</text> </level> <level label="2"> <text>The Attorney General shall designate one assistant Attorney General as general counsel to the Corporation.</text> </level> <level label="3"> <level label="i"> <text>The general counsel to the Corporation shall:</text> <level label="1"> <text>advise the Chief Executive Officer, Board of Directors, and any other official of the Corporation as requested by the Corporation;</text> </level> <level label="2"> <text>supervise the other assistant Attorneys General assigned to the Corporation; and</text> </level> <level label="3"> <text>perform for the Corporation other duties the Attorney General assigns.</text> </level> </level> <level label="ii"> <text>The general counsel may not provide any other assistance not specified in subparagraph (i) of this paragraph.</text> </level> </level> </level> <level label="c"> <text>With the approval of the Attorney General, the Corporation may retain any additional necessary lawyers.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-406" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The Corporation may retain any necessary accountants, engineers, financial advisors, or other consultants.</text> </section> <section article="gec" article_name="Economic Development" number="10-407" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Corporation is subject to the Public Information Act.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <level label="1"> <text>The Corporation, its Board, and employees are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-408" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>The Corporation shall adopt regulations establishing:</text> <level label="1"> <text>the investment committee;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>the procedures for the appointment of investment committee members.</text> </level> </level> <level label="b"> <text>The Corporation may:</text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>adopt a seal;</text> </level> <level label="3"> <text>maintain offices at a place it designates in the State;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>enter into contracts and other legal instruments;</text> </level> <level label="6"> <text>sue or be sued;</text> </level> <level label="7"> <text>acquire, purchase, hold, lease as lessee, and use:</text> <level label="i"> <text>a franchise, patent, or license;</text> </level> <level label="ii"> <text>any real, personal, mixed, tangible, or intangible property; or</text> </level> <level label="iii"> <text>an interest in the property listed in this item;</text> </level> </level> <level label="8"> <text>sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires;</text> </level> <level label="9"> <text>fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available;</text> </level> <level label="10"> <text>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;</text> </level> <level label="11"> <text>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;</text> </level> <level label="12"> <text>exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and</text> </level> <level label="13"> <text>do all things necessary or convenient to carry out the powers granted by this subtitle.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-409" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>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:</text> <level label="i"> <text>the investments are made to a qualified business;</text> </level> <level label="ii"> <text>the investments are made on review and approval of a written application that:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>contains a certification of the veracity of the information by an authorized signatory of the qualified business; and</text> </level> </level> <level label="iii"> <text>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.</text> </level> </level> <level label="2"> <text>The Corporation shall include in the application for investment described under paragraph (1)(ii) of this subsection:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>the types of qualified businesses in which an investment may be made;</text> </level> <level label="2"> <text>the basic standards an enterprise shall meet to qualify for an investment;</text> </level> <level label="3"> <text>the amount of money available for investment;</text> </level> <level label="4"> <text>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</text> </level> <level label="5"> <text>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.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-410" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The Corporation may:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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:</text> <level label="i"> <text>as necessary or convenient to improve or operate a project to carry out its purposes; and</text> </level> <level label="ii"> <text>on the terms and at the prices that it considers reasonable; and</text> </level> </level> <level label="3"> <text>enter into a project with a manufacturer to carry out its purposes.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-411" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>A debt, claim, obligation, or liability of the Corporation or any subsidiary is not:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>a pledge of the credit of the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-412" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>Colleges and universities may:</text> <level label="1"> <text>contract with the Corporation or its subsidiaries;</text> </level> <level label="2"> <text>assign to the Corporation or its subsidiaries intellectual property and other resources to assist in its development and activities; and</text> </level> <level label="3"> <text>assign faculty and staff to the Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-413" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The Corporation is exempt from State and local taxes.</text> </section> <section article="gec" article_name="Economic Development" number="10-414" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The books and records of the Corporation are subject to audit:</text> <level label="1"> <text>at any time by the State; and</text> </level> <level label="2"> <text>each year by an independent auditor.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-415" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The report required under this subsection shall include:</text> <level label="i"> <text>a complete operating and financial statement covering the Corporation’s operations;</text> </level> <level label="ii"> <text>a summary of the Corporation’s activities during the preceding fiscal year;</text> </level> <level label="iii"> <text>information on all salaries and any incentives approved by the Board for Corporation employees;</text> </level> <level label="iv"> <text>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;</text> </level> <level label="v"> <text>information on entities that have current investments and entities that received funding or investments in the current year on the:</text> <level label="1"> <text>principal business operations;</text> </level> <level label="2"> <text>number of employees in the State and the number of employees outside the State;</text> </level> <level label="3"> <text>capital or other investments made in the State; and</text> </level> <level label="4"> <text>proposed and actual job creation or capital investment in the State as a result of the investment or support;</text> </level> </level> <level label="vi"> <text>a list of businesses that have received funding that would no longer qualify as a qualified business; and</text> </level> <level label="vii"> <text>information on the creation of and appointments made to an advisory committee and the responsibilities of the advisory committee and members of the committee.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>The list of qualified businesses or other businesses receiving support shall include for each business:</text> <level label="i"> <text>the number of employees in the State;</text> </level> <level label="ii"> <text>the number of employees outside the State;</text> </level> <level label="iii"> <text>the capital or other investments made in the State; and</text> </level> <level label="iv"> <text>proposed job creation or capital investment in the State as a result of the investment or support.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the number of applications the Corporation received;</text> </level> <level label="ii"> <text>the amount of investment funding that was available at the beginning of the fiscal year;</text> </level> <level label="iii"> <text>the amount of investment funding that was available at the end of the fiscal year;</text> </level> <level label="iv"> <text>the amount of investment funding that was requested;</text> </level> <level label="v"> <text>the number of applicants the Corporation invested in; and</text> </level> <level label="vi"> <text>the amount of investment funding the Commission awarded.</text> </level> </level> <level label="2"> <text>The information reported in accordance with paragraph (1) of this subsection shall:</text> <level label="i"> <text>specify which applications and investments were from social impact funds, seed funds, and the Maryland Venture Fund; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-416" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Comprehensive Technical Assistance Program in the Corporation.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The technical assistance provided under the Program shall:</text> <level label="i"> <text>incorporate existing services of the Corporation;</text> </level> <level label="ii"> <text>include flexible and customized applied training services;</text> </level> <level label="iii"> <text>include the use of a network of experienced advisors to serve as mentors and loaned executives; and</text> </level> <level label="iv"> <text>include support with attracting and accessing private capital.</text> </level> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Corporation shall adopt regulations to carry out this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-417" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>There is a Maryland Advanced Manufacturing Grant Program.</text> </level> <level label="2"> <text>Subject to subsection (f) of this section, the Corporation shall administer the Program.</text> </level> </level> <level label="b"> <text>The purpose of the Program is to support the growth of companies that specialize in regenerative medicine and other advanced manufacturing.</text> </level> <level label="c"> <text>The Corporation shall establish:</text> <level label="1"> <text>eligibility criteria to receive a grant under the Program;</text> </level> <level label="2"> <text>grant application procedures and evaluation criteria; and</text> </level> <level label="3"> <text>grant award processes and amounts.</text> </level> </level> <level label="d"> <text>Grant recipients may use grant proceeds only for:</text> <level label="1"> <text>the acquisition, renovation, or construction of space for regenerative medicine or other advanced manufacturing;</text> </level> <level label="2"> <text>infrastructure improvements necessary to support regenerative medicine or other advanced manufacturing; and</text> </level> <level label="3"> <text>the equipment necessary for regenerative medicine or other advanced manufacturing.</text> </level> </level> <level label="e"> <level label="1"> <text>In this subsection, “Fund” means the Maryland Advanced Manufacturing Grant Program Fund.</text> </level> <level label="2"> <text>There is a Maryland Advanced Manufacturing Grant Program Fund.</text> </level> <level label="3"> <text>The purpose of the Fund is to provide grants under this section.</text> </level> <level label="4"> <text>The Corporation shall administer the Fund.</text> </level> <level label="5"> <level label="i"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="ii"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="6"> <text>The Fund consists of:</text> <level label="i"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="ii"> <text>interest earnings; and</text> </level> <level label="iii"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="7"> <text>The Fund may be used only for:</text> <level label="i"> <text>grants under this section; and</text> </level> <level label="ii"> <text>the costs incurred by the Corporation to administer the Program.</text> </level> </level> <level label="8"> <level label="i"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="ii"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="9"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> </level> <level label="f"> <text>The Corporation shall consult with the Maryland Stem Cell Research Commission only on items related to regenerative medicine under the Program, including:</text> <level label="1"> <text>establishing criteria or procedures specific to regenerative medicine under this section; and</text> </level> <level label="2"> <text>adopting regulations regarding regenerative medicine under this section.</text> </level> </level> <level label="g"> <text>The Corporation may adopt regulations necessary to carry out this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-418" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Financial assistance” means a grant, loan, credit enhancement, or similar assistance.</text> </level> <level label="c"> <text>“Program” means the Maryland Technology Incubator Program.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-419" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Maryland Technology Incubator Program.</text> </level> <level label="b"> <text>The Corporation shall administer the Program.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-420" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-421" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>To carry out the purposes of the Program, the Board shall award financial assistance under this part.</text> </section> <section article="gec" article_name="Economic Development" number="10-422" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The Board may award financial assistance using money provided by the State, the federal government, or a nongovernmental entity.</text> </section> <section article="gec" article_name="Economic Development" number="10-423" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>After consulting with the Secretary, the Board shall adopt standards to award financial assistance.</text> </level> <level label="b"> <text>The standards shall authorize the award of financial assistance to:</text> <level label="1"> <text>support the development and use of best practices in the incubation process;</text> </level> <level label="2"> <text>provide strategic planning, needs assessments, and feasibility studies; or</text> </level> <level label="3"> <text>help acquire or improve new or expanded space or improve existing space for an incubator, including providing or helping another with:</text> <level label="i"> <text>acquisition of land;</text> </level> <level label="ii"> <text>acquisition of architectural or engineering services;</text> </level> <level label="iii"> <text>payment of administrative costs;</text> </level> <level label="iv"> <text>development or upgrading of communications infrastructure;</text> </level> <level label="v"> <text>acquisition of furnishings or equipment; or</text> </level> <level label="vi"> <text>acquisition of other items associated with tenant build-out.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-424" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The Board may award financial assistance to:</text> <level label="1"> <text>a local government;</text> </level> <level label="2"> <text>an agency, instrumentality, or nonprofit corporation that the local government designates;</text> </level> <level label="3"> <text>a public or private college or university;</text> </level> <level label="4"> <text>the Maryland Economic Development Corporation; or</text> </level> <level label="5"> <text>a nonprofit entity operating an incubator in the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-425" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Board may waive the requirement of subsection (a) of this section for good cause shown.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-426" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-429" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Adult stem cell” means a stem cell that is:</text> <level label="1"> <text>derived from human tissue; and</text> </level> <level label="2"> <text>obtained after birth.</text> </level> </level> <level label="c"> <text>“Commission” means the Stem Cell Research Commission.</text> </level> <level label="d"> <text>“Committee” means the independent scientific peer review committee that contracts with the Commission under § 10-436 of this subtitle.</text> </level> <level label="e"> <text>“Fund” means the Maryland Stem Cell Research Fund established under § 10-434 of this subtitle.</text> </level> <level label="f"> <text>“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.</text> </level> <level label="g"> <text>“Institutional review board” has the meaning stated in the federal regulations on the protection of human subjects.</text> </level> <level label="h"> <text>“Oocyte” means a female germ cell or egg.</text> </level> <level label="i"> <text>“State-funded stem cell research” means stem cell research conducted with State money and using:</text> <level label="1"> <text>material obtained in accordance with § 10-438 of this subtitle; or</text> </level> <level label="2"> <text>adult stem cells.</text> </level> </level> <level label="j"> <text>“Stem cell” means a human cell that has the ability to:</text> <level label="1"> <text>divide indefinitely;</text> </level> <level label="2"> <text>give rise to many other types of specialized cells; and</text> </level> <level label="3"> <text>give rise to new stem cells with identical potential.</text> </level> </level> <level label="k"> <text>“Valuable consideration” means financial gain or advantage in connection with material obtained in accordance with § 10-438 of this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-430" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>Nothing in this part may be construed to prohibit the creation of stem cell lines to be used for therapeutic research purposes.</text> </section> <section article="gec" article_name="Economic Development" number="10-431" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Stem Cell Research Commission.</text> </level> <level label="b"> <text>The Commission is an independent commission that functions in the Corporation.</text> </level> <level label="c"> <text>The Commission consists of the following members:</text> <level label="1"> <text>the Attorney General or the Attorney General’s designee;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>two bioethicists, one appointed by the University System of Maryland and one appointed by the Johns Hopkins University; and</text> </level> <level label="7"> <text>two individuals with expertise in the field of biomedical ethics as it relates to religion, appointed by the Governor.</text> </level> </level> <level label="d"> <level label="1"> <text>The term of an appointed member is 2 years.</text> </level> <level label="2"> <text>The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>An appointed member may not serve more than three consecutive full terms.</text> </level> <level label="5"> <text>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.</text> </level> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>The members of the Commission shall elect a chair from among the appointed members of the Commission.</text> </level> <level label="g"> <text>A majority of the full authorized membership of the Commission is a quorum.</text> </level> <level label="h"> <text>The Commission shall meet at least twice a year.</text> </level> <level label="i"> <text>A member of the Commission:</text> <level label="1"> <text>may not receive compensation as a member of the Commission; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="j"> <text>The Commission may employ a staff, including contractual staff, in accordance with the State budget.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-432" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>The Commission shall:</text> <level label="1"> <text>adopt regulations that ensure that adult stem cell and stem cell research financed by the Fund complies with State law;</text> </level> <level label="2"> <text>develop criteria, standards, and requirements for the initial review of grant and loan applications by the Commission;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>establish criteria, standards, and requirements for consideration of grant and loan applications based on the rankings and ratings of the committee;</text> </level> <level label="7"> <text>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;</text> </level> <level label="8"> <text>establish standards for the oversight and use of awards;</text> </level> <level label="9"> <text>conduct progress oversight reviews of recipients;</text> </level> <level label="10"> <text>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</text> </level> <level label="11"> <text>develop guidelines on disclosure and recusal to be followed by members of the Commission when considering grant and loan applications.</text> </level> </level> <level label="b"> <text>The Commission may consult with experts in performing its duties.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-434" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Maryland Stem Cell Research Fund.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>appropriations as provided in the State budget; and</text> </level> <level label="2"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <text>Money in the Fund may only be used to:</text> <level label="1"> <text>award grants and loans for State–funded stem cell research, in accordance with the recommendations of the Commission;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>pay the costs necessary to administer the Fund.</text> </level> </level> <level label="g"> <level label="1"> <text>The Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any investment earnings shall be paid into the Fund.</text> </level> </level> <level label="h"> <level label="1"> <text>The Governor may include in the State budget bill each fiscal year an appropriation to the Fund.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-435" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>A grant or loan awarded under this part is contingent on the recipient:</text> <level label="1"> <text>submitting to the Commission approval from an institutional review board; and</text> </level> <level label="2"> <text>entering into a memorandum of understanding with the Corporation that:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>to the extent consistent with federal and State law, reflects the intellectual property policies of the institution.</text> </level> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Corporation may not disburse grant or loan money to a recipient until:</text> <level label="1"> <text>the recipient has obtained the approval required under subsection (a)(1) of this section; and</text> </level> <level label="2"> <text>the recipient and the Corporation have entered into the memorandum of understanding required under subsection (a)(2) of this section.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-436" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>The Commission shall contract with an independent scientific peer review committee composed of scientifically recognized experts in the field of stem cell research.</text> </level> <level label="b"> <text>The committee shall:</text> <level label="1"> <text>review, evaluate, rank, and rate research proposals for State-funded stem cell research:</text> <level label="i"> <text>based on the procedures and guidelines established by the Commission; and</text> </level> <level label="ii"> <text>in a manner that gives due consideration to the scientific, medical, and ethical implications of the research; and</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>A member of the committee:</text> <level label="1"> <text>is not eligible to receive a grant or loan for State-funded stem cell research from the Fund;</text> </level> <level label="2"> <text>may not reside in the State; and</text> </level> <level label="3"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-437" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>A person who conducts State-funded stem cell research may not engage in any research that intentionally and directly leads to human cloning.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-438" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>A health care practitioner licensed under the Health Occupations Article who treats individuals for infertility shall:</text> <level label="1"> <text>provide individuals with information sufficient to enable them to make an informed and voluntary choice regarding the disposition of any unused material; and</text> </level> <level label="2"> <text>present to individuals the option of:</text> <level label="i"> <text>storing or discarding any unused material;</text> </level> <level label="ii"> <text>donating any unused material for clinical purposes in the treatment of infertility;</text> </level> <level label="iii"> <text>except as provided in subsection (b) of this section, donating any unused material for research purposes; and</text> </level> <level label="iv"> <text>donating any unused material for adoption purposes.</text> </level> </level> </level> <level label="b"> <text>Any unused material donated for State-funded stem cell research may not be an oocyte.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-439" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>A person may not purchase, sell, transfer, or obtain any material donated in accordance with § 10-438 of this subtitle for valuable consideration.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-440" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>A person may not conduct or attempt to conduct human cloning.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-441" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-442" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report shall identify:</text> <level label="1"> <text>each recipient of money from the Fund;</text> </level> <level label="2"> <text>the amount of money awarded to each recipient; and</text> </level> <level label="3"> <text>a description of the type of stem cell research performed by the recipient.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-445" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“CENTR Maryland Program” or “Program” means the Coordinating Emerging Nanobiotechnology Research in Maryland Program established under § 10–447 of this subtitle.</text> </level> <level label="c"> <text>“Fund” means the Coordinating Emerging Nanobiotechnology Research in Maryland Fund established under § 10–448 of this subtitle.</text> </level> <level label="d"> <text>“Nanobiotechnology” means the application of nanotechnology to the life sciences including research relating to the characterization of nanomaterials for health and environmental safety implications.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-446" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The General Assembly finds and declares that:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>the provision of funds for nanobiotechnology projects is vital to supporting this emerging technology; and</text> </level> <level label="3"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-447" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Coordinating Emerging Nanobiotechnology Research in Maryland Program.</text> </level> <level label="b"> <text>The purpose of the CENTR Maryland Program is to:</text> <level label="1"> <text>support and promote advanced research in nanobiotechnology in the State;</text> </level> <level label="2"> <text>support nanobiotechnology research activities at postsecondary education institutions; and</text> </level> <level label="3"> <text>establish the State as a key location for nanobiotechnology research and industry.</text> </level> </level> <level label="c"> <text>The Corporation shall foster public–private partnerships as feasible to carry out the purpose of the CENTR Maryland Program.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-448" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Coordinating Emerging Nanobiotechnology Research in Maryland Fund in the Corporation.</text> </level> <level label="b"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="c"> <text>The Fund consists of:</text> <level label="1"> <text>appropriations as provided in the State budget; and</text> </level> <level label="2"> <text>any other money from any other source accepted for the benefit of the CENTR Maryland Program.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>The Fund shall be used to cover the costs of the Program, including any grants that are awarded to eligible recipients.</text> </level> <level label="f"> <level label="1"> <text>The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="g"> <text>The Legislative Auditor shall audit the accounts and transactions of the Fund as provided in § 2–1220 of the State Government Article.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-449" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>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:</text> <level label="1"> <text>leverage federal funding for the establishment or construction of research centers in the State;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>foster public–private partnerships between private industry and institutions of higher education in the State; and</text> </level> <level label="4"> <text>assist with the transfer of nanobiotechnology research into commercial applications.</text> </level> </level> <level label="b"> <text>Within the CENTR Maryland Program, the Corporation may award operating grants from the Fund to institutions of higher education that shall include:</text> <level label="1"> <text>discovery educational grants to support postdoctorate or graduate–level collaboration with private sector entities on nanobiotechnology projects that:</text> <level label="i"> <text>shall be subject to supervision by faculty members; and</text> </level> <level label="ii"> <text>require a matching sum, either direct or in–kind, from a private sector entity equivalent to the grant amount;</text> </level> </level> <level label="2"> <text>collaborative grants to support research teams from institutions of higher education working with private sector entities on collaborative research projects that:</text> <level label="i"> <text>focus on specific application development; and</text> </level> <level label="ii"> <text>require a matching sum from the private sector entity equivalent to the grant amount; and</text> </level> </level> <level label="3"> <text>prototype grants to enable institutions of higher education and private sector entities to engage in projects that:</text> <level label="i"> <text>demonstrate whether a prototype is functional and manufacturable;</text> </level> <level label="ii"> <text>demonstrate the cost effectiveness of nanotechnology–related applications; and</text> </level> <level label="iii"> <text>shall be matched with an industry grant in an amount of at least $2 for every $1 of the prototype grant.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-450" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>The Corporation shall adopt regulations to establish:</text> <level label="1"> <text>a competitive application process; and</text> </level> <level label="2"> <text>criteria and procedures for awarding grants from the Fund to eligible recipients.</text> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Priority for the award of any grant shall be given to those projects that are most likely to:</text> <level label="i"> <text>attract significant investment in the State;</text> </level> <level label="ii"> <text>leverage significant additional grant or research funding from federal or private sector sources; or</text> </level> <level label="iii"> <text>establish the State as a key location for nanobiotechnology research and industry.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-451" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>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. </text> </section> <section article="gec" article_name="Economic Development" number="10-454" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Commercialization” means the process of introducing a new product or technology into the market.</text> </level> <level label="c"> <text>“Fund” means the Maryland Innovation Initiative Fund established under § 10–457 of this subtitle.</text> </level> <level label="d"> <text>“Initiative” means the Maryland Innovation Initiative established under § 10–455 of this subtitle.</text> </level> <level label="e"> <text>“Participating members” means the representatives described in § 10–455(b) of this subtitle.</text> </level> <level label="f"> <text>“Qualifying university” means a public or private university that meets the requirements set forth under § 10–455(c) of this subtitle.</text> </level> <level label="g"> <text>“Technology transfer” means the process of converting scientific and technological advances into marketable goods and services.</text> </level> <level label="h"> <text>“University” means a nonprofit, research university located in Maryland.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-455" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Maryland Innovation Initiative.</text> </level> <level label="b"> <text>The Initiative consists of the following participating members:</text> <level label="1"> <text>one official of State government not affiliated with Maryland higher education, or the official’s designee, appointed by the Governor;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>subject to subsection (c) of this section, the following members appointed by the respective universities:</text> <level label="i"> <text>one representative of the Johns Hopkins University;</text> </level> <level label="ii"> <text>one representative of Morgan State University;</text> </level> <level label="iii"> <text>one representative of University of Maryland Baltimore County; and</text> </level> <level label="iv"> <text>two representatives of the University of Maryland, one from the College Park Campus and one from the Baltimore Campus.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <level label="i"> <text>To qualify for participation in the Initiative, the following universities shall pay an annual contribution of at least $200,000:</text> <level label="1"> <text>Johns Hopkins University;</text> </level> <level label="2"> <text>University of Maryland, Baltimore Campus; and</text> </level> <level label="3"> <text>University of Maryland, College Park Campus.</text> </level> </level> <level label="ii"> <text>To qualify for participation in the Initiative, the following universities shall pay an annual contribution of at least $100,000:</text> <level label="1"> <text>Morgan State University; and</text> </level> <level label="2"> <text>University of Maryland Baltimore County.</text> </level> </level> </level> <level label="4"> <text>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.</text> </level> </level> <level label="d"> <text>The participating members of the Initiative shall select a chair from among their members.</text> </level> <level label="e"> <text>A participating member of the Initiative:</text> <level label="1"> <text>may not receive compensation as a member of the Initiative; but</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <text>The Initiative may employ staff, including an Executive Director.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-456" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The purpose of the Initiative is to: </text> <level label="1"> <text>promote the commercialization of research conducted in universities in the State;</text> </level> <level label="2"> <text>encourage qualifying universities to partner on commercialization and other activities, including with federal laboratories located in Maryland; and</text> </level> <level label="3"> <text>facilitate the transfer of technology from universities to commercial industries, by:</text> <level label="i"> <text>assessing the viability and value of the technology;</text> </level> <level label="ii"> <text>defining and exploiting potential markets for the technology;</text> </level> <level label="iii"> <text>identifying funding sources to support the development of the technology; and</text> </level> <level label="iv"> <text>developing commercialization strategies.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-457" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Maryland Innovation Initiative Fund.</text> </level> <level label="b"> <text>The purpose of the Fund is to provide funding for the purposes described in §§ 10–456 and 10–461 of this subtitle.</text> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>appropriations as provided in the State budget;</text> </level> <level label="2"> <text>contributions by the qualifying universities under § 10–455 of this subtitle and eligible institutions under § 10–461 of this subtitle;</text> </level> <level label="3"> <text>grants or funds from federal laboratories located in Maryland;</text> </level> <level label="4"> <text>interest or other income earned on the investment of money in the Fund; and</text> </level> <level label="5"> <text>any other money accepted for the benefit of the Initiative.</text> </level> </level> <level label="e"> <text>Money in the Fund may be used only to:</text> <level label="1"> <text>award grants or provide equity investment financing to promote the commercialization of research in accordance with the terms of this part; and</text> </level> <level label="2"> <text>pay the costs necessary to administer the Initiative.</text> </level> </level> <level label="f"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> <level label="3"> <text>The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.</text> </level> <level label="4"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-458" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>The Initiative may:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>pursue grants, other funds, and in–kind contributions for the Initiative or its qualifying universities;</text> </level> <level label="3"> <text>develop and implement guidelines for technology transfer; and</text> </level> <level label="4"> <text>identify projects at qualifying universities that may be viable for commercialization.</text> </level> </level> <level label="b"> <text>The grant funding or equity investment financing in subsection (a) of this section shall be awarded:</text> <level label="1"> <text>to support pre–commercial research on intellectual property to increase the likelihood of commercializing the intellectual property;</text> </level> <level label="2"> <text>to defray costs of evaluating the feasibility of a technology becoming commercialized through a start–up company;</text> </level> <level label="3"> <text>to defray the direct costs of developing early stage technology through a start–up entity;</text> </level> <level label="4"> <text>to assess intellectual property issues, including licensing and patents; or</text> </level> <level label="5"> <text>for any other costs that the Initiative’s participating members determine are appropriate to promote technology transfer and commercialization in the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-459" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>Only qualifying universities may submit proposals for grant funding from the Initiative.</text> </level> <level label="b"> <text>The participating members of the Initiative may establish a committee composed of experts in the areas of research considered for commercialization.</text> </level> <level label="c"> <text>The Initiative may establish the committee under service contracts with independent reviewers.</text> </level> <level label="d"> <text>The committee shall:</text> <level label="1"> <text>review, evaluate, and rate proposals for funding from the Initiative, based on:</text> <level label="i"> <text>the viability of commercializing the technology; and</text> </level> <level label="ii"> <text>the relative costs associated with commercializing the technology; and</text> </level> </level> <level label="2"> <text>make recommendations to the participating members of the Initiative for the award and disbursement of grants from the Initiative.</text> </level> </level> <level label="e"> <text>A member of the committee is not eligible to receive funding from the Initiative.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-460" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>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: </text> <level label="1"> <text>the number of technology transfer transactions or projects for which the Initiative provided funding;</text> </level> <level label="2"> <text>the amount and source of funds the Initiative identified to assist in the development of technologies;</text> </level> <level label="3"> <text>the qualifying universities or entities for which funding was awarded;</text> </level> <level label="4"> <text>the commercial value of technology that was transferred to the commercial industry; and</text> </level> <level label="5"> <text>any recommendations for improving the overall effectiveness of technology transfer through the Initiative.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-461" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“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.</text> </level> <level label="3"> <text>“Program” means the Maryland Innovation Initiative Institution Partnership Extension Program.</text> </level> </level> <level label="b"> <level label="1"> <text>There is a Maryland Innovation Initiative Institution Partnership Extension Program.</text> </level> <level label="2"> <text>The purpose of the Program is to expand opportunities for technology validation, entrepreneurial development, and industry engagement at eligible institutions.</text> </level> </level> <level label="c"> <level label="1"> <text>The Initiative shall implement and administer the Program.</text> </level> <level label="2"> <text>The Initiative shall collaborate with an eligible institution to identify and support industry partnerships and commercialization opportunities.</text> </level> <level label="3"> <text>The Initiative may explore opportunities for expanding eligibility to other public or private nonprofit institutions of higher education.</text> </level> </level> <level label="d"> <level label="1"> <text>Only an eligible institution may submit project proposals for funding under the Program.</text> </level> <level label="2"> <text>To qualify for a grant under the Program, a project proposal must:</text> <level label="i"> <text>support the creation of a new technology–based business in Maryland;</text> </level> <level label="ii"> <text>advance technology toward commercialization of a product or service;</text> </level> <level label="iii"> <text>foster entrepreneurial development at the eligible institution;</text> </level> <level label="iv"> <text>create an opportunity for meaningful economic impact in the region around the eligible institution; or</text> </level> <level label="v"> <text>foster collaboration between the eligible institution and an industry partner, including:</text> <level label="1"> <text>product development with commercialization potential; and</text> </level> <level label="2"> <text>matching funds provided by the industry partner.</text> </level> </level> </level> </level> <level label="e"> <level label="1"> <text>The Initiative shall develop criteria to review, evaluate, and rate project proposals for funding under the Program.</text> </level> <level label="2"> <text>The Executive Director shall distribute grants to projects based on the criteria developed in accordance with paragraph (1) of this subsection.</text> </level> <level label="3"> <text>An eligible institution shall provide a cash match equivalent to 10% of the amount awarded under paragraph (2) of this subsection.</text> </level> </level> <level label="f"> <level label="1"> <text>For fiscal years 2027 and 2028, the Governor may include in the annual budget bill an appropriation of $250,000 for the Program.</text> </level> <level label="2"> <text>The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.</text> </level> </level> <level label="g"> <text>In addition to information on the Initiative included in the annual report of the Corporation under § 10–415 of this subtitle:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-462" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Pava LaPere Innovation Acceleration Grant Program in the Corporation.</text> </level> <level label="b"> <text>The Corporation shall administer the Program.</text> </level> <level label="c"> <text>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:</text> <level label="1"> <text>are founded by students of postsecondary institutions located in the Baltimore–Columbia–Towson Metropolitan Statistical Area; and</text> </level> <level label="2"> <text>have their principal place of business in the Baltimore–Columbia–Towson Metropolitan Statistical Area.</text> </level> </level> <level label="d"> <text>An applicant shall submit an application for a Program award as required by the Corporation.</text> </level> <level label="e"> <text>The Program shall review the application and all supporting materials to evaluate whether the applicant qualifies for an award from the Program.</text> </level> <level label="f"> <level label="1"> <text>Subject to paragraphs (2) and (3) of this subsection, the Program shall award $50,000 to each qualifying applicant.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>The Corporation may provide waivers on request by an applicant.</text> </level> </level> <level label="g"> <level label="1"> <text>For each fiscal year, the Governor shall include an appropriation for the Program in the annual budget bill.</text> </level> <level label="2"> <text>The Program may use up to 10% of the annual appropriation for administrative expenses, not to exceed $50,000 in a single fiscal year.</text> </level> </level> <level label="h"> <text>The Corporation shall adopt regulations necessary to carry out this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-462.1" effective_note="EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 710 AND 711 OF 2024" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <level label="i"> <text>“Eligible university” means a public or private college or university located within the Baltimore–Columbia–Towson Metropolitan Statistical Area.</text> </level> <level label="ii"> <text>“Eligible university” includes:</text> <level label="1"> <text>Anne Arundel Community College;</text> </level> <level label="2"> <text>Baltimore City Community College;</text> </level> <level label="3"> <text>Carroll Community College;</text> </level> <level label="4"> <text>Community College of Baltimore County;</text> </level> <level label="5"> <text>Coppin State University;</text> </level> <level label="6"> <text>Goucher College;</text> </level> <level label="7"> <text>Harford Community College;</text> </level> <level label="8"> <text>Howard Community College;</text> </level> <level label="9"> <text>Johns Hopkins University;</text> </level> <level label="10"> <text>Loyola University Maryland;</text> </level> <level label="11"> <text>Maryland Institute College of Art;</text> </level> <level label="12"> <text>McDaniel College;</text> </level> <level label="13"> <text>Morgan State University;</text> </level> <level label="14"> <text>Notre Dame of Maryland University;</text> </level> <level label="15"> <text>St. John’s College;</text> </level> <level label="16"> <text>Stevenson University;</text> </level> <level label="17"> <text>Towson University;</text> </level> <level label="18"> <text>University of Baltimore;</text> </level> <level label="19"> <text>University of Maryland, Baltimore Campus; and</text> </level> <level label="20"> <text>University of Maryland Baltimore County.</text> </level> </level> </level> <level label="3"> <text>“Pilot Program” means the Baltimore Innovation Initiative Pilot Program.</text> </level> </level> <level label="b"> <text>There is a Baltimore Innovation Initiative Pilot Program.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Initiative shall implement and administer the Pilot Program.</text> </level> <level label="e"> <text>The Initiative shall collaborate with each participating eligible university to identify and support entrepreneurial initiatives, industry partnerships, and commercialization opportunities related to technology.</text> </level> <level label="f"> <text>To qualify for participation in the Pilot Program, each eligible university shall pay an annual contribution of up to $50,000.</text> </level> <level label="g"> <level label="1"> <text>Only an eligible university may submit project proposals for funding under the Pilot Program.</text> </level> <level label="2"> <text>To qualify for participation in the Pilot Program, a project proposal must:</text> <level label="i"> <text>support the creation of a new technology–based business in the State;</text> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>foster equitable and inclusive entrepreneurial development at the eligible university;</text> </level> <level label="iv"> <text>create an opportunity for meaningful economic impact in the region around the eligible university; or</text> </level> <level label="v"> <text>foster collaboration between the eligible university and an industry partner, including:</text> <level label="1"> <text>product development with commercialization potential; and</text> </level> <level label="2"> <text>matching funds provided by the industry partner.</text> </level> </level> </level> </level> <level label="h"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Executive Director of the Initiative shall distribute grants to projects based on the criteria developed in accordance with paragraph (1) of this subsection.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="i"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.</text> </level> </level> <level label="j"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-463" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Commercialization” means the process of introducing a new product or technology into the market.</text> </level> <level label="c"> <level label="1"> <text>“Cybersecurity” means information technology security.</text> </level> <level label="2"> <text>“Cybersecurity” includes the protection of networked devices, networks, programs, and data from unintended or unauthorized access, change, or destruction.</text> </level> </level> <level label="d"> <text>“Fund” means the Cybersecurity Investment Fund established under § 10–464 of this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-464" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Cybersecurity Investment Fund.</text> </level> <level label="b"> <text>The purpose of the Fund is to:</text> <level label="1"> <text>provide seed and early–stage funding for emerging technology companies located in the State focused on cybersecurity and cybersecurity technology product development;</text> </level> <level label="2"> <text>maximize Corporation investments by supporting funded emerging technology companies to enable corporate growth and to obtain third–party downstream funding for commercialization; and</text> </level> <level label="3"> <text>leverage Corporation investments in early–stage cybersecurity companies by taking advantage of economic development opportunities throughout the State.</text> </level> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>appropriations as provided in the State budget;</text> </level> <level label="2"> <text>money made available to the Fund through federal programs or private contributions;</text> </level> <level label="3"> <text>repayment of capital or principal or payment of interest on any debt or equity investments from the Fund;</text> </level> <level label="4"> <text>investment earnings of the Fund; and</text> </level> <level label="5"> <text>any other money accepted by the Corporation for the Fund.</text> </level> </level> <level label="e"> <text>The Corporation may use the Fund to:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>pay the costs necessary to implement this part and to administer the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> <level label="3"> <text>The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.</text> </level> <level label="4"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-465" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>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: </text> <level label="1"> <text>the number of Fund proposals received by the Corporation during the preceding fiscal year;</text> </level> <level label="2"> <text>the number of Fund transactions or projects for which the Corporation provided funding during the preceding fiscal year;</text> </level> <level label="3"> <text>the amount of money awarded by the Fund in the preceding fiscal year; and</text> </level> <level label="4"> <text>the total amount of third–party downstream funding of completed investments since Fund inception.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-468" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>In this part, “Fund” means the Enterprise Fund established under § 10–469 of this subtitle.</text> </section> <section article="gec" article_name="Economic Development" number="10-469" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is an Enterprise Fund in the Corporation.</text> </level> <level label="b"> <text>The Corporation may use the Fund to:</text> <level label="1"> <text>make a grant or loan, at the rate of interest set by the Corporation;</text> </level> <level label="2"> <text>provide equity investment financing for a qualified business;</text> </level> <level label="3"> <text>guarantee a loan, equity, investment, or other private financing to expand the capital resources of a qualified business;</text> </level> <level label="4"> <text>purchase advisory services and technical assistance to better support economic development;</text> </level> <level label="5"> <text>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</text> </level> <level label="6"> <text>pay the administrative, legal, and actuarial expenses of the Corporation.</text> </level> </level> <level label="c"> <text>The Corporation shall manage and supervise the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Treasurer shall hold the Fund and the Comptroller shall account for it.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated by the State to the Fund;</text> </level> <level label="2"> <text>money made available to the Fund through federal programs or private contributions;</text> </level> <level label="3"> <text>repayment of principal of a loan made from the Fund;</text> </level> <level label="4"> <text>payment of interest on a loan made from the Fund;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>premiums, fees, royalties, interest, repayments of principal, and returns on investments paid to the Corporation by or on behalf of:</text> <level label="i"> <text>a qualified business in which the Corporation has made an investment under this subtitle or Subtitle 4A of this title; or</text> </level> <level label="ii"> <text>an investor providing an investment guaranteed by the Corporation under this subtitle or Subtitle 4A of this title;</text> </level> </level> <level label="7"> <text>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:</text> <level label="i"> <text>a requirement that the Corporation receive a proportion of cash flow, commission, royalty, or payment on a patent; or</text> </level> <level label="ii"> <text>the repurchase from the Corporation of any evidence of financial participation, including a note, stock, bond, or debenture;</text> </level> </level> <level label="8"> <text>repayment of a conditional grant extended by the Corporation;</text> </level> <level label="9"> <text>money deposited into the Fund under § 10–4A–20(c)(2)(i) of this title; and</text> </level> <level label="10"> <text>any other money made available to the Corporation for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>The Treasurer shall invest money in the Fund in the same manner as other State money.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-470" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>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%.</text> </level> <level label="ii"> <text>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%.</text> </level> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-473" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Fund” means the Maryland Small Business Innovation Research and Technology Transfer Incentive Matching Fund.</text> </level> <level label="c"> <text>“Program” means the Maryland Small Business Innovation Research and Technology Transfer Incentive Program.</text> </level> <level label="d"> <text>“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.</text> </level> <level label="e"> <text>“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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-474" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Maryland Small Business Innovation Research and Technology Transfer Incentive Program.</text> </level> <level label="b"> <text>The Corporation shall administer the Program.</text> </level> <level label="c"> <text>The purpose of the Program is to foster job creation and economic development in the State by:</text> <level label="1"> <text>promoting the commercialization of research conducted by small businesses in the State;</text> </level> <level label="2"> <text>facilitating the transfer of technology from universities and federal research laboratories to small businesses; and</text> </level> <level label="3"> <text>encouraging small businesses, including economically disadvantaged small businesses, to apply for small business innovation research awards and small business technology transfer awards.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-475" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>To qualify for participation in the Program, a small business shall meet the criteria in this section.</text> </level> <level label="b"> <text>The small business shall:</text> <level label="1"> <text>meet the qualifications of a qualified business; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-476" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>An applicant shall submit an application for a Program award or investment on the form that the Corporation requires.</text> </level> <level label="b"> <text>The Program shall review the application and all supporting materials to evaluate whether the applicant qualifies for an award or investment from the Program.</text> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="d"> <text>A small business may not receive:</text> <level label="1"> <text>more than one award or investment during each fiscal year; and</text> </level> <level label="2"> <text>more than three awards or investments under this part.</text> </level> </level> <level label="e"> <level label="1"> <text>Subject to paragraph (2) of this subsection, each quarter, the Corporation shall provide awards and investments on a competitive basis to eligible small businesses.</text> </level> <level label="2"> <text>In providing an award or investment under this section, the Corporation:</text> <level label="i"> <text>shall consider:</text> <level label="1"> <text>the impact of the award or investment on the small business; and</text> </level> <level label="2"> <text>how the small business will utilize the award or investment toward commercialization of the research conducted by the small business; and</text> </level> </level> <level label="ii"> <text>may consider any additional criteria specified by the Corporation in regulation.</text> </level> </level> </level> <level label="f"> <text>The Program shall coordinate with comparable State and county programs to:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>provide assistance to eligible businesses under this part.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-477" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is a Maryland Small Business Innovation Research and Technology Transfer Incentive Matching Fund.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>repayments and earnings from investments made through the Program;</text> </level> <level label="3"> <text>money recaptured from businesses that fail to fulfill the terms and conditions of an award or investment made through the Program;</text> </level> <level label="4"> <text>interest earnings of the Fund; and</text> </level> <level label="5"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <text>The Fund may be used only for:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>administrative expenses of the Program, including marketing, outreach, and technical assistance.</text> </level> </level> <level label="g"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Interest earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="h"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-478" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>The Corporation shall adopt regulations to implement this part.</text> </section> <section article="gec" article_name="Economic Development" number="10-481" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>In this part, “Fund” means the Inclusion Fund established in § 10–482 of this subtitle.</text> </section> <section article="gec" article_name="Economic Development" number="10-482" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>There is an Inclusion Fund in the Corporation.</text> </level> <level label="b"> <text>The purpose of the Fund is to provide capital investment in technology–based businesses that:</text> <level label="1"> <text>would qualify for investment under the Builder Fund, as provided in regulations adopted by the Corporation;</text> </level> <level label="2"> <text>are at least 30% owned by individuals who demonstrate economic disadvantage; and</text> </level> <level label="3"> <text>are controlled and managed for at least 1 year after the time of investment by an individual or individuals who demonstrate economic disadvantage.</text> </level> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>interest earnings of the Fund; and</text> </level> <level label="3"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <text>The Fund may be used only:</text> <level label="1"> <text>for the purposes described in subsection (b) of this section; and</text> </level> <level label="2"> <text>to pay the costs necessary to administer the Fund.</text> </level> </level> <level label="g"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-483" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-486" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <text>In this section, “Fund” means the Pre–Seed Builder Fund.</text> </level> <level label="b"> <text>There is a Pre–Seed Builder Fund in the Corporation.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Corporation shall manage and supervise the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Treasurer shall hold the Fund, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>For fiscal year 2023, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Fund.</text> </level> <level label="2"> <text>For fiscal year 2024, the Governor shall include in the annual budget bill an appropriation of $6,200,000 to the Fund.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="g"> <level label="1"> <text>The Treasurer shall invest money in the Fund in the same manner as other State money.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-487" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Fund” means the Maryland Equity Investment Fund.</text> </level> <level label="3"> <text>“Private equity” means an asset class consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.</text> </level> <level label="4"> <text>“Qualified business” means a business that, at the time of the first investment in the business:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>has agreed to use the qualified investment primarily to:</text> <level label="1"> <text>support business operations in the State; or</text> </level> <level label="2"> <text>in the case of a start–up company, establish and support business operations in the State;</text> </level> </level> <level label="iii"> <text>has not more than 250 employees; and</text> </level> <level label="iv"> <text>is not primarily engaged in:</text> <level label="1"> <text>retail sales;</text> </level> <level label="2"> <text>real estate development;</text> </level> <level label="3"> <text>the business of insurance, banking, or lending; or</text> </level> <level label="4"> <text>the provision of professional services by accountants, attorneys, or physicians.</text> </level> </level> </level> <level label="5"> <text>“Several systems” has the meaning stated in § 20–201 of the State Personnel and Pensions Article.</text> </level> <level label="6"> <text>“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.</text> </level> </level> <level label="b"> <text>There is a Maryland Equity Investment Fund in the Corporation.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Corporation shall manage and supervise the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <text>The Fund consists of:</text> <level label="1"> <text>money distributed to the Fund under § 7–311 of the State Finance and Procurement Article;</text> </level> <level label="2"> <text>money appropriated in the State budget to the Fund; and</text> </level> <level label="3"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="g"> <text>The Fund may be used only:</text> <level label="1"> <text>for the purposes described in subsection (c) of this section; and</text> </level> <level label="2"> <text>to pay the costs necessary to administer the Fund.</text> </level> </level> <level label="h"> <level label="1"> <text>The State Treasurer shall invest money in the Fund in the same manner as other State money.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>The Corporation may retain 50% of investment returns realized from the investments made under this section.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-488" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Commission” means the Equitech Growth Commission.</text> </level> <level label="3"> <text>“Fund” means the Equitech Growth Fund.</text> </level> </level> <level label="b"> <level label="1"> <text>There is an Equitech Growth Fund in the Corporation.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>The Corporation shall administer the Fund.</text> </level> <level label="4"> <level label="i"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="ii"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="5"> <text>The Fund consists of:</text> <level label="i"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="ii"> <text>interest earnings of the Fund; and</text> </level> <level label="iii"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="6"> <text>The Fund shall leverage investment from the private sector, funding from federal sources, and other sources of funding.</text> </level> <level label="7"> <text>The Fund may be used only:</text> <level label="i"> <text>to make awards from the Fund in accordance with subsection (c) of this section; and</text> </level> <level label="ii"> <text>to pay the costs of administering the Fund.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Awards from the Fund shall target:</text> <level label="i"> <text>workforce development; and</text> </level> <level label="ii"> <text>infrastructure that will attract and retain businesses in the State.</text> </level> </level> <level label="3"> <text>Awards shall be consistent with the 10–year goals in the strategic plan developed by the Commission.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>The Corporation shall adopt regulations to establish:</text> <level label="1"> <text>a competitive application process;</text> </level> <level label="2"> <text>review criteria and procedures for making awards, including private leverage requirements for awards;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>processes for ensuring that the programmatic funds and leveraged funds are invested within the State.</text> </level> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-01" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <level label="1"> <text>“Affiliate” means:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>“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.</text> </level> </level> <level label="c"> <text>“Allocation amount” means the total amount of tax credits allocated to a purchaser.</text> </level> <level label="d"> <text>“Allocation date” means the date on which tax credits are allocated to a purchaser under § 10–4A–11 of this subtitle.</text> </level> <level label="e"> <text>“Authority” means the Maryland Venture Fund Authority established under § 10–4A–02 of this subtitle.</text> </level> <level label="f"> <text>“Corporation” means the Maryland Technology Development Corporation.</text> </level> <level label="g"> <text>“Designated capital” means the amount of money that a purchaser invests under the Program.</text> </level> <level label="h"> <text>“Enterprise Fund” means the Enterprise Fund under § 10–469 of this title.</text> </level> <level label="i"> <text>“Financing Authority” means the Maryland Small Business Development Financing Authority under Title 5, Subtitle 5 of this article.</text> </level> <level label="j"> <text>“Insurance premium tax liability” means:</text> <level label="1"> <text>any liability incurred by an insurance company under Title 6, Subtitle 1 of the Insurance Article as of October 1, 2011; or</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="k"> <text>“Premium tax credit” means a credit against insurance premium tax liability offered to a purchaser under the Program.</text> </level> <level label="l"> <text>“Principal business operations” has the meaning stated in § 10–401 of this title.</text> </level> <level label="m"> <text>“Program” means the Invest Maryland Program under this subtitle.</text> </level> <level label="n"> <text>“Purchaser” means:</text> <level label="1"> <text>an insurance company that:</text> <level label="i"> <text>is authorized to do business in the State;</text> </level> <level label="ii"> <text>has insurance premium tax liability; and</text> </level> <level label="iii"> <text>contributes designated capital to purchase an allocation of premium tax credits under the Program; or</text> </level> </level> <level label="2"> <text>a holding company that:</text> <level label="i"> <text>has at least one insurance company subsidiary authorized to do business in the State; and</text> </level> <level label="ii"> <text>is contributing designated capital on behalf of one or more of these subsidiaries.</text> </level> </level> </level> <level label="o"> <text>“Qualified business” means a business that, at the time of the first investment in the business under the Program:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>has agreed to use the qualified investment primarily to:</text> <level label="i"> <text>support business operations in the State; or</text> </level> <level label="ii"> <text>in the case of a start–up company, establish and support business operations in the State;</text> </level> </level> <level label="3"> <text>has not more than 250 employees; and</text> </level> <level label="4"> <text>is not primarily engaged in:</text> <level label="i"> <text>retail sales;</text> </level> <level label="ii"> <text>real estate development;</text> </level> <level label="iii"> <text>the business of insurance, banking, or lending; or</text> </level> <level label="iv"> <text>the provision of professional services by accountants, attorneys, or physicians.</text> </level> </level> </level> <level label="p"> <level label="1"> <text>“Qualified distribution” means a distribution or payment by a venture firm of the State’s proportionate allocation of costs in connection with:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>a yearly management fee in an amount that does not exceed 2.5% of the designated capital allocated to the venture firm.</text> </level> </level> <level label="2"> <text>“Qualified distribution” does not include any costs and expenses related to lobbying or government relations.</text> </level> </level> <level label="q"> <level label="1"> <text>“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:</text> <level label="i"> <text>a share of stock or other equity interest;</text> </level> <level label="ii"> <text>a debt instrument that is convertible into equity; or</text> </level> <level label="iii"> <text>an equity participation instrument such as an option or warrant.</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> <level label="r"> <text>“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.</text> </level> <level label="s"> <text>“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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-02" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <text>There is a Maryland Venture Fund Authority in the Corporation.</text> </section> <section article="gec" article_name="Economic Development" number="10-4A-03" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>The Authority consists of the following nine members:</text> <level label="1"> <text>seven members appointed by the Governor with the advice and consent of the Senate;</text> </level> <level label="2"> <text>one member appointed by the President of the Senate; and</text> </level> <level label="3"> <text>one member appointed by the Speaker of the House.</text> </level> </level> <level label="b"> <level label="1"> <text>Of the seven members appointed by the Governor:</text> <level label="i"> <level label="1"> <text>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</text> </level> <level label="2"> <text>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;</text> </level> </level> <level label="ii"> <text>at least one shall have experience as a small business owner;</text> </level> <level label="iii"> <text>at least one shall have experience as a business executive that has raised venture capital investments; and</text> </level> <level label="iv"> <text>at least one shall be a resident of a rural county in the State.</text> </level> </level> <level label="2"> <text>The Governor shall consider the geographic diversity of the State when appointing members.</text> </level> </level> <level label="c"> <text>The members appointed by the President and the Speaker:</text> <level label="1"> <text>may not be elected officials; and</text> </level> <level label="2"> <text>shall have experience and expertise in venture capital investments.</text> </level> </level> <level label="d"> <text>Each member shall be a resident of the State.</text> </level> <level label="e"> <level label="1"> <text>The term of a member is 4 years.</text> </level> <level label="2"> <text>At the end of a term, a member continues to serve until a successor is appointed.</text> </level> <level label="3"> <text>A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.</text> </level> <level label="4"> <text>A member appointed by the Governor may be removed by the Governor with or without cause.</text> </level> <level label="5"> <text>The terms of the members are staggered as required by the terms provided for members of the Authority on July 1, 2011.</text> </level> </level> <level label="f"> <text>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.</text> </level> <level label="g"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-04" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>The Governor shall appoint a chair from among the members.</text> </level> <level label="b"> <text>The Authority shall determine the manner of election of officers and their terms of office.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-05" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <level label="1"> <text>Five members of the Authority are a quorum.</text> </level> <level label="2"> <text>An act of the Authority must be approved by a majority vote of the members attending a meeting at which a quorum is present.</text> </level> </level> <level label="b"> <text>A member of the Authority:</text> <level label="1"> <text>may not receive compensation as a member of the Authority; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="c"> <text>A member of the Authority shall file a public disclosure of financial interests as required under the Maryland Public Ethics Law.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-06" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <text>The Authority shall: </text> <level label="1"> <text>provide advice to and consult with the Corporation in connection with the administration of the Program under this subtitle; and</text> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-09" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>All designated capital from purchasers shall be deposited into the Enterprise Fund to be invested as provided in this subtitle.</text> </level> <level label="b"> <text>The Corporation shall allocate designated capital as follows:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>33% to the Enterprise Fund, to be allocated:</text> <level label="i"> <text>$250,000 to the Rural Maryland Council for its operational expenses;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>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.</text> </level> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>The Corporation shall secure the commitment of the purchasers in accordance with § 10–4A–10 of this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-10" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The offer shall include:</text> <level label="1"> <text>the requested amount of tax credits, which may not be less than $1,000,000;</text> </level> <level label="2"> <text>the potential purchaser’s specified contribution for each tax credit dollar requested, which may not be less than the greater of:</text> <level label="i"> <text>70% of the requested dollar amount of tax credits; or</text> </level> <level label="ii"> <text>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</text> </level> </level> <level label="3"> <text>any other information the independent third party requires.</text> </level> </level> <level label="d"> <level label="1"> <text>The deadline for submission of applications for tax credits is February 1, 2012.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="e"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-11" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The tax credit certificate shall state:</text> <level label="1"> <text>the total amount of premium tax credits that the purchaser may claim;</text> </level> <level label="2"> <text>the amount of designated capital that the purchaser has contributed in return for the issuance of the tax credit certificate;</text> </level> <level label="3"> <text>the dates on which the tax credits will be available for use by the purchaser;</text> </level> <level label="4"> <text>any penalties or other remedies for noncompliance;</text> </level> <level label="5"> <text>the procedures to be used for transferring the tax credits; and</text> </level> <level label="6"> <text>any other requirements the Corporation considers necessary.</text> </level> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>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.</text> </level> <level label="5"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="6"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-12" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser.</text> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Any unused credit against insurance premium tax liability may be:</text> <level label="i"> <text>carried forward indefinitely until the premium tax credits are used; and</text> </level> <level label="ii"> <text>used by the purchaser without restriction during any calendar year after 2019.</text> </level> </level> <level label="3"> <text>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:</text> <level label="i"> <text>meets the definition of a purchaser;</text> </level> <level label="ii"> <text>is in good standing with the Maryland Insurance Administration; and</text> </level> <level label="iii"> <text>agrees to assume all of the transferor’s obligations under the Program.</text> </level> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-15" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>Subject to the approval of the Corporation, the Authority shall obtain the services of an independent third party to:</text> <level label="1"> <text>establish application procedures for an entity to be certified as a venture firm; and</text> </level> <level label="2"> <text>review and evaluate applications for venture firm certification under this section.</text> </level> </level> <level label="b"> <text>The independent third party selected by the Authority shall:</text> <level label="1"> <text>review and evaluate the application, organizational documents, and business history of each applicant;</text> </level> <level label="2"> <text>evaluate whether the applicant is likely to achieve the investment criteria set forth in this subtitle; and</text> </level> <level label="3"> <text>recommend to the Authority which venture firms should receive allocations of designated capital under the Program.</text> </level> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-16" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>In selecting applicants for venture firm certification, the Authority shall consider:</text> <level label="1"> <text>the management structure of the applicant, including:</text> <level label="i"> <text>the investment experience of the principals;</text> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>the knowledge, experience, and capabilities of the applicant in subject areas relevant to venture–stage businesses in the State;</text> </level> <level label="iv"> <text>the tenure and turnover history of principals and senior investment professionals of the applicant; and</text> </level> <level label="v"> <text>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;</text> </level> </level> <level label="2"> <text>the applicant’s investment strategy, including:</text> <level label="i"> <text>the applicant’s track record of investing in venture–stage businesses;</text> </level> <level label="ii"> <text>the applicant’s history of attracting co–investment capital and syndicate investments;</text> </level> <level label="iii"> <text>the soundness of the applicant’s investment strategy and the compatibility of that strategy with business opportunities in the State; and</text> </level> <level label="iv"> <text>the applicant’s history of job creation through investment;</text> </level> </level> <level label="3"> <text>the applicant’s commitment to making investments, that to the fullest extent possible:</text> <level label="i"> <text>create employment opportunities in the State;</text> </level> <level label="ii"> <text>lead to the growth of the State economy and qualified businesses in the State;</text> </level> <level label="iii"> <text>complement the research and development projects of State academic institutions; and</text> </level> <level label="iv"> <text>foster the development of technologies and industries that present opportunities for the growth of qualified businesses in the State; and</text> </level> </level> <level label="4"> <text>the applicant’s commitment to the State, including:</text> <level label="i"> <text>the applicant’s presence in the State through permanent local offices or affiliation with local investment firms;</text> </level> <level label="ii"> <text>the local presence of senior investment professionals;</text> </level> <level label="iii"> <text>the applicant’s history of investing in venture–stage businesses in the State;</text> </level> <level label="iv"> <text>the applicant’s ability to identify investment opportunities through working relationships with State research and development institutions and State–based businesses;</text> </level> <level label="v"> <text>the applicant’s relationship with other venture firms in the region;</text> </level> <level label="vi"> <text>the applicant’s history of investing in areas relevant to venture–stage businesses in the State; and</text> </level> <level label="vii"> <text>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.</text> </level> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>an applicant shall file an application with the Corporation in the form required by the Corporation;</text> </level> <level label="2"> <text>the application shall include the applicant’s most recent financial statements;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="c"> <text>To be certified as a venture firm:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>for a period of 2 years from the date of disqualification, the applicant may not be:</text> <level label="i"> <text>a venture firm that has been disqualified under § 10–4A–22 of this subtitle; or</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="d"> <text>Not later than 90 days after an application is filed, the Secretary shall either:</text> <level label="1"> <text>issue the certification; or</text> </level> <level label="2"> <text>refuse to issue the certification and communicate in detail to the applicant the grounds for the refusal.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-17" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-18" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>A purchaser or affiliate may not directly or indirectly:</text> <level label="1"> <text>manage a venture firm;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>control the direction of investments for a venture firm.</text> </level> </level> <level label="b"> <text>Subsection (a) of this section applies whether or not the purchaser or affiliate is authorized to do business in the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-19" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>Not later than March 31 of each year, each venture firm and the Financing Authority shall report to the Corporation:</text> <level label="1"> <text>the amount of designated capital remaining uninvested at the end of the preceding calendar year;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>any other information the Corporation requires to ascertain the impact of the Program on the economy of the State.</text> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-20" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>A venture firm may make a qualified distribution at any time.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-21" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-4A-22" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>In the event that a venture firm fails to meet the requirements of subsection (a) of this section, the Corporation shall:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>consult and coordinate with the Office of the Attorney General for the recovery of any funds, as may be necessary.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-25" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Corporation shall submit the following to the Maryland Insurance Administration:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>the occurrence of a default by a purchaser; and</text> </level> <level label="4"> <text>the transfer of premium tax credits by a purchaser.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-26" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4A-27" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <text>The Corporation shall administer this subtitle and may adopt regulations to carry out this subtitle.</text> </section> <section article="gec" article_name="Economic Development" number="10-4A-28" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program"> <level label="a"> <level label="1"> <text>The Corporation shall submit a report on the implementation of the Program.</text> </level> <level label="2"> <text>The report required under this section shall be submitted to the Senate Budget and Taxation Committee and the House Ways and Means Committee.</text> </level> <level label="3"> <text>The Corporation shall publish the report on the Corporation’s website in a publicly available format.</text> </level> <level label="4"> <text>The report published on the website may not include any proprietary or confidential information.</text> </level> </level> <level label="b"> <text>The report shall include:</text> <level label="1"> <text>with respect to each purchaser of premium tax credits under the Program:</text> <level label="i"> <text>the name of the purchaser of premium tax credits;</text> </level> <level label="ii"> <text>the amount of premium tax credits allocated to the purchaser;</text> </level> <level label="iii"> <text>the amount of designated capital the purchaser contributed for the issuance of the tax credit certificate; and</text> </level> <level label="iv"> <text>the amount of any tax credits that have been transferred under § 10–4A–12 of this subtitle;</text> </level> </level> <level label="2"> <text>with respect to each venture firm that has received an allocation of designated capital:</text> <level label="i"> <text>the name and address of the venture firm;</text> </level> <level label="ii"> <text>the names of the individuals making decisions on behalf of the venture firm to make qualified investments under the Program;</text> </level> <level label="iii"> <text>the amount of designated capital received during the previous fiscal year;</text> </level> <level label="iv"> <text>the cumulative amount of designated capital received;</text> </level> <level label="v"> <text>the amount of designated capital remaining uninvested at the end of the previous fiscal year;</text> </level> <level label="vi"> <text>the names and locations of qualified businesses receiving designated capital and the amount of each qualified investment;</text> </level> <level label="vii"> <text>for the previous fiscal year, the aggregate fair market value of all qualified investments as calculated according to generally accepted accounting principles; and</text> </level> <level label="viii"> <text>the amount of any qualified distribution or nonqualified distribution taken during the previous fiscal year, including any management fee;</text> </level> </level> <level label="3"> <text>with respect to the Enterprise Fund:</text> <level label="i"> <text>the amount of designated capital received during the previous fiscal year;</text> </level> <level label="ii"> <text>the cumulative amount of designated capital received;</text> </level> <level label="iii"> <text>the amount of designated capital remaining uninvested at the end of the previous fiscal year;</text> </level> <level label="iv"> <text>the names and locations of qualified businesses receiving designated capital and the amount of each qualified investment; and</text> </level> <level label="v"> <text>for the previous fiscal year, the aggregate fair market value of all qualified investments as calculated according to generally accepted accounting principles;</text> </level> </level> <level label="4"> <text>with respect to the Financing Authority:</text> <level label="i"> <text>the amount of designated capital received during the previous fiscal year and the amount allocated to the Equity Participation Investment Program;</text> </level> <level label="ii"> <text>the cumulative amount of designated capital received;</text> </level> <level label="iii"> <text>the amount of designated capital remaining uninvested at the end of the previous fiscal year;</text> </level> <level label="iv"> <text>the names and locations of qualified businesses receiving designated capital and the amount of each qualified investment; and</text> </level> <level label="v"> <text>for the previous fiscal year, the aggregate fair market value of all qualified investments as calculated under generally accepted accounting principles; and</text> </level> </level> <level label="5"> <text>for the previous fiscal year, with respect to the qualified businesses in which venture firms, the Enterprise Fund, or the Financing Authority have invested:</text> <level label="i"> <text>the classification of the qualified businesses according to the industrial sector and the size of the business;</text> </level> <level label="ii"> <text>the total number of jobs created in the State by the investment and the average wages paid for the jobs; and</text> </level> <level label="iii"> <text>the total number of jobs retained in the State as a result of the investment and the average wages paid for the jobs.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4B-01" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4B" subtitle_name="Maryland Small Business Innovation Research Technical Assistance Program"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Corporation” has the meaning stated in § 10–401 of this title.</text> </level> <level label="3"> <text>“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.</text> </level> <level label="4"> <text>“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.</text> </level> <level label="5"> <text>“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.</text> </level> <level label="6"> <text>“Program” means the Maryland Small Business Innovation Research Technical Assistance Program.</text> </level> </level> <level label="b"> <text>There is a Maryland Small Business Innovation Research Technical Assistance Program in the Corporation.</text> </level> <level label="c"> <text>The purpose of the Program is to provide technical assistance to small businesses in the State by:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>providing grant applicants with technical assistance, including training assistance and assessments through Phases 0, I, and II of development.</text> </level> </level> <level label="d"> <text>To qualify for participation, a small business shall:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>have not more than 50 employees.</text> </level> </level> <level label="e"> <text>The Corporation may adopt regulations establishing additional criteria for eligibility and allocation of assistance.</text> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4C-01" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2028 PER CHAPTER 322 OF 2022" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4C" subtitle_name="Maryland Makerspace Initiative Program"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” has the meaning stated in § 10–401 of this title.</text> </level> <level label="c"> <text>“Corporation” has the meaning stated in § 10–401 of this title.</text> </level> <level label="d"> <text>“Financial assistance” means a grant, a loan, or similar assistance.</text> </level> <level label="e"> <text>“Fund” means the Maryland Makerspace Initiative Fund.</text> </level> <level label="f"> <text>“Makerspace” means a community space that:</text> <level label="1"> <text>provides access to tools, technology, and knowledge for learners and entrepreneurs;</text> </level> <level label="2"> <text>results in the prototyping or creation of physical goods; and</text> </level> <level label="3"> <text>supports the development of educational opportunities for personal growth, workforce training, and early–stage business ventures.</text> </level> </level> <level label="g"> <text>“Program” means the Maryland Makerspace Initiative Program.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4C-02" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2028 PER CHAPTER 322 OF 2022" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4C" subtitle_name="Maryland Makerspace Initiative Program"> <level label="a"> <text>There is a Maryland Makerspace Initiative Program in the Corporation.</text> </level> <level label="b"> <text>The purpose of the Program is to encourage the establishment and expansion of makerspaces throughout the State.</text> </level> <level label="c"> <level label="1"> <text>The Corporation shall administer the Program.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4C-03" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2028 PER CHAPTER 322 OF 2022" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4C" subtitle_name="Maryland Makerspace Initiative Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Corporation shall award financial assistance from the funds available under the Maryland Makerspace Initiative Fund established under § 10–4C–05 of this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4C-04" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2028 PER CHAPTER 322 OF 2022" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4C" subtitle_name="Maryland Makerspace Initiative Program"> <level label="a"> <text>The Corporation shall adopt standards to award financial assistance under this subtitle.</text> </level> <level label="b"> <text>The Corporation may award financial assistance to:</text> <level label="1"> <text>a local government;</text> </level> <level label="2"> <text>an agency, an instrumentality, or a nonprofit corporation that the local government designates; or</text> </level> <level label="3"> <text>a nonprofit entity operating or seeking to operate a makerspace in the State.</text> </level> </level> <level label="c"> <text>To the extent practicable, the Corporation shall award financial assistance in a manner that reflects geographic diversity.</text> </level> <level label="d"> <text>A recipient of financial assistance under this section:</text> <level label="1"> <text>shall provide matching funds or in–kind contributions for the project at least equal to the amount of financial assistance awarded; and</text> </level> <level label="2"> <text>may not utilize the financial assistance awarded for the operating costs of the makerspace after the first 3 years of operation.</text> </level> </level> <level label="e"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4C-05" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2028 PER CHAPTER 322 OF 2022" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4C" subtitle_name="Maryland Makerspace Initiative Program"> <level label="a"> <text>There is a Maryland Makerspace Initiative Fund in the Corporation.</text> </level> <level label="b"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="c"> <text>The Fund consists of:</text> <level label="1"> <text>appropriations as provided in the State budget;</text> </level> <level label="2"> <text>repayments of loans made through the Program;</text> </level> <level label="3"> <text>any interest earnings of the Fund; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>The Fund shall be used to cover the following costs of the Program:</text> <level label="1"> <text>administrative costs not exceeding $100,000 in each fiscal year;</text> </level> <level label="2"> <text>reimbursement for technical assistance and mentoring provided by existing makerspaces; and</text> </level> <level label="3"> <text>any financial assistance that is awarded to eligible recipients in accordance with § 10–4C–04 of this subtitle.</text> </level> </level> <level label="f"> <text>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.</text> </level> <level label="g"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="h"> <text>The Office of Legislative Audits shall audit the accounts and transactions of the Fund as provided in § 2–1220 of the State Government Article.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4C-06" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2028 PER CHAPTER 322 OF 2022" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4C" subtitle_name="Maryland Makerspace Initiative Program"> <text>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. </text> </section> <section article="gec" article_name="Economic Development" number="10-4D-01" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4D" subtitle_name="Human–relevant Research Fund and Program"> <level label="a"> <text>In this subtitle the following terms have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Human–Relevant Research Review Board established under § 10–4D–04 of this subtitle.</text> </level> <level label="c"> <text>“Corporation” has the meaning stated in § 10–401 of this title.</text> </level> <level label="d"> <text>“Fund” means the Human–Relevant Research Fund.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4D-02" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4D" subtitle_name="Human–relevant Research Fund and Program"> <level label="a"> <text>There is a Human–Relevant Research Fund.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>revenue distributed to the Fund under § 24–2302 of the Health – General Article;</text> </level> <level label="2"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="3"> <text>interest earnings of the Fund; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <text>Money in the Fund may be used only to:</text> <level label="1"> <text>award grants and loans for State–funded, human–relevant animal testing alternatives research in accordance with the recommendations of the Board; and</text> </level> <level label="2"> <text>pay the costs necessary to administer the Fund.</text> </level> </level> <level label="g"> <level label="1"> <text>The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="h"> <level label="1"> <text>The Governor may include in the State budget bill each fiscal year an appropriation to the Fund.</text> </level> <level label="2"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4D-03" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4D" subtitle_name="Human–relevant Research Fund and Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>A grant or loan awarded under this subtitle is contingent on the recipient entering into a memorandum of understanding with the Corporation that:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>to the extent consistent with federal and State law, reflects the intellectual property policies of the Corporation.</text> </level> </level> <level label="c"> <text>The Corporation may not disburse grant or loan money to a recipient until the recipient meets the requirements of subsection (b) of this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4D-04" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4D" subtitle_name="Human–relevant Research Fund and Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Board shall:</text> <level label="1"> <text>review, evaluate, rank, and rate research proposals for State–funded, human–relevant animal testing alternatives research:</text> <level label="i"> <text>based on the procedures and guidelines established by the Corporation; and</text> </level> <level label="ii"> <text>in a manner that gives due consideration to the scientific, medical, and ethical implications of the research; and</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>A member of the Board:</text> <level label="1"> <text>is not eligible to receive a grant or loan for State–funded, human–relevant research from the Fund; and</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4D-05" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4D" subtitle_name="Human–relevant Research Fund and Program"> <text>The Corporation, in consultation with the Board, shall adopt regulations to establish procedures for awarding and making the disbursement of a grant or loan.</text> </section> <section article="gec" article_name="Economic Development" number="10-4D-06" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4D" subtitle_name="Human–relevant Research Fund and Program"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report shall identify:</text> <level label="1"> <text>each recipient of money from the Fund;</text> </level> <level label="2"> <text>the amount of money awarded to each recipient; and</text> </level> <level label="3"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4E-01" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4E"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Corporation” means the Maryland Technology Development Corporation.</text> </level> <level label="c"> <text>“Fund” means the Maryland Growth Initiative Fund.</text> </level> <level label="d"> <text>“Initiative” means the Maryland Growth Initiative.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-4E-02" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4E"> <level label="a"> <text>There is a Maryland Growth Initiative in the Corporation.</text> </level> <level label="b"> <text>The purpose of the Initiative is to support the growth of start–up companies in the State by:</text> <level label="1"> <text>identifying promising companies in the phase between early start–up development and scaling;</text> </level> <level label="2"> <text>providing access to experts in regulatory processes, manufacturing, clinical trials, market launches, and other areas of business;</text> </level> <level label="3"> <text>facilitating private investment in companies;</text> </level> <level label="4"> <text>assisting in the acquisition of infrastructure including office space, equipment, and support for product development; and</text> </level> <level label="5"> <text>providing technical and business expertise.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4E-03" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4E"> <level label="a"> <text>There is a Maryland Growth Initiative Fund.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>public and private investment funds;</text> </level> <level label="3"> <text>interest earnings; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <text>The Fund may be used only:</text> <level label="1"> <text>for the purposes described in subsection (b) of this section;</text> </level> <level label="2"> <text>for the purposes described in § 10–4E–02 of this subtitle; and</text> </level> <level label="3"> <text>to pay the costs necessary to administer the Initiative.</text> </level> </level> <level label="g"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="h"> <level label="1"> <text>The Governor shall include in the annual budget bill an appropriation of $5,000,000 for the Initiative.</text> </level> <level label="2"> <text>The funding provided in this subsection shall be used to supplement, not supplant, any funds that would otherwise be provided to the Initiative.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4E-04" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4E"> <level label="a"> <text>The Initiative shall create a curated list of companies in the State that are between the start–up and scaling phases.</text> </level> <level label="b"> <text>Priority shall be given to companies that are:</text> <level label="1"> <text>current or prior recipients of funding from the Maryland Innovation Initiative;</text> </level> <level label="2"> <text>current or prior recipients of funding from any other program administered by the Corporation;</text> </level> <level label="3"> <text>minority business enterprises described in § 9–4119(a) of the State Government Article; and</text> </level> <level label="4"> <text>located in a high–need or economically distressed geographic area of the State as determined by the Corporation.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-4E-05" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4E"> <text>The Corporation may adopt regulations to implement this subtitle.</text> </section> <section article="gec" article_name="Economic Development" number="10-501" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Agricultural loan” means a loan made to a person by a lender to finance:</text> <level label="1"> <text>land acquisition or improvement;</text> </level> <level label="2"> <text>agricultural, aquacultural, equine, horticultural, or silvicultural production;</text> </level> <level label="3"> <text>soil conservation;</text> </level> <level label="4"> <text>pond construction;</text> </level> <level label="5"> <text>irrigation;</text> </level> <level label="6"> <text>water well drilling;</text> </level> <level label="7"> <text>improvement of a structure or facility;</text> </level> <level label="8"> <text>purchase of a farm fixture, livestock, or poultry;</text> </level> <level label="9"> <text>fish, crustaceans, or mollusks of any kind;</text> </level> <level label="10"> <text>seeds, plants, or trees;</text> </level> <level label="11"> <text>fertilizer;</text> </level> <level label="12"> <text>pesticide;</text> </level> <level label="13"> <text>feed;</text> </level> <level label="14"> <text>equipment; or</text> </level> <level label="15"> <text>containers or supplies employed in the production, cultivation, harvesting, processing, storage, marketing, distribution, or export of an agricultural product.</text> </level> </level> <level label="c"> <text>“Agriculture” means the commercial production, storage, processing, marketing, distribution, or export of an agronomic, aquacultural, equine, floricultural, horticultural, ornamental, silvicultural, or viticultural crop, including:</text> <level label="1"> <text>a farm product;</text> </level> <level label="2"> <text>livestock or a livestock product;</text> </level> <level label="3"> <text>poultry or a poultry product;</text> </level> <level label="4"> <text>milk or a dairy product;</text> </level> <level label="5"> <text>timber or a forest product;</text> </level> <level label="6"> <text>fruit or a horticultural product; and</text> </level> <level label="7"> <text>seafood or an aquacultural product.</text> </level> </level> <level label="d"> <text>“Board” means the Board of Directors of the Corporation.</text> </level> <level label="e"> <level label="1"> <text>“Bond” means a bond of the Corporation issued under this subtitle.</text> </level> <level label="2"> <text>“Bond” includes:</text> <level label="i"> <text>a renewal note;</text> </level> <level label="ii"> <text>a refunding bond;</text> </level> <level label="iii"> <text>an interim certificate;</text> </level> <level label="iv"> <text>a certificate of indebtedness;</text> </level> <level label="v"> <text>a debenture;</text> </level> <level label="vi"> <text>a warrant;</text> </level> <level label="vii"> <text>commercial paper; and</text> </level> <level label="viii"> <text>any other obligation.</text> </level> </level> </level> <level label="f"> <text>“Corporation” means the Maryland Agricultural and Resource-Based Industry Development Corporation.</text> </level> <level label="g"> <text>“Finance” includes refinance.</text> </level> <level label="h"> <text>“Improve” means to add, alter, construct, equip, expand, extend, reconstruct, rehabilitate, remodel, or repair.</text> </level> <level label="i"> <text>“Improvement” means addition, alteration, construction, equipping, expansion, extension, reconstruction, rehabilitation, remodeling, or repair.</text> </level> <level label="j"> <level label="1"> <text>“Lender” means a financial institution authorized to do business in the State or operating under the supervision of a federal unit.</text> </level> <level label="2"> <text>“Lender” includes:</text> <level label="i"> <text>a bank;</text> </level> <level label="ii"> <text>a trust company;</text> </level> <level label="iii"> <text>a federal land bank;</text> </level> <level label="iv"> <text>a farm credit association;</text> </level> <level label="v"> <text>a bank for cooperatives;</text> </level> <level label="vi"> <text>insurance company;</text> </level> <level label="vii"> <text>investment banker;</text> </level> <level label="viii"> <text>mortgage banker or company;</text> </level> <level label="ix"> <text>pension or retirement fund;</text> </level> <level label="x"> <text>savings and loan association;</text> </level> <level label="xi"> <text>small business investment company; or</text> </level> <level label="xii"> <text>credit union.</text> </level> </level> </level> <level label="k"> <level label="1"> <text>“Person” has the meaning stated in § 9-101 of this article.</text> </level> <level label="2"> <text>“Person” also includes a unit of a state or of the federal government.</text> </level> </level> <level label="l"> <level label="1"> <text>“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:</text> <level label="i"> <text>is or will be used or operated for profit or not for profit;</text> </level> <level label="ii"> <text>is or will be located on one or more sites; or</text> </level> <level label="iii"> <text>may be financed by bonds, the interest on which is exempt from taxation under federal law.</text> </level> </level> <level label="2"> <text>“Project” includes:</text> <level label="i"> <text>property and rights related to the property, appurtenances, rights-of-way, franchises, easements, and other interests in property;</text> </level> <level label="ii"> <text>structures, equipment, furnishings, rail or motor vehicles, barges, and boats;</text> </level> <level label="iii"> <text>property that is functionally related and subordinate to a project; and</text> </level> <level label="iv"> <text>patents, licenses, and other rights necessary or useful in the improvement or operation of a project.</text> </level> </level> </level> <level label="m"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“Revenue” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-502" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>The General Assembly finds that:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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</text> </level> <level label="6"> <text>it is a matter of significant importance to rural economic development that the Corporation be created and authorized to:</text> <level label="i"> <text>develop agricultural industries and markets;</text> </level> <level label="ii"> <text>support appropriate commercialization of agricultural processes and technology; and</text> </level> <level label="iii"> <text>alleviate the shortage of nontraditional capital and credit available at affordable interest rates for:</text> <level label="1"> <text>investment in agriculture to promote and assist agriculture in the State;</text> </level> <level label="2"> <text>the sale of agricultural products, commodities, and services; and</text> </level> <level label="3"> <text>capital investment in agricultural projects by providing capital and credit within the financial means of persons engaged in agriculture in the State.</text> </level> </level> </level> </level> <level label="b"> <text>The purpose of the Corporation is to:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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</text> </level> <level label="6"> <text>work with public and private lending and grant–making institutions to:</text> <level label="i"> <text>make low–interest and no–interest loans and loan guarantees available for agricultural product development, primary processing, and secondary manufacturing;</text> </level> <level label="ii"> <text>provide credit and capital to beginning farmers for land, equipment, and working capital acquisition;</text> </level> <level label="iii"> <text>make incentives available for activities related to small farm or small landowner viability and best management practices; and</text> </level> <level label="iv"> <text>make temporary land and easement purchases in accordance with State or local critical farm acquisition programs.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-503" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>This subtitle shall be liberally construed to carry out its purposes.</text> </section> <section article="gec" article_name="Economic Development" number="10-504" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>There is a Maryland Agricultural and Resource-Based Industry Development Corporation.</text> </level> <level label="b"> <text>The Corporation is a body politic and corporate and is an instrumentality of the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-505" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>There is a Board of Directors of the Corporation.</text> </level> <level label="2"> <text>The Board manages the Corporation and exercises all of its corporate powers.</text> </level> </level> <level label="b"> <text>The Board consists of the following members:</text> <level label="1"> <text>as ex officio members:</text> <level label="i"> <text>the Secretary or a designee of the Secretary who is a senior-level departmental official;</text> </level> <level label="ii"> <text>the Secretary of Agriculture or a designee of the Secretary who is a senior-level departmental official;</text> </level> <level label="iii"> <text>the Secretary of Natural Resources or a designee of the Secretary who is a senior-level departmental official;</text> </level> <level label="iv"> <text>the Executive Director of the Maryland Food Center Authority;</text> </level> <level label="v"> <text>the Executive Director of the Rural Maryland Council; and</text> </level> <level label="vi"> <text>the Director of the Maryland Cooperative Extension Service; and</text> </level> </level> <level label="2"> <text>eleven individuals appointed by the Governor with the advice and consent of the Senate as follows:</text> <level label="i"> <text>two agricultural producers representing at least two different farm commodity industries in the State;</text> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>one representative of the timber and forest products industry;</text> </level> <level label="iv"> <text>one representative of the aquaculture industry;</text> </level> <level label="v"> <text>one representative of the commercial seafood harvesting and processing industry;</text> </level> <level label="vi"> <text>one individual with knowledge and experience in the area of operating commercial food or fiber processing facilities;</text> </level> <level label="vii"> <text>one individual with knowledge and experience in the area of public finance;</text> </level> <level label="viii"> <text>one individual with knowledge and experience in the area of rural economic development or agricultural marketing; and</text> </level> <level label="ix"> <text>one individual with knowledge about the agricultural, forestry, or seafood industries or agritourism in the State or with substantial and relevant economic development experience.</text> </level> </level> </level> <level label="c"> <text>A member of the Board shall be a resident of the State.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <level label="1"> <text>The term of a member appointed under subsection (b)(2) of this section is 4 years.</text> </level> <level label="2"> <text>The terms of the appointed members are staggered as required by the terms provided for the members on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="f"> <text>The Governor may remove a member of the Board for incompetence, misconduct, or failure to perform the duties of the position.</text> </level> <level label="g"> <text>The Board shall elect a chair from among its members.</text> </level> <level label="h"> <text>The Board may act with an affirmative vote of nine members.</text> </level> <level label="i"> <text>A member of the Board:</text> <level label="1"> <text>serves without compensation as a member of the Board; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations as provided in the State budget.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-506" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Corporation shall employ an Executive Director with experience and qualifications relevant to the activities and the purposes of the Corporation.</text> </section> <section article="gec" article_name="Economic Development" number="10-507" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Attorney General serves as legal advisor to the Corporation.</text> </section> <section article="gec" article_name="Economic Development" number="10-508" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>The Corporation is exempt from:</text> <level label="1"> <text>Title 10 and Division II of the State Finance and Procurement Article;</text> </level> <level label="2"> <text>laws governing the State Personnel Management System under Division I of the State Personnel and Pensions Article; and</text> </level> <level label="3"> <text>§§ 19–205 and 19–206 of the Local Government Article (Conditions upon Sale of Public Securities).</text> </level> </level> <level label="b"> <level label="1"> <text>The Corporation is subject to:</text> <level label="i"> <text>the Public Information Act; and</text> </level> <level label="ii"> <text>subject to paragraph (2) of this subsection, the Open Meetings Act.</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The Board and employees of the Corporation are subject to the Public Ethics Law.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-509" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Corporation may:</text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>adopt a seal;</text> </level> <level label="3"> <text>maintain an office at a place it designates in the State;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>enter into contracts and other legal instruments;</text> </level> <level label="6"> <text>sue or be sued;</text> </level> <level label="7"> <text>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;</text> </level> <level label="8"> <text>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;</text> </level> <level label="9"> <text>fix and collect rates, rentals, fees, royalties, and charges for the use of or for services and resources it provides or makes available;</text> </level> <level label="10"> <text>retain any necessary accountants, engineers, financial advisors, and other consultants;</text> </level> <level label="11"> <text>with the approval of the Attorney General, retain any necessary lawyers;</text> </level> <level label="12"> <text>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;</text> </level> <level label="13"> <text>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;</text> </level> <level label="14"> <text>exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and</text> </level> <level label="15"> <text>do anything necessary or convenient to carry out the powers granted by this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-510" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Corporation may make grants to or provide equity investment financing for agricultural and resource-based businesses.</text> </section> <section article="gec" article_name="Economic Development" number="10-511" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Corporation may:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>enter into a project with a manufacturer to carry out the purposes of this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-512" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Corporation may:</text> <level label="1"> <level label="i"> <text>borrow money and issue bonds;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>provide for the rights of lenders and bondholders;</text> </level> </level> <level label="2"> <text>procure insurance or reinsurance against:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="3"> <level label="i"> <text>insure, co–insure, or reinsure agricultural loans, mortgage loans or mortgages, or any other type of loans;</text> </level> <level label="ii"> <text>pay or receive premiums on the insurance, co–insurance, or reinsurance;</text> </level> <level label="iii"> <text>establish reserves for losses; and</text> </level> <level label="iv"> <text>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;</text> </level> </level> <level label="4"> <text>make loans to or deposits with lenders;</text> </level> <level label="5"> <text>purchase or sell agricultural loans;</text> </level> <level label="6"> <text>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</text> </level> <level label="7"> <text>subject to the rights of its bondholders:</text> <level label="i"> <text>renegotiate, refinance, or foreclose on a mortgage, security interest, or lien;</text> </level> <level label="ii"> <text>commence an action to protect or enforce any right or benefit conferred on the Corporation by any law or agreement;</text> </level> <level label="iii"> <text>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;</text> </level> <level label="iv"> <text>bid for and purchase property at any foreclosure or at any other sale, or otherwise acquire or take possession of any property; and</text> </level> <level label="v"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-513" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>The Corporation may authorize the issuance of revenue bonds by resolution.</text> </level> <level label="b"> <text>The Corporation may issue the bonds:</text> <level label="1"> <text>to finance all or part of the costs of a project; and</text> </level> <level label="2"> <text>for any other lawful purpose of the Corporation authorized in this subtitle.</text> </level> </level> <level label="c"> <text>The Corporation may issue the bonds at one time or from time to time.</text> </level> <level label="d"> <text>The Corporation shall determine:</text> <level label="1"> <text>the date of the bonds;</text> </level> <level label="2"> <text>the interest rates of the bonds;</text> </level> <level label="3"> <text>the maturity date of the bonds, which may not exceed 40 years from the date of issue;</text> </level> <level label="4"> <text>the prices, terms, and conditions of sale of the bonds;</text> </level> <level label="5"> <text>the form of the bonds;</text> </level> <level label="6"> <text>the manner of executing the bonds;</text> </level> <level label="7"> <text>the denominations of the bonds; and</text> </level> <level label="8"> <text>the places of payment of principal of and interest on the bonds, at a bank or trust company in or outside the State.</text> </level> </level> <level label="e"> <text>An officer’s signature or facsimile signature on a bond remains valid even if the officer leaves office before the bond is delivered.</text> </level> <level label="f"> <level label="1"> <text>The bonds are negotiable instruments under the laws of the State.</text> </level> <level label="2"> <text>Bonds may be registrable.</text> </level> </level> <level label="g"> <level label="1"> <text>The Corporation may sell the bonds by competitive or negotiated sale in a manner and for a price that the Corporation determines.</text> </level> <level label="2"> <text>The bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.</text> </level> </level> <level label="h"> <text>Bond proceeds may be placed in escrow pending application of the proceeds to the purposes for which the bonds are issued.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-514" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <level label="1"> <text>A bond:</text> <level label="i"> <text>is not a debt, liability, or a pledge of the full faith and credit of the State or of any political subdivision; and</text> </level> <level label="ii"> <text>is payable solely from revenues provided under this subtitle.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face that:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-515" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.</text> </level> <level label="2"> <text>A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.</text> </level> <level label="3"> <text>A corporation or trust company incorporated in the State may:</text> <level label="i"> <text>act as depository of bond proceeds or revenue; and</text> </level> <level label="ii"> <text>furnish any indemnity bond or pledge security that the Corporation requires.</text> </level> </level> </level> <level label="b"> <text>The trust agreement or the resolution that provides for the issuance of a bond may:</text> <level label="1"> <text>state the rights and remedies of bondholders and any trustee;</text> </level> <level label="2"> <text>contain provisions to protect and enforce the rights and remedies of bondholders;</text> </level> <level label="3"> <text>contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;</text> </level> <level label="4"> <text>restrict the individual right of action of bondholders;</text> </level> <level label="5"> <text>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</text> </level> <level label="6"> <text>provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.</text> </level> </level> <level label="c"> <text>Expenses incurred in carrying out a trust agreement may be treated as a part of the cost of operation of the Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-516" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection, the Corporation shall determine the investment of bond proceeds.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The Corporation or the loan recipient may apply earnings and profits on investments or other obligations:</text> <level label="1"> <text>to the payment of any cost; or</text> </level> <level label="2"> <text>in any other lawful manner.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-517" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>The Corporation may issue bonds to refund any outstanding bonds, including paying:</text> <level label="i"> <text>any redemption premium;</text> </level> <level label="ii"> <text>interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and</text> </level> <level label="iii"> <text>if considered advisable by the Corporation, any part of the cost of a project.</text> </level> </level> <level label="2"> <text>Refunding bonds may be issued for any corporate purpose, including:</text> <level label="i"> <text>realizing savings in the effective costs of debt service, directly or through a debt restructuring;</text> </level> <level label="ii"> <text>alleviating an impending or actual default; or</text> </level> <level label="iii"> <text>relieving the Corporation of a contractual agreement that the Corporation finds to be unreasonably onerous, impracticable, or impossible to perform.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>The Corporation may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.</text> </level> <level label="2"> <level label="i"> <text>Refunding bonds may be made payable from:</text> <level label="1"> <text>escrowed bond proceeds;</text> </level> <level label="2"> <text>earnings and profits, if any, on investments; or</text> </level> <level label="3"> <text>any other source.</text> </level> </level> <level label="ii"> <text>These sources:</text> <level label="1"> <text>may be applied to other uses; and</text> </level> <level label="2"> <text>constitute revenues of a project under this subtitle.</text> </level> </level> </level> </level> <level label="c"> <text>In the discretion of the Corporation, the proceeds of refunding bonds may be:</text> <level label="1"> <text>applied to the purchase, retirement at maturity, or redemption of outstanding bonds on a date the Corporation determines; and</text> </level> <level label="2"> <text>pending application under item (1) of this subsection, placed in escrow.</text> </level> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>Except as provided in subparagraph (ii) of this paragraph, the Corporation shall determine the investment of the proceeds of refunding bonds.</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="3"> <text>The earnings and any profits on investments or other obligations may be applied to the payment of the outstanding bonds to be refunded.</text> </level> <level label="4"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-518" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>The Corporation may pledge or assign:</text> <level label="1"> <text>any of its revenues;</text> </level> <level label="2"> <text>any of its rights to receive revenues;</text> </level> <level label="3"> <text>money and securities in accounts established to secure a bond; and</text> </level> <level label="4"> <text>a lien or security interest granted or assignment made to the Corporation.</text> </level> </level> <level label="b"> <text>A pledge or assignment:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>has priority over the claim.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>shall be filed in the records of the Corporation; but</text> </level> <level label="2"> <text>need not be filed or recorded elsewhere.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-519" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>The Corporation may:</text> <level label="1"> <text>lend or otherwise make available the proceeds of its bonds to a person to finance costs of a project; and</text> </level> <level label="2"> <text>enter into a financing agreement, mortgage, or other instrument that it determines is necessary or desirable to evidence or secure the loan.</text> </level> </level> <level label="b"> <level label="1"> <text>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:</text> <level label="i"> <text>payment of the principal of and interest on the bonds that financed the cost of the project; or</text> </level> <level label="ii"> <text>other provision for payment satisfactory to the Corporation.</text> </level> </level> <level label="2"> <text>Consideration required under paragraph (1) of this subsection may be nominal.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-519.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Eligible seafood processing project” means a project to establish or expand the business of a licensed seafood dealer that:</text> <level label="i"> <text>supports the goal of increasing the amount of oyster shells retained in the State and returned to the Chesapeake Bay; and</text> </level> <level label="ii"> <text>meets the criteria established by the Corporation under this section.</text> </level> </level> <level label="3"> <text>“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.</text> </level> <level label="4"> <text>“Repletion” means enhancing areas where commercial harvest is permitted.</text> </level> <level label="5"> <text>“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.</text> </level> </level> <level label="b"> <level label="1"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>The Corporation shall forgive any loan provided under this section as follows:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>$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.</text> </level> </level> </level> <level label="c"> <text>A person is eligible to receive financing under this section if the person:</text> <level label="1"> <level label="i"> <text>has been a licensed seafood dealer for at least 3 years; or</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="2"> <text>has paid all applicable business taxes and fees for the past 5 years;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>meets any other eligibility requirements established by the Corporation; and</text> </level> <level label="5"> <text>agrees to the financing terms and conditions established by the Corporation that are otherwise in conformance with this section.</text> </level> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The appropriation in paragraph (1) of this subsection shall be distributed to a special account to be used only to:</text> <level label="i"> <text>provide loans under this section; and</text> </level> <level label="ii"> <text>pay the costs necessary to administer and operate this section.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-520" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>The Corporation may purchase and sell agricultural loans made by lenders, at the prices and on the terms and conditions that it determines.</text> </level> <level label="2"> <text>A lender may purchase and sell agricultural loans to the Corporation in accordance with this section.</text> </level> </level> <level label="b"> <level label="1"> <text>The Corporation may make loans to and deposits with lenders at interest rates, terms, and conditions that it determines.</text> </level> <level label="2"> <text>A lender may borrow funds and accept deposits from the Corporation in accordance with this subtitle and the bylaws of the Corporation.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>The Corporation may enter into agreements with any person, lender, or holder of an insured agricultural loan to:</text> <level label="1"> <text>provide for the administration, application, and repayment of the agricultural loan; and</text> </level> <level label="2"> <text>establish the conditions for payment of insurance by the Corporation, and the servicing, suit on, or foreclosure of the agricultural loan.</text> </level> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-521" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Corporation may:</text> <level label="1"> <text>study agricultural conditions and needs in the State, needs relating to the promotion of agricultural industries, and ways of meeting those needs;</text> </level> <level label="2"> <text>make the studies available to the public and to agricultural industries; and</text> </level> <level label="3"> <text>engage in research or disseminate information on agriculture and agricultural marketing and promotion.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-522" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>The following units may provide technical and other support to the Corporation:</text> <level label="1"> <text>the Department;</text> </level> <level label="2"> <text>the Department of Agriculture;</text> </level> <level label="3"> <text>the Department of Natural Resources;</text> </level> <level label="4"> <text>the Maryland Economic Development Corporation;</text> </level> <level label="5"> <text>the Maryland Food Center Authority;</text> </level> <level label="6"> <text>the Maryland Technology Development Corporation;</text> </level> <level label="7"> <text>the Rural Maryland Council; and</text> </level> <level label="8"> <text>the Maryland Cooperative Extension Service.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-523" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>The Corporation may receive annual funding through an appropriation in the State budget.</text> </level> <level label="2"> <text>The Corporation may also receive money for projects included in the budgets of State units.</text> </level> <level label="3"> <level label="i"> <text>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:</text> <level label="1"> <text>for fiscal year 2021, $2,875,000; and</text> </level> <level label="2"> <text>for each of the fiscal years 2022 through 2025, $2,735,000.</text> </level> </level> <level label="ii"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>All unexpended and unencumbered money appropriated to the Corporation shall remain with the Corporation for future use.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-524" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>A debt, claim, obligation, or liability of the Corporation may not be considered a debt of the State or a pledge of its credit.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-525" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The Corporation is exempt from State and local taxes.</text> </section> <section article="gec" article_name="Economic Development" number="10-526" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Beginner waterman” means an individual who:</text> <level label="i"> <text>is a resident of the State;</text> </level> <level label="ii"> <level label="1"> <text>holds a tidal fish license under § 4–701 of the Natural Resources Article; or</text> </level> <level label="2"> <text>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</text> </level> </level> <level label="iii"> <text>has at least 2 years and not more than 10 years of experience in commercial seafood harvesting.</text> </level> </level> <level label="3"> <text>“Generational waterman” means an individual who:</text> <level label="i"> <text>is a resident of the State;</text> </level> <level label="ii"> <level label="1"> <text>holds a tidal fish license under § 4–701 of the Natural Resources Article; or</text> </level> <level label="2"> <text>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</text> </level> </level> <level label="iii"> <text>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.</text> </level> </level> <level label="4"> <text>“Program” means the Maryland Watermen’s Microloan Program.</text> </level> <level label="5"> <text>“Qualified commercial fisherman” includes:</text> <level label="i"> <text>a beginner waterman; and</text> </level> <level label="ii"> <text>a generational waterman.</text> </level> </level> </level> <level label="b"> <text>There is a Maryland Watermen’s Microloan Program in the Corporation.</text> </level> <level label="c"> <text>The purpose of the Program is to provide loans to qualified commercial fishermen to continue commercial operations in the State, including for purchasing:</text> <level label="1"> <text>boats;</text> </level> <level label="2"> <text>mechanical equipment;</text> </level> <level label="3"> <text>fishing gear;</text> </level> <level label="4"> <text>fishing quota; and</text> </level> <level label="5"> <text>any other item used in commercial seafood harvesting.</text> </level> </level> <level label="d"> <text>The Corporation shall implement and administer the Program in accordance with this section.</text> </level> <level label="e"> <level label="1"> <text>Through June 30, 2025, only generational watermen are eligible to receive a loan under the Program.</text> </level> <level label="2"> <text>Starting July 1, 2025, the following persons are eligible to receive a loan under the Program:</text> <level label="i"> <text>generational watermen;</text> </level> <level label="ii"> <text>beginner watermen; and</text> </level> <level label="iii"> <text>seafood processing businesses.</text> </level> </level> </level> <level label="f"> <level label="1"> <text>For loans made under the Program, the Corporation shall determine:</text> <level label="i"> <text>the eligibility of an applicant;</text> </level> <level label="ii"> <text>the amount of loan to be given to a borrower;</text> </level> <level label="iii"> <text>the terms and conditions of a loan contract; and</text> </level> <level label="iv"> <text>the amount of debt forgiveness that may be provided to a borrower for loan repayment performance.</text> </level> </level> <level label="2"> <text>A borrower under the Program may not have more than one outstanding loan from the Program during any period of time.</text> </level> </level> <level label="g"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The appropriation in paragraph (1) of this subsection shall be distributed to a special fund, to be used only to:</text> <level label="i"> <text>make loans under the Program; and</text> </level> <level label="ii"> <text>pay the costs necessary to administer and operate the Program.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-526.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>In this section, “Fund” means the Maryland Seafood Industry Financial Assistance Fund.</text> </level> <level label="b"> <text>There is a Maryland Seafood Industry Financial Assistance Fund.</text> </level> <level label="c"> <text>The purpose of the Fund is to provide financial assistance, including loans, to commercial watermen and small businesses in the seafood industry.</text> </level> <level label="d"> <text>The Corporation shall administer the Fund.</text> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>loan principal repayments related to the financial assistance under this section;</text> </level> <level label="3"> <text>money made available from the federal, State, or local government; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <text>The Fund may be used only for:</text> <level label="1"> <text>financial assistance, including loans; and</text> </level> <level label="2"> <text>the costs of the Corporation to administer this section.</text> </level> </level> <level label="g"> <text>For financial assistance, including loans, provided under this section, the Corporation shall determine the following:</text> <level label="1"> <text>the application and award process;</text> </level> <level label="2"> <text>eligibility criteria;</text> </level> <level label="3"> <text>the amount of the financial assistance, including loans, for each applicant;</text> </level> <level label="4"> <text>the terms and conditions of financial assistance, including loans;</text> </level> <level label="5"> <text>the amount of loan forgiveness that the Corporation may provide for loan repayment performance; and</text> </level> <level label="6"> <text>any other provisions necessary to carry out this section.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-526.2" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-527" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <text>The books and records of the Corporation are subject to audit:</text> <level label="1"> <text>by the State at its discretion; and</text> </level> <level label="2"> <text>each year by an independent auditor.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-528" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report shall include a complete operating and financial statement and a summary of the Corporation’s activities during the preceding fiscal year.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-601" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Authority” means the Maryland Stadium Authority.</text> </level> <level label="c"> <text>“Authority affiliate” means a for–profit or nonprofit entity in which the Authority directly or indirectly owns any membership interest or equity interest.</text> </level> <level label="d"> <text>“Baltimore City” means, as the context requires:</text> <level label="1"> <text>the geographic area of the City of Baltimore; or</text> </level> <level label="2"> <text>the Mayor and City Council of Baltimore.</text> </level> </level> <level label="e"> <text>“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.</text> </level> <level label="f"> <text>“Baltimore City Public School Construction Facilities Fund” means the Baltimore City Public School Construction Facilities Fund established under § 10–657 of this subtitle.</text> </level> <level label="g"> <text>“Baltimore City Public School Construction Financing Fund” means the Baltimore City Public School Construction Financing Fund established under § 10–656 of this subtitle.</text> </level> <level label="h"> <text>“Baltimore City public school facility” means a property primarily used for educational instruction that:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="i"> <text>“Baltimore City public school site” means the site of any Baltimore City public school facility.</text> </level> <level label="j"> <level label="1"> <text>“Baltimore Convention facility” means:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>“Baltimore Convention facility” includes the following, if used, useful, or usable in the future as, or in connection with, a Baltimore Convention facility:</text> <level label="i"> <text>land, structures, equipment, property, property rights, property appurtenances, rights–of–way, franchises, easements, and other interests in land;</text> </level> <level label="ii"> <text>land and facilities that are functionally related to a Baltimore Convention facility; and</text> </level> <level label="iii"> <text>patents, licenses, and other rights necessary or useful to construct or operate a Baltimore Convention facility.</text> </level> </level> </level> <level label="k"> <text>“Baltimore Convention Fund” means the Baltimore Convention Financing Fund established under § 10–651 of this subtitle.</text> </level> <level label="l"> <text>“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.</text> </level> <level label="m"> <text>“Bond” includes a note, an interim certificate, a refunding bond, and any other evidence of obligation issued under this subtitle.</text> </level> <level label="n"> <text>“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.</text> </level> <level label="o"> <text>“Camden Yards Fund” means the Camden Yards Financing Fund established under § 10–652 of this subtitle.</text> </level> <level label="p"> <text>“Convention facility” means the Baltimore Convention facility, the Montgomery County Conference facility, and the Ocean City Convention facility.</text> </level> <level label="q"> <level label="1"> <text>“County” means, as the context requires:</text> <level label="i"> <text>the geographic area of the county; or</text> </level> <level label="ii"> <text>the governing body of the county.</text> </level> </level> <level label="2"> <text>“County” includes Baltimore City.</text> </level> </level> <level label="r"> <text>“County board of education” means the board of education of a county and includes the Baltimore City Board of School Commissioners.</text> </level> <level label="s"> <text>“Facility” means:</text> <level label="1"> <text>a structure or other improvement developed at Camden Yards;</text> </level> <level label="2"> <text>a convention facility;</text> </level> <level label="3"> <text>the Hippodrome Performing Arts facility;</text> </level> <level label="4"> <text>a sports facility;</text> </level> <level label="5"> <text>a Baltimore City public school facility;</text> </level> <level label="6"> <text>a racing facility;</text> </level> <level label="7"> <text>a training facility for thoroughbred horses;</text> </level> <level label="8"> <text>a public school facility;</text> </level> <level label="9"> <text>the Hagerstown Multi–Use Sports and Events Facility;</text> </level> <level label="10"> <text>a sports entertainment facility; or</text> </level> <level label="11"> <text>a Prince George’s County Blue Line Corridor facility.</text> </level> </level> <level label="t"> <text>“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.</text> </level> <level label="u"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“Hagerstown Multi–Use Sports and Events Facility” includes:</text> <level label="i"> <text>fields and field houses;</text> </level> <level label="ii"> <text>offices;</text> </level> <level label="iii"> <text>parking lots and garages;</text> </level> <level label="iv"> <text>access roads;</text> </level> <level label="v"> <text>food service facilities; and</text> </level> <level label="vi"> <text>other functionally related structures, improvements, furnishings, or equipment.</text> </level> </level> </level> <level label="v"> <text>“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.</text> </level> <level label="w"> <text>“Hagerstown Multi–Use Sports and Events Facility site” means the site of the Hagerstown Multi–Use Sports and Events Facility in Hagerstown, Maryland.</text> </level> <level label="x"> <level label="1"> <text>“Hippodrome Performing Arts facility” means the performing arts center facility located at the Hippodrome Performing Arts site.</text> </level> <level label="2"> <text>“Hippodrome Performing Arts facility” includes, at the Hippodrome Performing Arts site:</text> <level label="i"> <text>the Hippodrome theater and offices;</text> </level> <level label="ii"> <text>food service facilities; and</text> </level> <level label="iii"> <text>any other functionally related property, structures, improvements, furnishings, or equipment.</text> </level> </level> </level> <level label="y"> <text>“Hippodrome Performing Arts Fund” means the Hippodrome Performing Arts Financing Fund established under § 10–653 of this subtitle.</text> </level> <level label="z"> <text>“Hippodrome Performing Arts site” means the site of the France–Merrick Performing Arts Center located in Baltimore City at the address generally known as:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="aa"> <text>“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.</text> </level> <level label="bb"> <text>“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.</text> </level> <level label="cc"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“MJC Entities” includes an affiliate, an assignee, a designee, a successor, or a transferee of an MJC Entity.</text> </level> </level> <level label="dd"> <text>“Montgomery County” includes the Montgomery County Revenue Authority.</text> </level> <level label="ee"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“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.</text> </level> <level label="3"> <text>“Montgomery County Conference facility” does not include the privately owned hotel adjacent to the Montgomery County Conference Center.</text> </level> </level> <level label="ff"> <text>“Montgomery County Conference Fund” means the Montgomery County Conference Financing Fund established under § 10–654 of this subtitle.</text> </level> <level label="gg"> <text>“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.</text> </level> <level label="hh"> <level label="1"> <text>“Ocean City Convention facility” means:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>“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:</text> <level label="i"> <text>land, structures, equipment, property, property rights, property appurtenances, rights–of–way, franchises, easements, and other interests in land;</text> </level> <level label="ii"> <text>land and facilities that are functionally related to an Ocean City Convention facility; and</text> </level> <level label="iii"> <text>patents, licenses, and other rights necessary or useful to construct or operate an Ocean City Convention facility.</text> </level> </level> </level> <level label="ii"> <text>“Ocean City Convention Fund” means the Ocean City Convention Financing Fund established under § 10–655 of this subtitle.</text> </level> <level label="jj"> <text>“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.</text> </level> <level label="kk"> <level label="1"> <text>“Pimlico racing facility site” means the portion of the Pimlico site containing the racing facilities.</text> </level> <level label="2"> <text>“Pimlico racing facility site” includes the portion of the site designated to contain:</text> <level label="i"> <text>the clubhouse and events center;</text> </level> <level label="ii"> <text>the dirt, turf, or synthetic racetracks;</text> </level> <level label="iii"> <text>the infield and immediately adjacent area surrounding the perimeter of the racetracks that is contained on the site;</text> </level> <level label="iv"> <text>the stables, barns, and training facilities;</text> </level> <level label="v"> <text>the trackside aprons; and</text> </level> <level label="vi"> <text>associated roadways, walkways, parking areas, green space, fencing, and related structures and areas as designated in the plans approved by the Authority.</text> </level> </level> </level> <level label="ll"> <text>“Pimlico site” means the site in Baltimore City generally bounded by Northern Parkway, Park Heights Avenue, Belvedere Avenue, and Pimlico Road.</text> </level> <level label="mm"> <text>“Prince George’s County Blue Line Corridor” means an area:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>that is designated as an enterprise zone in Prince George’s County under § 5–704 of this article.</text> </level> </level> <level label="nn"> <text>“Prince George’s County Blue Line Corridor facility” means a facility located within the Prince George’s County Blue Line Corridor that is:</text> <level label="1"> <text>a convention center;</text> </level> <level label="2"> <text>an arts and entertainment amphitheater;</text> </level> <level label="3"> <text>a market hall;</text> </level> <level label="4"> <text>a sports–related facility, including a sports stadium, practice field, or team headquarters;</text> </level> <level label="5"> <text>a mixed–use development;</text> </level> <level label="6"> <text>a technology innovation center;</text> </level> <level label="7"> <text>related to commercial development and revitalization; and</text> </level> <level label="8"> <text>any other functionally related structures, improvements, infrastructure, furnishings, or equipment of the facility, including parking garages.</text> </level> </level> <level label="oo"> <text>“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:</text> <level label="1"> <text>the MJC Entities’ conveyance of the Pimlico site;</text> </level> <level label="2"> <text>the operation of the Pimlico racing facility site and training facility site; and</text> </level> <level label="3"> <text>the construction, development, ownership, management, and operation of the racing and community development projects.</text> </level> </level> <level label="pp"> <text>“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.</text> </level> <level label="qq"> <text>“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.</text> </level> <level label="rr"> <text>“Public school facility” means a building, and may include a parking facility, an athletic facility, or any other facility related to educational instruction that:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>is designated for improvement under a memorandum of understanding entered into in accordance with § 10–650 of this subtitle.</text> </level> </level> <level label="ss"> <text>“Public school site” means the site of any public school facility in the State.</text> </level> <level label="tt"> <text>“Racing and Community Development Facilities Fund” means the Fund established under § 10–657.3 of this subtitle.</text> </level> <level label="uu"> <text>“Racing and Community Development Financing Fund” means the Fund established under § 10–657.2 of this subtitle.</text> </level> <level label="vv"> <level label="1"> <text>“Racing and community development projects” means improvements to the Pimlico racing facility site, Pimlico site, and training facility site.</text> </level> <level label="2"> <text>“Racing and community development projects” includes:</text> <level label="i"> <text>predesign and design work;</text> </level> <level label="ii"> <text>architectural and engineering services;</text> </level> <level label="iii"> <text>project consulting services;</text> </level> <level label="iv"> <text>demolition, clean–up, site work, and grading and site drainage;</text> </level> <level label="v"> <text>landscaping;</text> </level> <level label="vi"> <text>signage;</text> </level> <level label="vii"> <text>parking, roadways, fencing, walkways, sidewalks, and green space;</text> </level> <level label="viii"> <text>security systems;</text> </level> <level label="ix"> <text>lighting, sound, video, and communication systems;</text> </level> <level label="x"> <text>pari–mutuel and tote systems;</text> </level> <level label="xi"> <text>plumbing, electric, fiber, cable, utilities, and other infrastructure;</text> </level> <level label="xii"> <text>water, sewer, and storm water management systems;</text> </level> <level label="xiii"> <text>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;</text> </level> <level label="xiv"> <text>design and project contingencies, project allowances, and cost escalators and other specifications for the projects; and</text> </level> <level label="xv"> <text>temporary or permanent improvements and facilities, including at on– or off–site locations, used to maintain year–round racing and training.</text> </level> </level> </level> <level label="ww"> <level label="1"> <text>“Racing and community development project costs” means costs and expenses associated with or that relate to the racing and community development projects.</text> </level> <level label="2"> <text>“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.</text> </level> </level> <level label="xx"> <text>“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.</text> </level> <level label="yy"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“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.</text> </level> <level label="3"> <text>“Sports entertainment facility” does not include:</text> <level label="i"> <text>a facility located at Camden Yards;</text> </level> <level label="ii"> <text>a sports facility; or</text> </level> <level label="iii"> <text>a high school, collegiate, or recreational venue that does not generate positive incremental tax benefits to the State.</text> </level> </level> </level> <level label="zz"> <text>“Sports Entertainment Facilities Financing Fund” means the Sports Entertainment Facilities Financing Fund established under § 10–657.5 of this subtitle.</text> </level> <level label="aaa"> <level label="1"> <text>“Sports facility” means:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>practice fields or other areas where professional football or major league professional baseball teams practice or perform; and</text> </level> <level label="iii"> <text>offices for professional football and major league professional baseball teams or franchises.</text> </level> </level> <level label="2"> <text>“Sports facility” includes parking lots, garages, and any other property adjacent and directly related to an item listed in paragraph (1) of this subsection.</text> </level> <level label="3"> <text>“Sports facility” does not include a sports entertainment facility.</text> </level> </level> <level label="bbb"> <text>“Supplemental Facilities Fund” means the Supplemental Facilities Fund established under § 10–657.1 of this subtitle.</text> </level> <level label="ccc"> <level label="1"> <text>“Supplemental facility” means a structure or other improvement developed in Baltimore City outside Camden Yards.</text> </level> <level label="2"> <text>“Supplemental facility” does not include the Baltimore Convention facility or the Hippodrome Performing Arts facility.</text> </level> </level> <level label="ddd"> <text>“Supplemental facility site” means the site of any supplemental facility.</text> </level> <level label="eee"> <text>“Supplemental Public School Construction Facilities Fund” means the Supplemental Public School Construction Facilities Fund established under § 10–658.1 of this subtitle.</text> </level> <level label="fff"> <text>“Supplemental Public School Construction Financing Fund” means the Supplemental Public School Construction Financing Fund established under § 10–658 of this subtitle.</text> </level> <level label="ggg"> <text>“Tax supported debt” has the meaning stated in § 8–104 of the State Finance and Procurement Article.</text> </level> <level label="hhh"> <text>“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.</text> </level> <level label="iii"> <text>“Training facility site” means a site for training thoroughbred racehorses selected or acquired by the Authority.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-604" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Maryland Stadium Authority.</text> </level> <level label="b"> <level label="1"> <text>The Authority is a body politic and corporate and is an instrumentality of the State.</text> </level> <level label="2"> <text>The Authority is an independent unit in the Executive Branch of State government.</text> </level> <level label="3"> <text>The exercise by the Authority of its powers under this subtitle is an essential governmental function.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>a loan;</text> </level> <level label="2"> <text>a grant;</text> </level> <level label="3"> <text>insurance; or</text> </level> <level label="4"> <text>any other form of financial assistance.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-605" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>The Authority consists of the following 11 members:</text> <level label="i"> <text>seven members appointed by the Governor, with the advice and consent of the Senate;</text> </level> <level label="ii"> <text>one member appointed by the President of the Senate;</text> </level> <level label="iii"> <text>one member appointed by the Speaker of the House of Delegates;</text> </level> <level label="iv"> <text>one member appointed by the Mayor of Baltimore City, with the advice and consent of the Senate; and</text> </level> <level label="v"> <text>one member appointed by the County Executive of Prince George’s County, with the advice and consent of the Senate.</text> </level> </level> <level label="2"> <text>In making appointments, the Governor shall ensure that the geographic areas of the State are represented.</text> </level> </level> <level label="b"> <level label="1"> <text>The term of a member is 4 years.</text> </level> <level label="2"> <text>The terms of members are staggered as required by the terms provided for members on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, a member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="c"> <text>A member may be removed for incompetence, misconduct, or failure to perform the duties of the position by:</text> <level label="1"> <text>the Governor, if appointed by the Governor;</text> </level> <level label="2"> <text>the President of the Senate, if appointed by the President;</text> </level> <level label="3"> <text>the Speaker of the House of Delegates, if appointed by the Speaker;</text> </level> <level label="4"> <text>the Mayor of Baltimore City, if appointed by the Mayor; or</text> </level> <level label="5"> <text>the County Executive of Prince George’s County, if appointed by the County Executive.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-606" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>The Governor shall designate a chair from among the members of the Authority.</text> </section> <section article="gec" article_name="Economic Development" number="10-607" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>The Authority shall determine the times and places of its meetings.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <level label="1"> <text>Six members of the Authority are a quorum.</text> </level> <level label="2"> <text>Action by the Authority requires the affirmative vote of at least six members.</text> </level> </level> <level label="c"> <text>A member of the Authority:</text> <level label="1"> <text>may not receive compensation as a member of the Authority; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-608" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>The Authority is exempt:</text> <level label="1"> <text>from taxation by the State and local government;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>from § 15–112 of the State Finance and Procurement Article; and</text> </level> <level label="4"> <text>from the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-609" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>With the approval of the Governor, the Authority shall appoint an Executive Director.</text> </level> <level label="b"> <text>Subject to the concurrence of the Governor, the Executive Director serves at the pleasure of the Authority.</text> </level> <level label="c"> <text>The Executive Director is the chief administrative officer and secretary of the Authority and shall:</text> <level label="1"> <text>direct and supervise the administrative affairs and activities of the Authority, in accordance with its regulations and policies;</text> </level> <level label="2"> <text>attend the meetings of the Authority;</text> </level> <level label="3"> <text>keep minutes of all proceedings of the Authority;</text> </level> <level label="4"> <text>approve all accounts for salaries, per diem payments, and all allowable expenses of the Authority, its employees, and its consultants;</text> </level> <level label="5"> <text>approve all expenses incidental to the operation of the Authority;</text> </level> <level label="6"> <text>report and make recommendations to the Authority on the merits and status of any proposed facility; and</text> </level> <level label="7"> <text>perform the other duties that the Authority requires to carry out this subtitle.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-610" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-611" future_version_removed="true" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is an office known as Maryland Sports in the Authority.</text> </level> <level label="b"> <text>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:</text> <level label="1"> <text>utilizing sports facilities in the State;</text> </level> <level label="2"> <text>enhancing the economic development of the State; and</text> </level> <level label="3"> <text>promoting the State as a destination for amateur and professional sporting events.</text> </level> </level> <level label="c"> <text>Maryland Sports shall act as the State’s sports commission for the purpose of the National Association of Sports Commissions.</text> </level> <level label="d"> <text>To carry out the purposes of this section, Maryland Sports may:</text> <level label="1"> <text>notwithstanding any other provision of law, request any State or local government body to provide information and assistance;</text> </level> <level label="2"> <text>notwithstanding any other provision of law, accept a gift, bequest, or grant from a public or private source;</text> </level> <level label="3"> <text>spend funds made available in the State budget;</text> </level> <level label="4"> <text>act as the host committee for regional, national, and international sporting events to be held in whole or in part in the State; and</text> </level> <level label="5"> <text>perform any other act necessary.</text> </level> </level> <level label="e"> <text>Maryland Sports is encouraged to promote private fund–raising by maintaining relationships with each affiliated foundation established under § 10–612 of this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-611.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <level label="i"> <text>“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:</text> <level label="1"> <text>an expected attendance of at least 20,000 people;</text> </level> <level label="2"> <text>a negotiated broadcasting deal with either live or delayed broadcasting;</text> </level> <level label="3"> <text>commercial sponsorship opportunities; or</text> </level> <level label="4"> <text>a demonstrated positive economic impact for the State.</text> </level> </level> <level label="ii"> <text>“Major entertainment event” includes:</text> <level label="1"> <text>a parade;</text> </level> <level label="2"> <text>a carnival;</text> </level> <level label="3"> <text>a fair;</text> </level> <level label="4"> <text>a festival;</text> </level> <level label="5"> <text>a concert;</text> </level> <level label="6"> <text>an exhibition; and</text> </level> <level label="7"> <text>a show.</text> </level> </level> </level> <level label="3"> <level label="i"> <text>“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:</text> <level label="1"> <text>an expected attendance of at least 20,000 people;</text> </level> <level label="2"> <text>a negotiated broadcasting deal with either live or delayed broadcasting;</text> </level> <level label="3"> <text>commercial sponsorship opportunities; or</text> </level> <level label="4"> <text>a demonstrated positive economic impact for the State.</text> </level> </level> <level label="ii"> <text>“Major sporting event” does not include:</text> <level label="1"> <text>a professional football game, except for:</text> </level> <level label="A"> <text>the Super Bowl; or</text> </level> <level label="B"> <text>an exhibition or championship game for an organization other than the National Football League;</text> </level> <level label="2"> <text>a professional baseball game, except for:</text> </level> <level label="A"> <text>a Major League Baseball All–Star Game; or</text> </level> <level label="B"> <text>an exhibition or championship game for an organization other than Major League Baseball; or</text> </level> <level label="3"> <text>a professional basketball game.</text> </level> </level> </level> <level label="4"> <text>“Program” means the Major Sports and Entertainment Event Program.</text> </level> </level> <level label="b"> <level label="1"> <text>There is a Major Sports and Entertainment Event Program in the Authority.</text> </level> <level label="2"> <text>The purpose of the Program is to:</text> <level label="i"> <text>attract major sporting events and major entertainment events to the State;</text> </level> <level label="ii"> <text>attract fans, participants, and tourists to the State for major sporting events;</text> </level> <level label="iii"> <text>generate positive media coverage for the State; and</text> </level> <level label="iv"> <text>generate a positive economic impact for the State.</text> </level> </level> </level> <level label="c"> <text>Maryland Sports, established under § 10–611 of this subtitle, shall implement and administer the Program in accordance with this section.</text> </level> <level label="d"> <text>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:</text> <level label="1"> <text>a nonprofit organization;</text> </level> <level label="2"> <text>a for–profit organization;</text> </level> <level label="3"> <text>a county; or</text> </level> <level label="4"> <text>a business entity.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-611.2" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Major Sports and Entertainment Event Program Fund.</text> </level> <level label="b"> <text>There is a Major Sports and Entertainment Event Program Fund.</text> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>The Authority shall:</text> <level label="1"> <text>use the Fund as a revolving fund for carrying out the provisions of § 10–611.1 of this subtitle; and</text> </level> <level label="2"> <text>pay expenses from the Fund related to the Major Sports and Entertainment Event Program established under § 10–611.1 of this subtitle.</text> </level> </level> <level label="ii"> <text>The Authority may use the Fund to pay administrative and operating costs of the Program including costs to market and advertise the Program.</text> </level> </level> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>money distributed to the Fund under § 9–120(b)(1)(ix) of the State Government Article;</text> </level> <level label="2"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="3"> <text>any interest earnings of the Fund; and</text> </level> <level label="4"> <text>any additional money made available from any public source for the purposes established for the Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Fund.</text> </level> <level label="3"> <text>No part of the Fund may revert or be credited to the General Fund or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-612" future_version_removed="true" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>The Authority may establish one or more affiliated foundations to work with Maryland Sports, established under § 10–611 of this subtitle.</text> </level> <level label="b"> <text>The purposes of an affiliated foundation are to:</text> <level label="1"> <text>support the State in:</text> <level label="i"> <text>sports bid development;</text> </level> <level label="ii"> <text>sporting event recruitment and retention;</text> </level> <level label="iii"> <text>economic analysis and research relating to sporting events;</text> </level> <level label="iv"> <text>sponsorship of sporting events; and</text> </level> <level label="v"> <text>development of partnerships with public and private entities designed to sponsor sporting events;</text> </level> </level> <level label="2"> <text>promote regional, national, and international sporting events to be held, in whole or in part, in the State; and</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="c"> <level label="1"> <text>The Authority shall develop policies for the operation of each affiliated foundation the Authority establishes.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>An official or employee of the Authority who serves as a director or official of an affiliated foundation organized under this section:</text> <level label="i"> <text>may not be compensated, directly or indirectly, by the affiliated foundation; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="3"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> <level label="iii"> <text>On receipt of a notice from the State Ethics Commission under subparagraph (ii) of this paragraph, the Authority shall reexamine the matter.</text> </level> </level> <level label="4"> <text>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:</text> <level label="i"> <text>the names of the officials and employees serving as a director or official of an affiliated foundation; and</text> </level> <level label="ii"> <text>how the policies and procedures adopted under subsection (c) of this section have been implemented in the preceding year.</text> </level> </level> </level> <level label="g"> <text>An independent certified public accountant hired and paid by the Authority shall audit an affiliated foundation established under this section each year.</text> </level> <level label="h"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-612.1" future_version_removed="true" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Fund” means the Michael Erin Busch Sports Fund established under § 10–612.2 of this subtitle.</text> </level> <level label="3"> <text>“Program” means the Youth and Amateur Sports Grants Program.</text> </level> </level> <level label="b"> <level label="1"> <text>There is a Youth and Amateur Sports Grants Program.</text> </level> <level label="2"> <text>The purpose of the Program is to provide grants from the Fund to:</text> <level label="i"> <text>bring new youth and amateur sporting events to the State; and</text> </level> <level label="ii"> <text>attract sports fans, participants, and tourists.</text> </level> </level> </level> <level label="c"> <text>Maryland Sports shall implement and administer the Program in accordance with this section.</text> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>In awarding grants, Maryland Sports shall give priority to an applicant for a sporting event that:</text> <level label="i"> <text>has demonstrated financial support from a county; or</text> </level> <level label="ii"> <text>has provided assurance that a majority of the needed funding has been raised from private sources.</text> </level> </level> <level label="3"> <text>To the extent practicable, Maryland Sports shall make awards to grantees that reflect:</text> <level label="i"> <text>the geographic diversity of the State;</text> </level> <level label="ii"> <text>sports programs that are gender–specific and nonspecific; and</text> </level> <level label="iii"> <text>diverse types of sports.</text> </level> </level> <level label="4"> <text>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.</text> </level> <level label="5"> <text>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.</text> </level> </level> <level label="e"> <text>The Authority may adopt regulations to carry out this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-612.2" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>** IN EFFECT UNTIL JULY 1, 2027 PER CHAPTER 376 OF 2026 **</text> <level label="a"> <text>In this section, “Fund” means the Michael Erin Busch Sports Fund.</text> </level> <level label="b"> <text>There is a Michael Erin Busch Sports Fund.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Authority shall administer the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <text>The Fund consists of:</text> <level label="1"> <text>revenue distributed to the Fund under § 9–120(b)(1)(iv) of the State Government Article;</text> </level> <level label="2"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="3"> <text>interest earnings or other income earned from the investment of any money in the Fund; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="g"> <text>The Fund may be used only to:</text> <level label="1"> <text>make grants under the Youth and Amateur Sports Grants Program; and</text> </level> <level label="2"> <text>pay the costs necessary to administer and operate the Youth and Amateur Sports Grants Program, including marketing and advertising costs.</text> </level> </level> <level label="h"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="i"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-613" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>The Authority may:</text> <level label="1"> <text>adopt a seal;</text> </level> <level label="2"> <text>sue and be sued;</text> </level> <level label="3"> <text>adopt bylaws and policies;</text> </level> <level label="4"> <text>adopt regulations to carry out this subtitle in accordance with the Administrative Procedure Act;</text> </level> <level label="5"> <text>have an office at the place the Authority designates;</text> </level> <level label="6"> <text>appoint advisory committees composed of local officials, business interests, representatives of the convention, hotel, and tourism business, and other experts as appropriate;</text> </level> <level label="7"> <text>subject to § 10–620 of this subtitle, acquire, lease as landlord or tenant, hold, encumber, or dispose of property;</text> </level> <level label="8"> <text>enter into contracts and execute the instruments necessary or convenient to carry out this subtitle to accomplish its purposes;</text> </level> <level label="9"> <text>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;</text> </level> <level label="10"> <text>regulate the use and operation of facilities developed under this subtitle;</text> </level> <level label="11"> <text>fix and collect rents, fees, and other charges for the use of facilities or for services rendered in connection with the facilities;</text> </level> <level label="12"> <text>subject to Parts IV and V of this subtitle, issue bonds;</text> </level> <level label="13"> <text>exercise the corporate powers of Maryland corporations under the Maryland General Corporation Law;</text> </level> <level label="14"> <text>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;</text> </level> <level label="15"> <text>impose the admissions and amusement tax authorized under § 4–102 of the Tax – General Article; and</text> </level> <level label="16"> <text>do all things necessary or convenient to carry out the powers granted by this subtitle.</text> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>the level of support from the private sector;</text> </level> <level label="2"> <text>the type of support from the private sector;</text> </level> <level label="3"> <text>special taxing sources;</text> </level> <level label="4"> <text>projected revenues;</text> </level> <level label="5"> <text>bonding authority and the source of debt service; and</text> </level> <level label="6"> <text>the fiscal impact on the State of any revenue alternatives.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-614" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>Subject to the approval of the Board of Public Works, the Authority may:</text> <level label="1"> <text>borrow money from any source for any corporate purpose, including working capital for its operations, reserve funds, or interest;</text> </level> <level label="2"> <text>mortgage, pledge, or otherwise encumber the property or funds of the Authority;</text> </level> <level label="3"> <text>contract for the services of any person in connection with any financing, including financial institutions, issuers of letters of credit, or insurers; and</text> </level> <level label="4"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-615" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>An Authority sports facility may not be used to conduct professional basketball games.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-616" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-617" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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:</text> <level label="1"> <text>is constructed in part with State funds; or</text> </level> <level label="2"> <text>benefits from or is supported by State-funded transportation or other infrastructure projects developed due to the construction of the stadium.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-618" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>The Authority may:</text> <level label="1"> <text>acquire by any of the means specified in § 10–620(a) of this subtitle:</text> <level label="i"> <text>a site at Camden Yards for a facility;</text> </level> <level label="ii"> <text>a Baltimore Convention site or an interest in the site;</text> </level> <level label="iii"> <text>an Ocean City Convention site or an interest in the site;</text> </level> <level label="iv"> <text>a Montgomery County Conference site or an interest in the site;</text> </level> <level label="v"> <text>a Hippodrome Performing Arts site or an interest in the site;</text> </level> <level label="vi"> <text>a Hagerstown Multi–Use Sports and Events Facility site or an interest in the site;</text> </level> <level label="vii"> <text>a sports entertainment facility site or an interest in the site; and</text> </level> <level label="viii"> <text>a Prince George’s County Blue Line Corridor facility site or an interest in the site; and</text> </level> </level> <level label="2"> <text>construct or enter into a contract to construct a facility on a site it acquires under this subsection.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-619" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>Subject to the prior approval of the Board of Public Works, the Authority may:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>If necessary, the Board of Public Works may renew its approval under subsection (a) of this section each year.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-620" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>If the Authority is not able to acquire property by negotiation, the Authority may condemn private property under subsection (b) of this section.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority may condemn any private property for any purpose of the Authority:</text> <level label="i"> <text>in accordance with Title 12 of the Real Property Article; and</text> </level> <level label="ii"> <text>only in Camden Yards, at the Hippodrome Performing Arts site, and at a Prince George’s County Blue Line Corridor facility site.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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:</text> <level label="i"> <text>in accordance with §§ 8–334 through 8–339 of the Transportation Article and Title 12 of the Real Property Article; and</text> </level> <level label="ii"> <text>only in Camden Yards and at the Hippodrome Performing Arts site.</text> </level> </level> </level> <level label="d"> <level label="1"> <text>The exercise of authority under this subsection is subject to the prior approval of the Board of Public Works.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>Lease payments to the Authority appropriated by the State shall be transferred to:</text> <level label="i"> <text>the Baltimore Convention Fund if appropriated for a Baltimore Convention facility;</text> </level> <level label="ii"> <text>the Camden Yards Fund if appropriated for a sports facility or other facility at Camden Yards;</text> </level> <level label="iii"> <text>the Hippodrome Performing Arts Fund if appropriated for a Hippodrome Performing Arts facility;</text> </level> <level label="iv"> <text>the Montgomery County Conference Fund if appropriated for a Montgomery County Conference facility;</text> </level> <level label="v"> <text>the Ocean City Convention Fund if appropriated for an Ocean City Convention facility;</text> </level> <level label="vi"> <text>the Hagerstown Multi–Use Sports and Events Facility Fund if appropriated for a Hagerstown Multi–Use Sports and Events Facility;</text> </level> <level label="vii"> <text>the Sports Entertainment Facilities Financing Fund if appropriated for a sports entertainment facility; or</text> </level> <level label="viii"> <text>the Prince George’s County Blue Line Corridor Facility Fund if appropriated for a Prince George’s County Blue Line Corridor facility.</text> </level> </level> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <text>The Authority shall:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>submit schematic plans for development of Camden Yards and the Baltimore Convention site to Baltimore City for review and comment before acquiring any property;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>with respect to Camden Yards, the Baltimore Convention facility, and the Hippodrome Performing Arts facility, participate in the design review processes of Baltimore City;</text> </level> <level label="5"> <text>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</text> </level> <level label="6"> <text>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.</text> </level> </level> <level label="g"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-621" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>the design and construction costs of necessary training facilities;</text> </level> <level label="3"> <text>the reasonable costs of moving and relocation, including:</text> <level label="i"> <text>the physical movement of property;</text> </level> <level label="ii"> <text>land and air travel costs;</text> </level> <level label="iii"> <text>employee severance costs; and</text> </level> <level label="iv"> <text>employee relocation costs;</text> </level> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>payments to the Authority; or</text> </level> <level label="7"> <text>other reasonable costs and expenses incurred or losses sustained because of the relocation.</text> </level> </level> <level label="b"> <text>Proceeds derived from the sale of personal seat licenses that exceed the costs described in subsection (a) of this section:</text> <level label="1"> <text>may not accrue directly to the benefit of an individual or private entity; and</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-622" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The studies may include site studies, architectural programs, budget estimates, value engineering, and project schedules.</text> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>notify the budget committees of the General Assembly in writing of the proposed project and its estimated costs and funding sources; and</text> </level> <level label="2"> <text>allow the budget committees 30 days to review and comment on the proposed work.</text> </level> </level> <level label="c"> <text>The Authority may enter into contracts, retain consultants, and make recommendations relating to project activities under this section.</text> </level> <level label="d"> <level label="1"> <text>For project activities under this section, the Authority shall use money that is:</text> <level label="i"> <text>provided by the unit of the State, the University of Maryland Medical System, or local government; or</text> </level> <level label="ii"> <text>otherwise appropriated for the particular purpose.</text> </level> </level> <level label="2"> <text>In each fiscal year the Authority:</text> <level label="i"> <text>may use up to $500,000 of its available nonbudgeted money for feasibility studies that are approved by the budget committees; but</text> </level> <level label="ii"> <text>may not use this money for construction.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-622.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The studies may include site studies, feasibility studies, architectural programs and design, budget estimates, value engineering, and estimated project schedules.</text> </level> </level> <level label="b"> <text>The activities authorized under this section:</text> <level label="1"> <text>are limited to sites within Baltimore City; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The Authority may enter into contracts, agreements, and memoranda, retain consultants, and make recommendations relating to activities authorized under this section.</text> </level> <level label="d"> <text>For activities authorized under this section, the Authority shall use money that is:</text> <level label="1"> <text>appropriated for the particular purpose;</text> </level> <level label="2"> <text>provided by public or private entities; or</text> </level> <level label="3"> <text>with approval from the budget committees, up to $1,000,000 of the Authority’s available nonbudgeted money in each fiscal year.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-622.2" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The authority granted under subsection (a) of this section includes the power to:</text> <level label="1"> <text>develop, establish, acquire, own, lease, improve, operate as landlord, regulate, maintain, sell, transfer, or otherwise dispose of property acquired under this section; and</text> </level> <level label="2"> <text>enter into partnerships with Baltimore City, units of the State or local government, or private developers.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-622.3" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-622.4" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-622.5" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <level label="1"> <text>A bond issued to finance a supplemental facility:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-623" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>The Authority shall:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>keep records that are consistent with sound business practices and accounting records using generally accepted accounting principles.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-624" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>The Authority shall:</text> <level label="1"> <text>have an independent certified public accountant audit the accounts and transactions of the Authority at the end of each fiscal year; and</text> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-625" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>Except as provided in subsection (b) of this section, the Authority shall submit:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>annual reports on the additional tax revenues generated by each of the following facilities:</text> <level label="i"> <text>the Baltimore Convention facility;</text> </level> <level label="ii"> <text>the Hippodrome Performing Arts facility;</text> </level> <level label="iii"> <text>the Montgomery County Conference facility;</text> </level> <level label="iv"> <text>the Ocean City Convention facility;</text> </level> <level label="v"> <text>the Hagerstown Multi–Use Sports and Events Facility;</text> </level> <level label="vi"> <text>a sports entertainment facility; and</text> </level> <level label="vii"> <text>a Prince George’s County Blue Line Corridor facility site.</text> </level> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-628" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>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:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="ii"> <text>The Authority may exceed the monetary limits on bond issuances provided for in subparagraph (i) of this paragraph if the Authority:</text> <level label="1"> <text>obtains the authorization of the Board of Public Works; and</text> </level> <level label="2"> <text>notifies the Legislative Policy Committee with accompanying justification.</text> </level> </level> <level label="iii"> <text>The face amount of bonds authorized under subparagraph (i) of this paragraph shall be subject to § 10–644(b)(2) of this subtitle.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the Baltimore Convention facility – $55,000,000;</text> </level> <level label="ii"> <text>the Hippodrome Performing Arts facility – $20,250,000;</text> </level> <level label="iii"> <text>the Montgomery County Conference facility – $23,185,000;</text> </level> <level label="iv"> <text>the Ocean City Convention facility – $24,500,000;</text> </level> <level label="v"> <text>Baltimore City public school facilities – $1,100,000,000;</text> </level> <level label="vi"> <text>supplemental facilities – $25,000,000;</text> </level> <level label="vii"> <text>racing facilities – $400,000,000;</text> </level> <level label="viii"> <text>public school facilities in the State – $2,200,000,000;</text> </level> <level label="ix"> <text>the Hagerstown Multi–Use Sports and Events Facility – $59,500,000;</text> </level> <level label="x"> <text>sports entertainment facilities – $220,000,000; and</text> </level> <level label="xi"> <text>Prince George’s County Blue Line Corridor facilities – $425,000,000.</text> </level> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>Refunded bonds may not be included in the determination of an outstanding aggregate amount under this paragraph.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-629" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>The Authority shall pay the bonds issued in accordance with this part only from the property or receipts of the Authority.</text> </level> <level label="b"> <text>Property and receipts of the Authority include:</text> <level label="1"> <text>taxes, fees, charges, or other revenues payable to the Authority;</text> </level> <level label="2"> <text>payments in accordance with letters of credit, lines of credit, insurance policies, or purchase agreements;</text> </level> <level label="3"> <text>investment earnings from funds or accounts maintained in accordance with a bond resolution or trust agreement;</text> </level> <level label="4"> <text>the proceeds of refunding bonds; and</text> </level> <level label="5"> <text>any other source authorized by law.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-630" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>The Authority shall authorize the issuance of bonds by resolution.</text> </level> <level label="b"> <level label="1"> <text>The bonds may be secured by a trust agreement by and between the Authority and a corporate trustee.</text> </level> <level label="2"> <text>A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.</text> </level> </level> <level label="c"> <text>The bonds shall:</text> <level label="1"> <text>be issued at, above, or below par value, and for cash or other valuable consideration;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>bear interest at the fixed rate or the variable rate provided in the resolution or trust agreement;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>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;</text> </level> <level label="7"> <text>be negotiable for all purposes although payable from a limited source, notwithstanding any other law;</text> </level> <level label="8"> <text>be payable in lawful money of the United States at a designated place;</text> </level> <level label="9"> <text>be subject to the terms of purchase, payment, redemption, refunding, or refinancing as provided in the resolution or trust agreement;</text> </level> <level label="10"> <text>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;</text> </level> <level label="11"> <text>be sold in the manner and on the terms determined by the Authority, including competitive or negotiated sale; and</text> </level> <level label="12"> <text>are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.</text> </level> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-631" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>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:</text> <level label="1"> <level label="i"> <text>the pledging, assigning, or directing the use, investment, or disposition of receipts of the Authority or proceeds or benefits of any contract; and</text> </level> <level label="ii"> <text>the conveying or otherwise securing of any property or property rights;</text> </level> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>limitations on the use and investment of bond proceeds;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>the refunding or refinancing of outstanding bonds;</text> </level> <level label="7"> <level label="i"> <text>the procedures by which the terms of a contract with bondholders may be amended; and</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="8"> <text>describing Authority defaults and the rights and remedies of bondholders;</text> </level> <level label="9"> <text>providing for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and</text> </level> <level label="10"> <text>any other matter relating to the bonds that the Authority determines appropriate.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-632" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-633" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>The Authority may enter into agreements for the purpose of enhancing the marketability of, or to provide security for, its bonds.</text> </section> <section article="gec" article_name="Economic Development" number="10-634" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-635" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-636" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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:</text> <level label="1"> <text>any redemption premium; and</text> </level> <level label="2"> <text>any interest accrued or that will accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds.</text> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-639" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-640" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>Except as allowed by § 10-639 of this subtitle, to finance site acquisition and construction, the Authority shall comply with this section.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.</text> </level> <level label="d"> <text>The Authority shall secure a lease or other written agreement with Baltimore City, as approved by the Board of Public Works, under which:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="e"> <text>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:</text> <level label="1"> <text>design and construct, or contract for the design and construction of, the Baltimore Convention facility; and</text> </level> <level label="2"> <text>pledge the Baltimore Convention facility and the Baltimore Convention site or the leasehold interest in the facility as security for the Authority’s bonds.</text> </level> </level> <level label="f"> <text>The Authority shall secure a written agreement with Baltimore City, as approved by the Board of Public Works:</text> <level label="1"> <text>in which Baltimore City agrees to:</text> <level label="i"> <text>operate the Baltimore Convention facility in a manner that maximizes the facility’s economic return; and</text> </level> <level label="ii"> <text>maintain and repair the facility so as to keep it in first class operating condition; and</text> </level> </level> <level label="2"> <text>that includes provisions that:</text> <level label="i"> <text>protect the respective investment of the Authority, the State, and Baltimore City in the Baltimore Convention facility;</text> </level> <level label="ii"> <text>require:</text> <level label="1"> <text>for the period beginning on the completion of the expanded and renovated Baltimore Convention facility and ending on December 31, 2029:</text> </level> <level label="A"> <text>the Authority to contribute two–thirds and Baltimore City to contribute one–third to annual operating deficits; and</text> </level> <level label="B"> <text>the Authority and Baltimore City each to contribute $200,000 each year to a capital improvement reserve fund; and</text> </level> <level label="2"> <text>Baltimore City to be solely responsible for all operating deficits and capital improvements:</text> </level> <level label="A"> <text>before the completion of the expanded and renovated Baltimore Convention facility; and</text> </level> <level label="B"> <text>after December 31, 2029; and</text> </level> </level> <level label="iii"> <text>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:</text> <level label="1"> <text>immediately assume responsibility for maintenance and repairs of the Baltimore Convention facility; and</text> </level> <level label="2"> <text>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.</text> </level> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-641" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.</text> </level> <level label="e"> <text>The Authority shall secure one or more written agreements, as approved by the Board of Public Works:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>under which:</text> <level label="i"> <text>Baltimore City agrees to pay $6,000,000:</text> <level label="1"> <text>$2,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund by July 1, 2000; and</text> </level> <level label="2"> <text>$4,000,000 of which shall be deposited to the Hippodrome Performing Arts Fund:</text> </level> <level label="A"> <text>by not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle; or</text> </level> <level label="B"> <text>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;</text> </level> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>the Authority agrees to:</text> <level label="1"> <text>issue bonds as authorized under § 10-628 of this subtitle; and</text> </level> <level label="2"> <text>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</text> </level> </level> <level label="iv"> <text>one or more private entities, which may include an Authority affiliate, as private funding sources:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>agree, not later than the date of the Authority’s bond issuance as authorized under § 10-628 of this subtitle, to pay:</text> </level> <level label="A"> <text>an additional $12,100,000; and</text> </level> <level label="B"> <text>all actual acquisition and capital costs of construction of the Hippodrome Performing Arts facility to the extent the costs exceeded $60,000,000; and</text> </level> <level label="3"> <text>agree that any savings from acquisition or capital costs on completion of the Hippodrome Performing Arts facility shall be paid to the Authority.</text> </level> </level> </level> </level> <level label="f"> <text>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.</text> </level> <level label="g"> <text>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:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-642" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.</text> </level> <level label="d"> <text>The Authority shall secure a lease or other written agreement with Montgomery County, as approved by the Board of Public Works, under which:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>the Authority agrees to:</text> <level label="i"> <text>issue bonds as authorized under § 10-628 of this subtitle; and</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="3"> <text>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:</text> <level label="i"> <text>one-half to the Authority; and</text> </level> <level label="ii"> <text>one-half to Montgomery County;</text> </level> </level> <level label="4"> <text>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:</text> <level label="i"> <text>one-half by the Authority; and</text> </level> <level label="ii"> <text>one-half by Montgomery County;</text> </level> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>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</text> </level> <level label="7"> <text>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.</text> </level> </level> <level label="e"> <text>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:</text> <level label="1"> <text>design, construct, and equip, or contract for the design, construction, and equipping of, the Montgomery County Conference facility; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <text>The Authority shall secure a written agreement with Montgomery County, as approved by the Board of Public Works:</text> <level label="1"> <text>in which Montgomery County agrees:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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</text> </level> </level> <level label="2"> <text>that includes provisions that:</text> <level label="i"> <text>protect the respective investments of the Authority and Montgomery County in the Montgomery County Conference facility;</text> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>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;</text> </level> <level label="iv"> <text>allow Montgomery County to keep all operating profits resulting from the operation of the Montgomery County Conference facility each year;</text> </level> <level label="v"> <text>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:</text> <level label="1"> <text>immediately assume responsibility for maintenance and repairs of the Montgomery County Conference facility; and</text> </level> <level label="2"> <text>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;</text> </level> </level> <level label="vi"> <text>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;</text> </level> <level label="vii"> <text>allow for the establishment of a board of directors to manage the Montgomery County Conference facility;</text> </level> <level label="viii"> <text>provide that the board of directors may include representatives of the Authority, Montgomery County, the private developer, and the community; and</text> </level> <level label="ix"> <text>provide that, unless action is taken to create a legal entity, the board of directors is not a separate legal entity.</text> </level> </level> </level> <level label="g"> <text>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:</text> <level label="1"> <text>the acquisition, construction, and operation of a hotel adjacent to the Montgomery County Conference facility; and</text> </level> <level label="2"> <text>a capital commitment from the developer for the hotel and, as appropriate, shared facilities.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-643" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.</text> </level> <level label="d"> <text>The Authority shall secure a lease or other written agreement with Ocean City, as approved by the Board of Public Works, under which:</text> <level label="1"> <text>Ocean City agrees to:</text> <level label="i"> <text>issue bonds not later than the date of the Authority’s bond issuance as authorized under § 10–628 of this subtitle; and</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="2"> <text>the Authority agrees to:</text> <level label="i"> <text>issue bonds as authorized under § 10–628 of this subtitle; and</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>Ocean City and the Authority shall:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>allocate the percentage of leasehold ownership interest under item (i) of this item as follows:</text> <level label="1"> <level label="A"> <text>60% to the Authority; and</text> </level> </level> <level label="B"> <text>40% to Ocean City; or</text> </level> <level label="2"> <text>percentages as may be required for bonds issued under the authorization provided in § 10–628 of this subtitle; and</text> </level> </level> </level> <level label="6"> <text>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.</text> </level> </level> <level label="e"> <text>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:</text> <level label="1"> <text>design, construct, and equip, or contract for the design, construction, and equipping of the Ocean City Convention facility renovation and expansion; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <level label="1"> <text>The Authority shall secure a written agreement with Ocean City, as approved by the Board of Public Works:</text> <level label="i"> <text>in which Ocean City agrees to:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>maintain and repair the facility so as to keep it in first class operating condition; and</text> </level> <level label="3"> <text>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</text> </level> </level> <level label="ii"> <text>that includes provisions that:</text> <level label="1"> <text>protect the respective investment of the Authority and Ocean City;</text> </level> <level label="2"> <text>require:</text> </level> <level label="A"> <text>the Authority to contribute one–half and Ocean City to contribute one–half to operating deficits; and</text> </level> <level label="B"> <text>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</text> </level> <level label="3"> <text>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:</text> </level> <level label="A"> <text>immediately assume responsibility for maintenance and repairs of the Ocean City Convention facility; and</text> </level> <level label="B"> <text>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.</text> </level> </level> </level> <level label="2"> <text>Paragraph (1)(i)1 of this subsection may not be construed to require gambling activities in the Ocean City Convention facility.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-644" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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:</text> <level label="1"> <text>attempted to maximize private investment in the sports facility proposed to be financed; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-645" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>the aggregate amount of funds needed for the relevant Baltimore City public school facilities, including a list of the facilities to be improved;</text> </level> <level label="2"> <text>the anticipated total debt service for the proposed bond issue; and</text> </level> <level label="3"> <text>the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for Baltimore City public school facilities.</text> </level> </level> <level label="d"> <level label="1"> <text>A bond issued to finance improvements to a Baltimore City public school facility:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>may not give rise to any pecuniary liability of the State, the Authority, or other governmental unit.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.</text> </level> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>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.</text> </level> <level label="g"> <level label="1"> <text>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:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>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</text> </level> <level label="iv"> <text>any other revenues dedicated to or appropriated to the Baltimore City Public School Construction Financing Fund by Baltimore City.</text> </level> </level> <level label="2"> <text>The money deposited into the Baltimore City Public School Construction Financing Fund in accordance with this subsection shall be at least:</text> <level label="i"> <text>$4,000,000 by November 1, 2014;</text> </level> <level label="ii"> <text>an additional $4,000,000 by May 1, 2015;</text> </level> <level label="iii"> <text>an additional $4,000,000 by November 1, 2015;</text> </level> <level label="iv"> <text>an additional $4,000,000 by May 1, 2016; and</text> </level> <level label="v"> <text>until the bonds are no longer outstanding and unpaid:</text> <level label="1"> <text>an additional $10,000,000 by each November 1; and</text> </level> <level label="2"> <text>an additional $10,000,000 by each May 1.</text> </level> </level> </level> <level label="3"> <text>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:</text> <level label="i"> <text>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:</text> <level label="1"> <text>the difference between the amount required to be paid under paragraph (2) of this subsection and the actual amount paid by Baltimore City; or</text> </level> <level label="2"> <text>the amount held in reserve for Baltimore City in the Baltimore City Public School Construction Facilities Fund; and</text> </level> </level> <level label="ii"> <text>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:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> </level> <level label="4"> <text>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.</text> </level> </level> <level label="h"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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:</text> <level label="i"> <text>$10,000,000 for fiscal year 2016; and</text> </level> <level label="ii"> <text>$10,000,000 for fiscal year 2017 and each fiscal year thereafter.</text> </level> </level> </level> <level label="i"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="j"> <text>In connection with improvements to Baltimore City public school facilities, the Baltimore City Board of School Commissioners shall:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="k"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="l"> <text>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:</text> <level label="1"> <text>taken during the previous fiscal year; and</text> </level> <level label="2"> <text>planned for the current fiscal year.</text> </level> </level> <level label="m"> <text>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.</text> </level> <level label="n"> <text>State funds from other sources, grants, or programs may be used in combination with funds provided under this section for a project.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-646" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>Before any bonds are issued to finance improvements to a Baltimore City public school facility:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="e"> <text>The memorandum of understanding shall require:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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;</text> </level> <level label="6"> <text>a pledge by Baltimore City, subject to annual appropriation, to deposit the following into the Baltimore City Public School Construction Financing Fund:</text> <level label="i"> <text>all revenues and receipts from the beverage container tax imposed by Baltimore City Ordinance No. 12–45, enacted June 26, 2012; and</text> </level> <level label="ii"> <text>10% of the participation rent paid to Baltimore City by the operator of the video lottery facility located in Baltimore City;</text> </level> </level> <level label="7"> <text>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;</text> </level> <level label="8"> <text>a plan for any new or substantially renovated Baltimore City public school facilities to be available for recreational opportunities for the community;</text> </level> <level label="9"> <text>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;</text> </level> <level label="10"> <text>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;</text> </level> <level label="11"> <text>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;</text> </level> <level label="12"> <text>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;</text> </level> <level label="13"> <text>the creation of a “Stat” program for the Baltimore City Public Schools’ 10–Year Plan;</text> </level> <level label="14"> <text>specific parameters for Baltimore City public school facilities financed under this subtitle regarding:</text> <level label="i"> <text>property management, maintenance plans and standards, annual inspections, and property insurance; and</text> </level> <level label="ii"> <text>any claims, losses, or damages arising from the Authority’s improvement of any Baltimore City public school facility;</text> </level> </level> <level label="15"> <text>a process to resolve disputes and revise the memorandum of understanding, if necessary; and</text> </level> <level label="16"> <text>an allocation of the public school improvements to be undertaken by the Authority and the Baltimore City Board of School Commissioners, respectively.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-646.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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:</text> <level label="1"> <text>the aggregate amount of funds needed for the racing facility to be financed with the proposed bonds;</text> </level> <level label="2"> <text>a description of the racing facility to be constructed or renovated;</text> </level> <level label="3"> <text>the anticipated total debt service for the proposed bond issue;</text> </level> <level label="4"> <text>the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for racing facilities;</text> </level> <level label="5"> <text>anticipated project costs of at least $250,000,000 for the Pimlico racing facility and $110,000,000 for the training facility site; and</text> </level> <level label="6"> <text>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:</text> <level label="i"> <text>racetrack workforce housing;</text> </level> <level label="ii"> <text>community commercial revitalization;</text> </level> <level label="iii"> <text>community safety;</text> </level> <level label="iv"> <text>community workforce development and job training;</text> </level> <level label="v"> <text>affordable housing;</text> </level> <level label="vi"> <text>homeownership and home preservation;</text> </level> <level label="vii"> <text>redevelopment of vacant and blighted housing; and</text> </level> <level label="viii"> <text>community beautification.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>A bond issued to finance planning, design, and construction or renovations of or improvements to a racing facility:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.</text> </level> </level> <level label="d"> <level label="1"> <text>In this subsection, “long–term agreement” includes a lease, operating, joint venture, or management agreement with a minimum term established by the Authority.</text> </level> <level label="2"> <text>The Authority shall ensure that the following agreements are executed:</text> <level label="i"> <text>subject to paragraph (3) of this subsection, a long–term agreement regarding management and operations of the Pimlico racing facility site; and</text> </level> <level label="ii"> <text>agreements between the Authority and project entities for the planning, design, and construction of a racing facility.</text> </level> </level> <level label="3"> <level label="i"> <text>Subject to subparagraph (ii) of this paragraph, the long–term agreement required under paragraph (2)(i) of this subsection shall:</text> <level label="1"> <text>ensure the continuity of the Preakness Stakes at the Pimlico racing facility site after reconstruction by the Authority; and</text> </level> <level label="2"> <text>establish:</text> </level> <level label="A"> <text>the right of the thoroughbred racetrack operator to manage and operate the Pimlico racing facility site;</text> </level> <level label="B"> <text>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</text> </level> <level label="C"> <text>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.</text> </level> </level> <level label="ii"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> </level> </level> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>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.</text> </level> <level label="g"> <text>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.</text> </level> <level label="h"> <text>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.</text> </level> <level label="i"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>The Authority may enter into any agreements necessary to carry out the provisions of this section.</text> </level> <level label="4"> <text>The thoroughbred racetrack operator:</text> <level label="i"> <text>shall be a nonstock corporation formed under the laws of the State and not operated for profit;</text> </level> <level label="ii"> <text>may not be construed to be an agency or instrumentality of the State or a unit of the Executive Branch for any purpose;</text> </level> <level label="iii"> <text>may be replaced with another business entity designated by the Authority in accordance with the terms of the long–term agreement; and</text> </level> <level label="iv"> <text>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.</text> </level> </level> </level> <level label="j"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-646.2" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>The Authority shall obtain the approval of the Board of Public Works of the proposed bond issue and the financing plan.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>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:</text> <level label="1"> <text>in which The Hagerstown Multi–Use Sports and Events Facility, Inc., agrees to:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="2"> <text>that includes provisions:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>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</text> </level> <level label="iv"> <text>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</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="g"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-646.3" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The request shall include:</text> <level label="i"> <text>the location of the proposed sports entertainment facility;</text> </level> <level label="ii"> <text>the amount, source, and timing of funding not including Authority bonds which may be issued to finance the proposed sports entertainment facility; and</text> </level> <level label="iii"> <text>a description of the anticipated use of the proposed sports entertainment facility.</text> </level> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>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:</text> <level label="1"> <text>the source of funding and the order in which funds will be spent is described; and</text> </level> <level label="2"> <text>the State, county, local government, or nonprofit organization agrees to:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>any other terms or conditions deemed necessary or appropriate by the Authority.</text> </level> </level> </level> <level label="f"> <text>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.</text> </level> <level label="g"> <level label="1"> <text>A bond issued to finance a sports entertainment facility:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>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.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.</text> </level> </level> <level label="h"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-646.4" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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:</text> <level label="1"> <text>the aggregate amount of funds needed for the Prince George’s County Blue Line Corridor facility to be financed with the proposed bonds;</text> </level> <level label="2"> <text>a description of the Prince George’s County Blue Line Corridor facility to be constructed or renovated;</text> </level> <level label="3"> <text>the anticipated total debt service for the proposed bond issue;</text> </level> <level label="4"> <text>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</text> </level> <level label="5"> <text>anticipated project costs for the Prince George’s County Blue Line Corridor facility.</text> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.</text> </level> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-647" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-648" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>The Authority is exempt from any requirement to pay taxes or assessments of any kind.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-649" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>the aggregate amount of funds needed for the public school facilities to be financed with the proposed bonds;</text> </level> <level label="2"> <text>the anticipated total debt service for the proposed bond issue; and</text> </level> <level label="3"> <text>the anticipated total debt service when combined with the debt service for all prior outstanding bond issues for public school facilities.</text> </level> </level> <level label="d"> <level label="1"> <text>A bond issued to finance improvements, construction, or renovations to a public school facility:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.</text> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.</text> </level> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority may issue bonds to finance improvements to a public school facility on or after January 1, 2021.</text> </level> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="g"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The funds under paragraph (1) of this subsection shall be deposited in the following amounts:</text> <level label="i"> <text>in fiscal year 2022 – $30,000,000;</text> </level> <level label="ii"> <text>in fiscal year 2023 – $60,000,000;</text> </level> <level label="iii"> <text>in fiscal year 2024 – $125,000,000; and</text> </level> <level label="iv"> <text>in fiscal year 2025 and each fiscal year thereafter – $127,000,000.</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="h"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="i"> <text>Except as agreed to in the project memorandum of understanding under § 10–650 of this subtitle:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>the county board of education shall:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>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.</text> </level> </level> </level> <level label="j"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="k"> <text>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:</text> <level label="1"> <text>taken during the previous fiscal year; and</text> </level> <level label="2"> <text>planned for the current fiscal year.</text> </level> </level> <level label="l"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-650" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>Eligible costs in subparagraph (i) of this paragraph include items eligible for State funding as provided in subsection (c) of this section.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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:</text> <level label="i"> <text>Anne Arundel County – 12.5%;</text> </level> <level label="ii"> <text>Baltimore City – 21.0%;</text> </level> <level label="iii"> <text>Baltimore County – 21.0%;</text> </level> <level label="iv"> <text>Frederick County – 5.1%;</text> </level> <level label="v"> <text>Howard County – 6.6%;</text> </level> <level label="vi"> <text>Montgomery County – 21.0%; and</text> </level> <level label="vii"> <text>all other counties – 11.5%.</text> </level> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>Any allocations not utilized by a county or county board of education within 10 years after the allocation shall be subject to reallocation.</text> </level> <level label="5"> <text>State funds from other sources, grants, or programs may be used in combination with funds provided under this section for a project.</text> </level> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>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.</text> </level> <level label="5"> <text>The State share of eligible costs for projects shall be 100% if:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>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;</text> </level> <level label="iii"> <text>the project is classified as a major renovation; and</text> </level> <level label="iv"> <text>the planning and design for the project occurs in fiscal year 2025 or 2026.</text> </level> </level> </level> <level label="d"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="e"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Except as provided under paragraph (3) of this subsection, the program memorandum of understanding under paragraph (1) of this subsection shall:</text> <level label="i"> <text>provide for the Authority’s right to assume a project undertaken under certain circumstances;</text> </level> <level label="ii"> <text>provide, generally, for the order and control of all funding for public school facility construction projects under this subtitle;</text> </level> <level label="iii"> <text>authorize the Authority to make final decisions involving disputes that may impact any Authority obligations under this subtitle; and</text> </level> <level label="iv"> <level label="1"> <text>authorize the Authority to review and approve project budgets; or</text> </level> <level label="2"> <text>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.</text> </level> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="f"> <level label="1"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>The project memorandum of understanding required under subparagraph (i) of this paragraph shall:</text> <level label="1"> <text>be subject to the applicable terms and conditions set forth in the program memorandum of understanding under subsection (e)(2) of this section;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>reserve the right of the Authority to assume a project under certain circumstances;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>require the county and county board of education to give priority in funding projects to schools:</text> </level> <level label="A"> <text>that are the oldest buildings in the school system with significant facility deficiencies;</text> </level> <level label="B"> <text>with high concentrations of students eligible for free or reduced price meals;</text> </level> <level label="C"> <text>with a high number of relocatable classrooms;</text> </level> <level label="D"> <text>with a high utilization based on the school’s State rated capacity; or</text> </level> <level label="E"> <text>with space needs for full–day prekindergarten or career and technical education programs; and</text> </level> <level label="6"> <text>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.</text> </level> </level> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <level label="i"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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:</text> </level> <level label="A"> <text>track record in managing public school facility projects, including completing projects on schedule and within budget; and</text> </level> <level label="B"> <text>expertise and capacity to manage the proposed public school projects.</text> </level> </level> <level label="ii"> <text>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.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-651" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Baltimore Convention Financing Fund.</text> </level> <level label="b"> <level label="1"> <text>The Baltimore Convention Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning Baltimore Convention facilities.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Baltimore Convention Fund as a revolving fund for carrying out this subtitle concerning Baltimore Convention facilities; and</text> </level> <level label="ii"> <text>pay any and all expenses from the Baltimore Convention Fund that are incurred by the Authority related to the Baltimore Convention facility.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.</text> </level> </level> <level label="d"> <text>The Baltimore Convention Fund consists of:</text> <level label="1"> <text>funds appropriated for deposit to the Baltimore Convention Fund;</text> </level> <level label="2"> <text>proceeds from the sale of bonds concerning the Baltimore Convention facility;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle related to Baltimore Convention facilities; and</text> </level> <level label="4"> <text>any additional money made available from any public or private sources for the purposes established for the Baltimore Convention Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer shall invest the money of the Baltimore Convention Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Baltimore Convention Fund.</text> </level> <level label="3"> <text>No part of the Baltimore Convention Fund may revert or be credited to the General Fund or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-652" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Camden Yards Financing Fund.</text> </level> <level label="b"> <text>The Authority shall:</text> <level label="1"> <text>use the Camden Yards Fund as a nonlapsing, revolving fund for implementing this subtitle concerning sports facilities and other facilities at Camden Yards;</text> </level> <level label="2"> <text>pay all expenses and make all expenditures related to Camden Yards facilities from the Camden Yards Fund; and</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.</text> </level> </level> <level label="d"> <text>The Camden Yards Fund consists of:</text> <level label="1"> <text>proceeds from the sale of bonds related to sports facilities;</text> </level> <level label="2"> <text>revenues collected or received from any source under this subtitle related to Camden Yards facilities;</text> </level> <level label="3"> <text>any other revenues related to Camden Yards facilities, under the jurisdiction of the Authority;</text> </level> <level label="4"> <text>admissions and amusement tax revenues distributed to the Authority under the Tax – General Article;</text> </level> <level label="5"> <text>any additional revenue, gift, donation, or other funding source authorized by law related to Camden Yards facilities; and</text> </level> <level label="6"> <text>payments by Baltimore City under subsection (f) of this section.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer shall invest the money of the Camden Yards Fund in the same manner as State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Camden Yards Fund.</text> </level> <level label="3"> <text>No part of the Camden Yards Fund may revert to or be credited to the General Fund or any special fund of the State.</text> </level> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-652.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Camden Yards Football Sports Facility Supplemental Financing Fund.</text> </level> <level label="b"> <text>There is a Camden Yards Football Sports Facility Supplemental Financing Fund.</text> </level> <level label="c"> <text>The purpose of the Fund is to enable the Authority to:</text> <level label="1"> <text>use the Fund as a revolving fund for implementing this subtitle as it relates to the Camden Yards football sports facility; and</text> </level> <level label="2"> <text>pay any expenses incurred by the Authority that are related to the Camden Yards football sports facility.</text> </level> </level> <level label="d"> <text>The Authority shall administer the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a continuing, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>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:</text> <level label="i"> <text>payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to the Authority’s borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in any applicable Authority resolution.</text> </level> </level> <level label="g"> <text>The Fund consists of:</text> <level label="1"> <text>money distributed to the Fund under § 9–120(b) of the State Government Article;</text> </level> <level label="2"> <text>money appropriated for deposit in the Fund;</text> </level> <level label="3"> <text>proceeds from the sale of bonds concerning the Camden Yards football sports facility;</text> </level> <level label="4"> <text>revenues collected or received from any source under this subtitle related to the Camden Yards football sports facility;</text> </level> <level label="5"> <text>any interest earnings of the Fund; and</text> </level> <level label="6"> <text>any additional money made available from any source for the purposes established for the Fund.</text> </level> </level> <level label="h"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment or interest earnings shall be credited to the Fund.</text> </level> <level label="3"> <text>No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-652.2" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Camden Yards Baseball Sports Facility Supplemental Financing Fund.</text> </level> <level label="b"> <text>There is a Camden Yards Baseball Sports Facility Supplemental Financing Fund.</text> </level> <level label="c"> <text>The purpose of the Fund is to enable the Authority to:</text> <level label="1"> <text>use the Fund as a revolving fund for implementing this subtitle as it relates to the Camden Yards baseball sports facility; and</text> </level> <level label="2"> <text>pay any expenses incurred by the Authority that are related to the Camden Yards baseball sports facility.</text> </level> </level> <level label="d"> <text>The Authority shall administer the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a continuing, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>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:</text> <level label="i"> <text>payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to the Authority’s borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in any applicable Authority resolution.</text> </level> </level> <level label="g"> <text>The Fund consists of:</text> <level label="1"> <text>money distributed to the Fund under § 9–120(b) of the State Government Article;</text> </level> <level label="2"> <text>money appropriated for deposit in the Fund;</text> </level> <level label="3"> <text>proceeds from the sale of bonds concerning the Camden Yards baseball sports facility;</text> </level> <level label="4"> <text>revenues collected or received from any source under this subtitle related to the Camden Yards baseball sports facility;</text> </level> <level label="5"> <text>any interest earnings of the Fund; and</text> </level> <level label="6"> <text>any additional money made available from any source for the purposes established for the Fund.</text> </level> </level> <level label="h"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment or interest earnings shall be credited to the Fund.</text> </level> <level label="3"> <text>No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-652.3" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Camden Yards Football Sports Facility Capital Works Fund.</text> </level> <level label="b"> <text>There is a Camden Yards Football Sports Facility Capital Works Fund.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Authority shall administer the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>to the extent considered appropriate by the Authority, proceeds from the sale of bonds concerning the Camden Yards football sports facility;</text> </level> <level label="3"> <text>interest earnings; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="g"> <level label="1"> <text>The Fund may be used only for:</text> <level label="i"> <text>capital improvements or capital repairs at or for the benefit of the Camden Yards football sports facility; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="2"> <text>The Fund may not be:</text> <level label="i"> <text>pledged to or charged with Authority borrowing;</text> </level> <level label="ii"> <text>used for payment of debt service; or</text> </level> <level label="iii"> <text>used for the associated charges, expenses, or management of Authority obligations related to Authority bonds.</text> </level> </level> </level> <level label="h"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> <level label="3"> <text>No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-652.4" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Camden Yards Football Sports Facility Emergency Repair Fund.</text> </level> <level label="b"> <text>There is a Camden Yards Football Sports Facility Emergency Repair Fund.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Authority shall administer the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>to the extent considered appropriate by the Authority, proceeds from the sale of bonds concerning the Camden Yards football sports facility;</text> </level> <level label="3"> <text>interest earnings; and</text> </level> <level label="4"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="g"> <level label="1"> <text>The Fund may be used only for expenditures related to emergency repairs at the Camden Yards football sports facility.</text> </level> <level label="2"> <text>The Fund may not be:</text> <level label="i"> <text>pledged to or charged with Authority borrowing;</text> </level> <level label="ii"> <text>used for payment of debt service; or</text> </level> <level label="iii"> <text>used for the associated charges, expenses, or management of Authority obligations related to Authority bonds.</text> </level> </level> </level> <level label="h"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> <level label="3"> <text>No part of the Fund may revert or be credited to the General Fund of the State or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-653" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Hippodrome Performing Arts Financing Fund.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Hippodrome Performing Arts Fund as a revolving fund for implementing this subtitle concerning the Hippodrome Performing Arts facility; and</text> </level> <level label="ii"> <text>pay any and all expenses from the Hippodrome Performing Arts Fund that are incurred by the Authority concerning the Hippodrome Performing Arts facility.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10–634 of this subtitle.</text> </level> </level> <level label="d"> <text>The Hippodrome Performing Arts Fund consists of:</text> <level label="1"> <text>funds appropriated for deposit to the Hippodrome Performing Arts Fund;</text> </level> <level label="2"> <text>proceeds from the sale of bonds concerning the Hippodrome Performing Arts facility;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle concerning the Hippodrome Performing Arts facility; and</text> </level> <level label="4"> <text>any additional money made available from any public or private source for the purposes established for the Hippodrome Performing Arts Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer shall invest the money of the Hippodrome Performing Arts Fund in the same manner as State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Hippodrome Performing Arts Fund.</text> </level> <level label="3"> <text>No part of the Hippodrome Performing Arts Fund may revert or be credited to the General Fund or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-654" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Montgomery County Conference Financing Fund.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Montgomery County Conference Fund as a revolving fund for implementing this subtitle relating to the Montgomery County Conference facility; and</text> </level> <level label="ii"> <text>pay any and all expenses incurred by the Authority concerning the Montgomery County Conference facility from the Montgomery County Conference Fund.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10-634 of this subtitle.</text> </level> </level> <level label="d"> <text>The Montgomery County Conference Fund consists of:</text> <level label="1"> <text>funds appropriated for deposit to the Montgomery County Conference Fund;</text> </level> <level label="2"> <text>proceeds from the sale of bonds concerning the Montgomery County Conference facility;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle concerning the Montgomery County Conference facility; and</text> </level> <level label="4"> <text>any additional money made available from any public or private sources for the purposes established for the Montgomery County Conference Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer shall invest the money of the Montgomery County Conference Fund in the same manner as State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Montgomery County Conference Fund.</text> </level> <level label="3"> <text>No part of the Montgomery County Conference Fund may revert or be credited to the General Fund or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-655" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is an Ocean City Convention Financing Fund.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Ocean City Convention Fund as a revolving fund for implementing this subtitle relating to the Ocean City Convention facility; and</text> </level> <level label="ii"> <text>pay any and all expenses incurred by the Authority concerning the Ocean City Convention facility from the Ocean City Convention Fund.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority provision.</text> </level> </level> <level label="d"> <text>The Ocean City Convention Fund consists of:</text> <level label="1"> <text>funds appropriated for deposit to the Ocean City Convention Fund;</text> </level> <level label="2"> <text>proceeds from the sale of bonds concerning the Ocean City Convention facility;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle concerning Ocean City Convention facilities; and</text> </level> <level label="4"> <text>any additional money made available from any public or private sources for the purposes established for the Ocean City Convention Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer shall invest the money of the Ocean City Convention Fund in the same manner as State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Ocean City Convention Fund.</text> </level> <level label="3"> <text>No part of the Ocean City Convention Fund may revert or be credited to the General Fund or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-656" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Baltimore City Public School Construction Financing Fund.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>debt service on Authority bonds;</text> </level> <level label="ii"> <text>debt service reserves under a trust agreement;</text> </level> <level label="iii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iv"> <text>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.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.</text> </level> </level> <level label="d"> <text>The Baltimore City Public School Construction Financing Fund consists of:</text> <level label="1"> <text>money deposited in the Baltimore City Public School Construction Financing Fund;</text> </level> <level label="2"> <text>to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning Baltimore City public school facilities;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>funds to be deposited in accordance with § 10–645 of this subtitle; and</text> </level> <level label="5"> <text>any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Financing Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer shall invest the money of the Baltimore City Public School Construction Financing Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Baltimore City Public School Construction Financing Fund.</text> </level> <level label="3"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-657" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Baltimore City Public School Construction Facilities Fund.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>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</text> </level> <level label="ii"> <text>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.</text> </level> </level> <level label="3"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>debt service on Authority bonds;</text> </level> <level label="2"> <text>design and construction costs relating to Baltimore City public school facilities;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="d"> <text>The Baltimore City Public School Construction Facilities Fund consists of:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>any additional money made available from any public source for the purposes established for the Baltimore City Public School Construction Facilities Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Treasurer shall invest the money of the Baltimore City Public School Construction Facilities Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Baltimore City Public School Construction Facilities Fund.</text> </level> <level label="3"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-657.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Supplemental Facilities Fund.</text> </level> <level label="b"> <level label="1"> <text>The Supplemental Facilities Fund is a continuing, nonlapsing fund that shall be available in perpetuity to implement this subtitle concerning supplemental facilities.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Supplemental Facilities Fund as a revolving fund for carrying out the provisions of this subtitle concerning supplemental facilities; and</text> </level> <level label="ii"> <text>pay any and all expenses from the Supplemental Facilities Fund that are incurred by the Authority related to a supplemental facility.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10–634 of this subtitle and any applicable Authority resolution.</text> </level> </level> <level label="d"> <text>The Supplemental Facilities Fund consists of:</text> <level label="1"> <text>funds appropriated for deposit to the Supplemental Facilities Fund;</text> </level> <level label="2"> <text>proceeds from the sale of bonds concerning supplemental facilities;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle related to supplemental facilities; and</text> </level> <level label="4"> <text>any additional money made available from any public or private source for the purposes established for the Supplemental Facilities Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The State Treasurer shall invest the money of the Supplemental Facilities Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Supplemental Facilities Fund.</text> </level> <level label="3"> <text>No part of the Supplemental Facilities Fund may revert or be credited to the General Fund or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-657.2" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Racing and Community Development Financing Fund.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Racing and Community Development Financing Fund as a revolving fund for implementing this subtitle relating to racing and community development projects; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>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:</text> <level label="i"> <text>the payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective in the same manner as provided in § 10–634 of this subtitle.</text> </level> </level> <level label="d"> <text>The Racing and Community Development Financing Fund consists of:</text> <level label="1"> <text>funds appropriated for deposit to the Racing and Community Development Financing Fund;</text> </level> <level label="2"> <text>proceeds from the sale of bonds concerning racing and community development projects;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle concerning racing and community development projects;</text> </level> <level label="4"> <text>investment and interest earnings;</text> </level> <level label="5"> <text>money paid to the Racing and Community Development Financing Fund under § 9–120 of the State Government Article; and</text> </level> <level label="6"> <text>any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Financing Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The State Treasurer shall invest the money of the Racing and Community Development Financing Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment or interest earnings shall be credited to the Racing and Community Development Financing Fund.</text> </level> <level label="3"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-657.3" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Racing and Community Development Facilities Fund.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Racing and Community Development Facilities Fund as a revolving fund for carrying out this subtitle concerning racing facilities projects; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>debt service on Authority bonds;</text> </level> <level label="2"> <text>design and construction costs relating to racing facilities projects;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="d"> <text>The Racing and Community Development Facilities Fund consists of:</text> <level label="1"> <text>funds transferred from the Racing and Community Development Financing Fund as authorized under § 10–646.1(g) of this subtitle;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>investment and interest earnings; and</text> </level> <level label="5"> <text>any additional money made available from any public or private sources for the purposes established for the Racing and Community Development Facilities Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The State Treasurer shall invest the money of the Racing and Community Development Facilities Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment or interest earnings shall be credited to the Racing and Community Development Facilities Fund.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="g"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-657.4" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Hagerstown Multi–Use Sports and Events Facility Fund.</text> </level> <level label="b"> <text>There is a Hagerstown Multi–Use Sports and Events Facility Fund.</text> </level> <level label="c"> <text>The purpose of the Fund is to enable the Authority to:</text> <level label="1"> <text>use the Fund as a revolving fund for implementing this subtitle as it relates to the Hagerstown Multi–Use Sports and Events Facility; and</text> </level> <level label="2"> <text>pay any expenses incurred by the Authority that are related to the Hagerstown Multi–Use Sports and Events Facility.</text> </level> </level> <level label="d"> <text>The Authority shall administer the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>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:</text> <level label="i"> <text>payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to the Authority’s borrowing; and</text> </level> <level label="iii"> <text>the management of Authority obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective as provided in § 10–634 of this subtitle.</text> </level> </level> <level label="g"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated for deposit in the Fund;</text> </level> <level label="2"> <text>revenues collected or received from any source under this subtitle concerning the Hagerstown Multi–Use Sports and Events Facility; and</text> </level> <level label="3"> <text>any additional money made available from any public or private source for the purposes established for the Fund.</text> </level> </level> <level label="h"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be paid into the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-657.5" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Sports Entertainment Facilities Financing Fund.</text> </level> <level label="b"> <text>There is a Sports Entertainment Facilities Financing Fund.</text> </level> <level label="c"> <level label="1"> <text>The Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning sports entertainment facilities.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Fund as a revolving fund for carrying out this subtitle concerning sports entertainment facilities; and</text> </level> <level label="ii"> <text>pay any and all expenses from the Fund that are incurred by the Authority related to any sports entertainment facility.</text> </level> </level> </level> <level label="d"> <text>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:</text> <level label="1"> <text>debt service on Authority bonds;</text> </level> <level label="2"> <text>debt service reserves under a trust agreement;</text> </level> <level label="3"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="4"> <text>all reasonable charges and expenses related to the Authority’s administration of the Fund and management of the Authority’s obligations.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money deposited into the Fund;</text> </level> <level label="2"> <text>to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning sports entertainment facilities;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle related to sports entertainment facility projects;</text> </level> <level label="4"> <text>any interest earnings of the Fund; and</text> </level> <level label="5"> <text>any additional money made available from any public source for the purposes established for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Fund.</text> </level> <level label="3"> <text>No part of the Fund may revert or be credited to the General Fund or any special fund of the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-657.6" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>In this section, “Fund” means the Prince George’s County Blue Line Corridor Facility Fund.</text> </level> <level label="b"> <text>There is a Prince George’s County Blue Line Corridor Facility Fund.</text> </level> <level label="c"> <text>The purpose of the Fund is to enable the Authority to:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>pay any expenses incurred by the Authority that are related to a Prince George’s County Blue Line Corridor facility.</text> </level> </level> <level label="d"> <text>The Authority shall administer the Fund.</text> </level> <level label="e"> <level label="1"> <text>The Fund is a continuing, nonlapsing fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>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:</text> <level label="i"> <text>payment of debt service on Authority bonds;</text> </level> <level label="ii"> <text>all reasonable charges and expenses related to the Authority’s borrowing; and</text> </level> <level label="iii"> <text>the management of the Authority’s obligations.</text> </level> </level> <level label="2"> <text>The pledge shall be effective in the same manner as provided in § 10–634 of this subtitle.</text> </level> </level> <level label="g"> <text>The Fund consists of:</text> <level label="1"> <text>money distributed to the Fund under § 9–120(b)(1)(xi) of the State Government Article;</text> </level> <level label="2"> <text>money appropriated for deposit in the Fund;</text> </level> <level label="3"> <text>proceeds from the sale of bonds concerning a Prince George’s County Blue Line Corridor facility;</text> </level> <level label="4"> <text>revenues collected or received from any source under this subtitle related to a Prince George’s County Blue Line Corridor facility;</text> </level> <level label="5"> <text>any interest earnings of the Fund; and</text> </level> <level label="6"> <text>any additional money made available from any source for the purposes established for the Fund.</text> </level> </level> <level label="h"> <text>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.</text> </level> <level label="i"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any interest earnings shall be credited to the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-658" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Supplemental Public School Construction Financing Fund.</text> </level> <level label="b"> <level label="1"> <text>The Supplemental Public School Construction Financing Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning public school facilities.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Supplemental Public School Construction Financing Fund as a revolving fund for carrying out this subtitle concerning public school facilities;</text> </level> <level label="ii"> <text>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</text> </level> <level label="iii"> <text>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.</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>debt service on Authority bonds;</text> </level> <level label="2"> <text>debt service reserves under a trust agreement;</text> </level> <level label="3"> <text>all reasonable charges and expenses related to Authority borrowing; and</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="d"> <text>The Supplemental Public School Construction Financing Fund consists of:</text> <level label="1"> <text>money deposited into the Supplemental Public School Construction Financing Fund;</text> </level> <level label="2"> <text>to the extent that the proceeds are not under a trust agreement, proceeds from the sale of bonds concerning public school facilities;</text> </level> <level label="3"> <text>revenues collected or received from any source under this subtitle related to public school facility projects;</text> </level> <level label="4"> <text>any interest earnings of the Supplemental Public School Construction Financing Fund; and</text> </level> <level label="5"> <text>any additional money made available from any public source for the purposes established for the Supplemental Public School Construction Financing Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The State Treasurer shall invest the money of the Supplemental Public School Construction Financing Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Supplemental Public School Construction Financing Fund.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-658.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <level label="a"> <text>There is a Supplemental Public School Construction Facilities Fund.</text> </level> <level label="b"> <level label="1"> <text>The Supplemental Public School Construction Facilities Fund is a continuing, nonlapsing fund that shall be available to implement this subtitle concerning public school facilities.</text> </level> <level label="2"> <text>The Authority shall:</text> <level label="i"> <text>use the Supplemental Public School Construction Facilities Fund as a revolving fund for carrying out this subtitle concerning public school facilities; and</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="c"> <text>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:</text> <level label="1"> <text>debt service on Authority bonds;</text> </level> <level label="2"> <text>design and construction costs related to public school facilities;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>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</text> </level> <level label="5"> <text>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.</text> </level> </level> <level label="d"> <text>The Supplemental Public School Construction Facilities Fund consists of:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>any interest earnings of the Supplemental Public School Construction Facilities Fund; and</text> </level> <level label="3"> <text>any additional money made available from any public source for the purposes established for the Supplemental Public School Construction Facilities Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The State Treasurer shall invest the money of the Supplemental Public School Construction Facilities Fund in the same manner as other State funds.</text> </level> <level label="2"> <text>Any investment earnings shall be credited to the Supplemental Public School Construction Facilities Fund.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-659" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="6" subtitle_name="Maryland Stadium Authority"> <text>This subtitle may be cited as the Maryland Stadium Authority Act.</text> </section> <section article="gec" article_name="Economic Development" number="10-701" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Board of Trustees of the Maryland Venture Capital Trust.</text> </level> <level label="c"> <text>“Investor” means a person or governmental entity that invests money in the Maryland Venture Capital Trust.</text> </level> <level label="d"> <level label="1"> <text>“Seed capital financing” means financing provided to a business during the initial stages of its development.</text> </level> <level label="2"> <text>“Seed capital financing” includes financing for a business:</text> <level label="i"> <text>to finish research and development of a product;</text> </level> <level label="ii"> <text>to develop marketing plans; and</text> </level> <level label="iii"> <text>to provide for initial facilities, inventory, and working capital.</text> </level> </level> </level> <level label="e"> <text>“Trust” means the Maryland Venture Capital Trust.</text> </level> <level label="f"> <text>“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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-702" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <level label="a"> <text>The General Assembly finds that:</text> <level label="1"> <text>small businesses are a major source of new jobs and innovations in the State;</text> </level> <level label="2"> <text>the State’s research capacity could spur innovation in new and existing businesses to create and maintain jobs in the State; and</text> </level> <level label="3"> <text>an inadequate supply of seed capital financing and venture capital funds has limited the commercialization of research and development in the State.</text> </level> </level> <level label="b"> <text>The General Assembly intends for the Trust to:</text> <level label="1"> <text>help fill the gap in the State’s economy caused by the inadequate supply of seed capital financing and venture capital funds; and</text> </level> <level label="2"> <text>stimulate the commercialization of research and development to create and sustain businesses throughout the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-703" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <text>This subtitle shall be liberally construed to accomplish its purposes.</text> </section> <section article="gec" article_name="Economic Development" number="10-704" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <level label="a"> <text>There is a Maryland Venture Capital Trust.</text> </level> <level label="b"> <text>The Trust is a body politic and corporate and is an instrumentality of the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-705" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <level label="a"> <text>There is a Board of Trustees of the Trust.</text> </level> <level label="b"> <level label="1"> <text>The Board consists of seven members appointed by the Governor with the advice and consent of the Senate.</text> </level> <level label="2"> <text>Of the seven members:</text> <level label="i"> <text>four shall represent the investors and have been recommended to the Governor by the investors;</text> </level> <level label="ii"> <text>at least one shall have expertise in venture capital financing; and</text> </level> <level label="iii"> <text>at least one shall have experience as a small business owner.</text> </level> </level> <level label="3"> <text>Each member shall be a resident of the State.</text> </level> <level label="4"> <text>The Governor shall consider geographic diversity of the State when appointing members of the Board.</text> </level> </level> <level label="c"> <level label="1"> <text>The term of a member is 4 years.</text> </level> <level label="2"> <text>The terms of members are staggered as required by the terms provided for members of the Board on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, a member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> <level label="5"> <text>The Governor may remove a member with or without cause.</text> </level> </level> <level label="d"> <text>The Governor shall appoint a chair from among the Board members.</text> </level> <level label="e"> <level label="1"> <text>A majority of the members then serving on the Board is a quorum.</text> </level> <level label="2"> <text>A majority vote of the members present at a meeting having a quorum is needed for the Board to act.</text> </level> </level> <level label="f"> <text>A member of the Board:</text> <level label="1"> <text>may not receive compensation as a member of the Board; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="g"> <text>The Board:</text> <level label="1"> <text>shall manage the Trust; and</text> </level> <level label="2"> <text>exercises all of the corporate powers of the Trust.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-706" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <level label="a"> <text>The Trust is:</text> <level label="1"> <text>exempt from the General Procurement Law provisions of Division II of the State Finance and Procurement Article; but</text> </level> <level label="2"> <text>subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.</text> </level> </level> <level label="b"> <text>The Trust is exempt from the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-707" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <level label="a"> <text>The Trust may:</text> <level label="1"> <text>solicit and accept for investment in the Trust money from any source including not more than $2,000,000 in appropriations from the State;</text> </level> <level label="2"> <text>enter into agreements with the investors that set forth the terms governing the investment of money in the Trust by the investors;</text> </level> <level label="3"> <text>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;</text> </level> <level label="4"> <text>subject to § 10-708 of this subtitle, select the venture capital funds in which to invest money from the Trust;</text> </level> <level label="5"> <text>retain investment earnings that exceed the investment earnings that the Trust must pay to investors; and</text> </level> <level label="6"> <text>take any action necessary to carry out the powers expressly granted by this subtitle.</text> </level> </level> <level label="b"> <level label="1"> <text>The Trust may not accept a cumulative investment of more than $15,000,000 from the State Retirement and Pension System.</text> </level> <level label="2"> <text>The Trust may not accept a cumulative investment of more than $5,000,000 from any other single investor.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-708" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <text>The Board shall give preference to venture capital fund proposals that:</text> <level label="1"> <text>provide financing predominately to businesses that conduct a substantial amount of business in the State;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>ensure that a majority of the money that the Trust invests is for seed capital financing in the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-709" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <text>Seed capital financing may not exceed $1,000,000 for a single business.</text> </section> <section article="gec" article_name="Economic Development" number="10-710" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <text>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.</text> </section> <section article="gec" article_name="Economic Development" number="10-711" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <text>The Trust is exempt from taxation by the State and local governments.</text> </section> <section article="gec" article_name="Economic Development" number="10-712" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="7" subtitle_name="Maryland Venture Capital Trust"> <level label="a"> <text>Each year, an independent auditor approved by the State shall audit the books and records of the Trust.</text> </level> <level label="b"> <text>At its discretion, the State may audit the books and records of the Trust.</text> </level> <level label="c"> <text>The Trust shall pay the expense of an audit conducted under this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-801" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Administration” means the Maryland Energy Administration.</text> </level> <level label="c"> <text>“Advanced clean energy” includes:</text> <level label="1"> <text>solar photovoltaic technology;</text> </level> <level label="2"> <text>solar heating;</text> </level> <level label="3"> <text>geothermal;</text> </level> <level label="4"> <text>wind;</text> </level> <level label="5"> <text>biofuels;</text> </level> <level label="6"> <text>ethanol;</text> </level> <level label="7"> <text>renewable chemical production;</text> </level> <level label="8"> <text>other qualifying biomass as defined in § 7–701 of the Public Utilities Article;</text> </level> <level label="9"> <text>ocean, including energy from waves, tides, currents, and thermal differences;</text> </level> <level label="10"> <text>a fuel cell that produces energy with reduced greenhouse gas emissions as compared to conventional technology;</text> </level> <level label="11"> <text>energy efficiency and conservation;</text> </level> <level label="12"> <text>combined heat and power;</text> </level> <level label="13"> <text>energy storage and battery technologies;</text> </level> <level label="14"> <text>grid modernization, including the use of artificial technology and integrated systems for energy demand response, demand management technology, and improved energy distribution;</text> </level> <level label="15"> <text>biotechnology in clean energy and for the reduction of direct and indirect agricultural emissions;</text> </level> <level label="16"> <text>carbon dioxide removal and management or reuse;</text> </level> <level label="17"> <text>clean fuels and displacement of energy–intensive products;</text> </level> <level label="18"> <text>transportation electrification and mobility technologies;</text> </level> <level label="19"> <text>new concepts to improve safety and reduce the cost of nuclear power;</text> </level> <level label="20"> <text>carbon–free generation technologies;</text> </level> <level label="21"> <text>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</text> </level> <level label="22"> <text>deployment of any of the technologies or services listed in items (1) through (21) of this subsection.</text> </level> </level> <level label="d"> <text>“Board” means the Board of Directors of the Center.</text> </level> <level label="e"> <level label="1"> <text>“Bond” means a bond issued by the Center under this subtitle.</text> </level> <level label="2"> <text>“Bond” includes a revenue bond, a revenue refunding bond, a note, and any other obligation, whether a general or limited obligation of the Center.</text> </level> </level> <level label="f"> <text>“Center” means the Maryland Clean Energy Center.</text> </level> <level label="g"> <text>“Clean energy innovation” means in–State development and deployment of advanced clean energy technologies that address the goals of:</text> <level label="1"> <text>energy efficiency in all economic sectors;</text> </level> <level label="2"> <text>carbon–free generation of electrical power; and</text> </level> <level label="3"> <text>the reduction of direct and indirect greenhouse gas emissions in all economic sectors.</text> </level> </level> <level label="h"> <text>“Cost”, with respect to a project financed under this subtitle, includes:</text> <level label="1"> <text>the purchase price of a project;</text> </level> <level label="2"> <text>the cost to acquire any right, title, or interest in a project;</text> </level> <level label="3"> <text>the cost of any improvement;</text> </level> <level label="4"> <text>the cost of any property, right, easement, and franchise;</text> </level> <level label="5"> <text>the cost of demolition, removal, or relocation of structures;</text> </level> <level label="6"> <text>the cost of acquiring land to which the structures may be moved;</text> </level> <level label="7"> <text>the cost of equipment;</text> </level> <level label="8"> <text>financing charges;</text> </level> <level label="9"> <text>interest before and during construction and, if the Center determines, for a limited period after the completion of construction;</text> </level> <level label="10"> <text>reserves for principal and interest and for improvements;</text> </level> <level label="11"> <text>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</text> </level> <level label="12"> <text>other expenses as necessary or incident to:</text> <level label="i"> <text>financing a project;</text> </level> <level label="ii"> <text>acquiring and improving a project; and</text> </level> <level label="iii"> <text>placing a project in operation.</text> </level> </level> </level> <level label="i"> <text>“Director” means the Director of the Administration.</text> </level> <level label="j"> <text>“Executive Director” means the Executive Director of the Maryland Clean Energy Center.</text> </level> <level label="k"> <text>“Finance” includes refinance.</text> </level> <level label="l"> <text>“Governmental unit” means:</text> <level label="1"> <text>a county;</text> </level> <level label="2"> <text>a municipal corporation;</text> </level> <level label="3"> <text>a State unit;</text> </level> <level label="4"> <text>a local unit; or</text> </level> <level label="5"> <text>any other public body or unit established in accordance with a State or local law, ordinance, or resolution.</text> </level> </level> <level label="m"> <text>“Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.</text> </level> <level label="n"> <text>“Improvement” means addition, alteration, construction, equipping, expansion, extension, improvement, installation, reconstruction, rehabilitation, remodeling, or repair.</text> </level> <level label="o"> <text>With respect to Parts I through VI of this subtitle:</text> <level label="1"> <text>“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:</text> <level label="i"> <text>is or will be used or operated for profit or not for profit;</text> </level> <level label="ii"> <text>is or will be located on a single site or multiple sites; or</text> </level> <level label="iii"> <text>may be financed by bonds, the interest on which is exempt from income taxation under federal law; and</text> </level> </level> <level label="2"> <text>“project” includes:</text> <level label="i"> <text>land or an interest in land;</text> </level> <level label="ii"> <text>structures, equipment, furnishings, rail or motor vehicles, barges, and boats;</text> </level> <level label="iii"> <text>property and rights related to property, appurtenances, rights–of–way, franchises, and easements;</text> </level> <level label="iv"> <text>property that is functionally related and subordinate to a project; and</text> </level> <level label="v"> <text>patents, licenses, and other rights necessary or useful in the improvement or operation of a project.</text> </level> </level> </level> <level label="p"> <level label="1"> <text>“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.</text> </level> <level label="2"> <text>“Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.</text> </level> </level> <level label="q"> <text>“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.</text> </level> <level label="r"> <level label="1"> <text>“Trust agreement” means an agreement entered into by the Center to secure a bond.</text> </level> <level label="2"> <text>“Trust agreement” may include a bond contract, bond resolution, or other contract with or for the benefit of a bondholder.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-802" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The General Assembly finds that:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>“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;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>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</text> </level> <level label="6"> <text>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.</text> </level> </level> <level label="b"> <text>The purposes of this subtitle are to:</text> <level label="1"> <text>encourage the development of advanced clean energy industries and clean energy innovation industries in the State;</text> </level> <level label="2"> <text>encourage the deployment of advanced clean energy technologies and clean energy innovations in the State;</text> </level> <level label="3"> <text>help retain and attract business activity and commerce in the advanced clean energy technology industry and clean energy innovation industry sectors in the State;</text> </level> <level label="4"> <text>promote economic development;</text> </level> <level label="5"> <text>designate the Maryland Clean Energy Center as a green bank for the State;</text> </level> <level label="6"> <text>encourage the Center to work in conjunction with other local and private green banks; and</text> </level> <level label="7"> <text>promote the health, safety, and welfare of residents of the State.</text> </level> </level> <level label="c"> <text>The General Assembly intends that:</text> <level label="1"> <text>the Center operate and exercise its corporate powers in all areas of the State;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>the Center cooperate with private industries and local governments in maximizing new economic opportunities for residents of the State; and</text> </level> <level label="4"> <text>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:</text> <level label="i"> <text>owning projects;</text> </level> <level label="ii"> <text>leasing projects to other persons; or</text> </level> <level label="iii"> <text>lending the proceeds of bonds to other persons to finance the costs of acquiring or improving projects that the persons own or will own.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-803" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>This subtitle shall be liberally construed to carry out its purposes.</text> </level> <level label="b"> <text>This subtitle may not be construed to limit or restrict the duties, programs, or authority of the Maryland Energy Administration.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-806" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>There is a Maryland Clean Energy Center.</text> </level> <level label="b"> <text>The Center is a body politic and corporate and is an instrumentality of the State.</text> </level> <level label="c"> <text>The exercise by the Center of the powers conferred by this subtitle is the performance of an essential governmental function.</text> </level> <level label="d"> <text>The purposes of the Center are to:</text> <level label="1"> <text>promote economic development and jobs in the advanced clean energy industry and clean energy innovation industry sectors in the State;</text> </level> <level label="2"> <text>promote the deployment of advanced clean energy technology and clean energy innovations in the State;</text> </level> <level label="3"> <text>serve as an incubator for the development of the advanced clean energy industry and clean energy innovation industry in the State;</text> </level> <level label="4"> <text>in collaboration with the Administration, collect, analyze, and disseminate industry data;</text> </level> <level label="5"> <text>provide outreach and technical support to further the advanced clean energy industry and clean energy innovation industry in the State; and</text> </level> <level label="6"> <text>work as a green bank and in conjunction with local and private green banks.</text> </level> </level> <level label="e"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-807" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>A Board of Directors shall manage the Center and exercise its corporate powers.</text> </level> <level label="b"> <text>The Board consists of the following nine members:</text> <level label="1"> <text>the Director, or the Director’s designee;</text> </level> <level label="2"> <text>the Director of the Maryland Energy Innovation Institute, or the Director of the Maryland Energy Innovation Institute’s designee; and</text> </level> <level label="3"> <text>seven members appointed by the Governor with the advice and consent of the Senate:</text> <level label="i"> <text>one representing the nonprofit advanced clean energy research sector of the State;</text> </level> <level label="ii"> <text>two with expertise in capital financing;</text> </level> <level label="iii"> <text>two representing advanced clean energy industries in the State;</text> </level> <level label="iv"> <text>one consumer member; and</text> </level> <level label="v"> <text>one member of the general public.</text> </level> </level> </level> <level label="c"> <text>A member of the Board shall reside in the State.</text> </level> <level label="d"> <text>In making appointments to the Board, the Governor shall consider:</text> <level label="1"> <text>diversity; and</text> </level> <level label="2"> <text>all geographic regions of the State.</text> </level> </level> <level label="e"> <text>A member of the Board:</text> <level label="1"> <text>may not receive compensation as a member of the Board; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="f"> <level label="1"> <text>The term of an appointed member is 4 years and begins on July 1.</text> </level> <level label="2"> <text>The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.</text> </level> <level label="3"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="g"> <text>The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-808" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>From among the members of the Board:</text> <level label="1"> <text>the Governor shall appoint a chair; and</text> </level> <level label="2"> <text>the Board shall elect a vice chair and a treasurer.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-809" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Board shall determine the times and places of its meetings.</text> </level> <level label="b"> <level label="1"> <text>A majority of the appointed and qualified members of the Board is a quorum.</text> </level> <level label="2"> <text>The Board may act with an affirmative vote of a majority of the appointed and qualified members of the Board.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-810" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>The Board shall establish an Advisory Committee.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <level label="1"> <text>The Board shall establish a Financing Investment Advisory Committee.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="c"> <text>The Board may establish other committees as appropriate.</text> </level> <level label="d"> <level label="1"> <text>The membership of a committee may include individuals who are not Board members.</text> </level> <level label="2"> <text>The Board may establish the term and manner of selection of the membership of a committee.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-811" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>Subject to the approval of the Governor, the Board shall appoint an Executive Director.</text> </level> <level label="2"> <text>The Executive Director serves at the pleasure of the Board.</text> </level> <level label="3"> <text>The Board shall determine the salary of the Executive Director.</text> </level> </level> <level label="b"> <level label="1"> <text>The Executive Director is the chief administrative officer of the Center.</text> </level> <level label="2"> <text>The Executive Director shall manage the administrative affairs and technical activities of the Center in accordance with policies and procedures that the Board establishes.</text> </level> </level> <level label="c"> <text>The Executive Director, or the Executive Director’s designee, shall:</text> <level label="1"> <text>attend all meetings of the Board;</text> </level> <level label="2"> <text>act as secretary to the Board;</text> </level> <level label="3"> <text>keep minutes of all proceedings of the Board;</text> </level> <level label="4"> <text>approve all salaries, per diem payments, and allowable expenses of the Center, its employees, and its consultants;</text> </level> <level label="5"> <text>approve any expenses incidental to the operation of the Center; and</text> </level> <level label="6"> <text>perform the other duties that the Board directs in carrying out this subtitle.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-812" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Attorney General is the legal advisor to the Center.</text> </level> <level label="b"> <text>With the approval of the Attorney General, the Center may retain any necessary lawyers.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-813" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center may retain any necessary accountants, engineers, financial advisors, or other consultants.</text> </section> <section article="gec" article_name="Economic Development" number="10-814" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>The Center is subject to:</text> <level label="i"> <text>the Public Information Act; and</text> </level> <level label="ii"> <text>the Open Meetings Act.</text> </level> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The Board and the officers and employees of the Center are subject to the Public Ethics Law.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>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.</text> </level> <level label="f"> <text>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:</text> <level label="1"> <text>a loan;</text> </level> <level label="2"> <text>a grant;</text> </level> <level label="3"> <text>insurance; or</text> </level> <level label="4"> <text>any other form of financial assistance.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-815" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>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:</text> <level label="1"> <text>an agreement entered into by the Center under this subtitle;</text> </level> <level label="2"> <text>a bond; or</text> </level> <level label="3"> <text>any security relating to a bond.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-816" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center shall establish a system of financial accounting, controls, audits, and reports.</text> </level> <level label="b"> <text>The fiscal year of the Center begins on July 1 and ends on the following June 30.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-817" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center may create and administer the accounts that it requires.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-818" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>The Executive Director and each other officer authorized by the Center may:</text> <level label="i"> <text>allow copies to be made of the minutes and records of the Center; and</text> </level> <level label="ii"> <text>certify records under seal showing that the copies are true copies.</text> </level> </level> <level label="2"> <text>A person may rely on the certified record.</text> </level> </level> <level label="b"> <text>The records of the Center are public records subject to reasonable inspection.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-819" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center may:</text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>adopt a seal;</text> </level> <level label="3"> <text>maintain offices at a place it designates in the State;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>enter into contracts and other legal instruments;</text> </level> <level label="6"> <text>sue or be sued;</text> </level> <level label="7"> <text>acquire, purchase, hold, lease as lessee, and use:</text> <level label="i"> <text>a franchise, patent, or license;</text> </level> <level label="ii"> <text>any real, personal, mixed, tangible, or intangible property; or</text> </level> <level label="iii"> <text>an interest in the property listed in this item;</text> </level> </level> <level label="8"> <text>sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires;</text> </level> <level label="9"> <text>fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available;</text> </level> <level label="10"> <text>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;</text> </level> <level label="11"> <text>exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and</text> </level> <level label="12"> <text>do all things necessary or convenient to carry out the powers granted by this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-820" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center may make grants to or provide equity investment financing for advanced clean energy technology–based businesses and clean energy innovation businesses.</text> </section> <section article="gec" article_name="Economic Development" number="10-821" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center may:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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:</text> <level label="i"> <text>as necessary or convenient to improve or operate a project to carry out its purposes; and</text> </level> <level label="ii"> <text>on the terms and at the prices that it considers reasonable; and</text> </level> </level> <level label="3"> <text>enter into a project with a manufacturer to carry out its purposes.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-821.1" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>Financing under this section:</text> <level label="1"> <text>may be in any form, including bonds, loans, grants, energy performance contracts, shared energy savings contracts, participation agreements, lease agreements, and reimbursement agreements; but</text> </level> <level label="2"> <text>may not pledge the faith and credit of the State.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-822" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center may:</text> <level label="1"> <text>borrow money and issue bonds to finance any part of the cost of a project or for any other corporate purpose of the Center;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>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</text> </level> <level label="4"> <text>otherwise provide for the security of bonds and the rights of bondholders.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-823" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Center may:</text> <level label="1"> <text>cooperate with and provide assistance to local governments, instrumentalities, and research entities in the State; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The Center may conduct the activities under this section in consultation with the Administration.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-824" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center is exempt from State and local taxes.</text> </section> <section article="gec" article_name="Economic Development" number="10-825" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The books and records of the Center are subject to audit:</text> <level label="1"> <text>at any time by the State; and</text> </level> <level label="2"> <text>each year by an independent auditor.</text> </level> </level> <level label="b"> <text>The Center shall publish its annual audits on its website.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-826" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report shall include:</text> <level label="1"> <text>a complete operating and financial statement covering the Center’s operations;</text> </level> <level label="2"> <text>a summary of the Center’s activities during the preceding fiscal year;</text> </level> <level label="3"> <text>a summary of the Center’s activities specific to clean energy innovation; and</text> </level> <level label="4"> <text>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:</text> <level label="i"> <text>the total number of loans awarded;</text> </level> <level label="ii"> <text>the total monetary value of the loans awarded;</text> </level> <level label="iii"> <text>the average term of loans in the loan portfolio;</text> </level> <level label="iv"> <text>the estimated annual energy savings, in kilowatt–hours, resulting from measures associated with loans in the loan portfolio; and</text> </level> <level label="v"> <text>the estimated reduction of greenhouse gas emissions, in metric tons, associated with loans in the loan portfolio.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-828" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“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.</text> </level> <level label="c"> <text>“Fund” means the Maryland Energy Innovation Fund.</text> </level> <level label="d"> <text>“Institute” means the Maryland Energy Innovation Institute.</text> </level> <level label="e"> <text>“Institute Board” means the Advisory Board of the Maryland Energy Innovation Institute.</text> </level> <level label="f"> <text>“Institute Director” means the Director of the Maryland Energy Innovation Institute.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-829" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>There is a Maryland Energy Innovation Institute.</text> </level> <level label="b"> <text>The Institute is a part of the A. James Clark School of Engineering of the University of Maryland.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The purposes of the Institute are to:</text> <level label="1"> <text>collaborate with academic institutions in the State to participate in advanced clean energy and clean energy innovation programs; and</text> </level> <level label="2"> <text>develop and attract private investment in clean energy innovation and commercialization in the State.</text> </level> </level> <level label="e"> <text>The exercise by the Institute of the powers conferred by this part is the performance of an essential governmental function.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-830" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>There is an Advisory Board of the Institute.</text> </level> <level label="2"> <text>The Institute Board advises the University of Maryland on the management of the Institute.</text> </level> </level> <level label="b"> <text>The Institute Board consists of the following nine members:</text> <level label="1"> <text>the chair of the Board of Directors of the Maryland Clean Energy Center;</text> </level> <level label="2"> <text>the Director; and</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="c"> <text>A member of the Institute Board:</text> <level label="1"> <text>may not receive compensation as a member of the Institute Board; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="d"> <text>From among its members, the Institute Board shall elect a chair and a vice chair.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-831" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Institute Board shall determine the times and places of its meetings.</text> </level> <level label="b"> <level label="1"> <text>Seven members of the Institute Board are a quorum.</text> </level> <level label="2"> <text>The Institute Board may act with an affirmative vote of five members.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-832" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>The Director of the University of Maryland Energy Research Center, a University of Maryland faculty member, shall be the Director of the Institute.</text> </level> <level label="2"> <text>The Institute Director shall appoint an Associate Director who shall be a University of Maryland faculty member.</text> </level> </level> <level label="b"> <text>The Institute Director, or the Institute Director’s designee, shall:</text> <level label="1"> <text>attend all meetings of the Institute Board;</text> </level> <level label="2"> <text>act as secretary to the Institute Board;</text> </level> <level label="3"> <text>keep minutes of all proceedings of the Institute Board;</text> </level> <level label="4"> <text>approve all salaries, per diem payments, and allowable expenses of the Institute, its employees, and its consultants;</text> </level> <level label="5"> <text>approve any expenses incidental to the operation of the Institute; and</text> </level> <level label="6"> <text>perform the other duties the Institute Board directs in carrying out this part.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-833" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Institute may retain any staff or consultants. </text> </section> <section article="gec" article_name="Economic Development" number="10-834" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Institute may:</text> <level label="1"> <text>maintain offices at the University of Maryland, College Park campus;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <text>provide energy policy innovation advice to State and federal units;</text> </level> <level label="4"> <text>collaborate with other academic institutions, governmental units, foundations, and industrial companies for advanced clean energy research and innovation;</text> </level> <level label="5"> <text>pursue grants, other funds, and in–kind contributions for advanced clean energy research and innovation;</text> </level> <level label="6"> <text>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;</text> </level> <level label="7"> <text>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;</text> </level> <level label="8"> <text>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;</text> </level> <level label="9"> <text>work with the Maryland Technology Enterprise Institute and the University of Maryland Office of Technology Commercialization to:</text> <level label="i"> <text>identify advanced clean energy and clean energy innovation technologies at academic institutions that may be viable for commercialization; and</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="10"> <text>coordinate incubation and potential financing of academic institution–based entrepreneurs or entities with resources provided by the Center;</text> </level> <level label="11"> <text>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;</text> </level> <level label="12"> <text>undergo periodic reviews every 5 years consistent with University System of Maryland policies; and</text> </level> <level label="13"> <text>do all things necessary or convenient to carry out the powers granted by this part.</text> </level> </level> <level label="b"> <text>The Institute shall coordinate with the Maryland Technology Development Corporation in supporting Maryland–based technology companies engaged in clean energy innovation.</text> </level> <level label="c"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-835" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>There is a Maryland Energy Innovation Fund in the University System of Maryland.</text> </level> <level label="2"> <text>The Fund shall be used by the Institute and the Center.</text> </level> </level> <level label="b"> <level label="1"> <text>The Institute:</text> <level label="i"> <text>may use the Fund to:</text> <level label="1"> <text>carry out the purposes of this subtitle, including the purposes listed in § 10–834 of this subtitle;</text> </level> <level label="2"> <text>purchase advisory services and technical assistance to better support economic development; and</text> </level> <level label="3"> <text>pay the administrative, legal, and actuarial expenses of the Institute; and</text> </level> </level> <level label="ii"> <text>shall use the Fund for the administrative and operating costs of the Center.</text> </level> </level> <level label="2"> <text>The Center may use the Fund to:</text> <level label="i"> <text>make a grant or a loan under this subtitle, at the rate of interest the Center sets;</text> </level> <level label="ii"> <text>provide equity investment financing for a business enterprise under this subtitle; and</text> </level> <level label="iii"> <text>guarantee a loan, an equity, an investment, or any other private financing to expand the capital resources of a business enterprise under this subtitle.</text> </level> </level> </level> <level label="c"> <text>The Institute shall manage and supervise the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated by the State to the Fund;</text> </level> <level label="2"> <text>money contributed to the Fund through federal programs or private entities;</text> </level> <level label="3"> <text>repayment of principal of a loan made from the Fund;</text> </level> <level label="4"> <text>payment of interest on a loan made from the Fund;</text> </level> <level label="5"> <text>proceeds from the sale, disposition, lease, or rental by the Center of collateral related to financing that the Center provides from the Fund;</text> </level> <level label="6"> <text>premiums, fees, royalties, interest, repayments of principal, and returns on investments paid to the Center by or on behalf of:</text> <level label="i"> <text>a business enterprise in which the Center has made an investment from the Fund; or</text> </level> <level label="ii"> <text>an investor providing an investment guaranteed by the Center from the Fund;</text> </level> </level> <level label="7"> <text>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:</text> <level label="i"> <text>a requirement that the Fund receive a proportion of cash flow, commission, royalty, or payment on a patent; or</text> </level> <level label="ii"> <text>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;</text> </level> </level> <level label="8"> <text>repayment of a conditional grant extended by the Center from the Fund;</text> </level> <level label="9"> <text>money transferred to the Fund in accordance with § 9–20B–05 of the State Government Article; and</text> </level> <level label="10"> <text>any other money made available to the Institute for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>The State Treasurer shall invest the money in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="g"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-836" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Institute is exempt from State and local taxes.</text> </section> <section article="gec" article_name="Economic Development" number="10-837" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The books and records of the Institute are subject to audit:</text> <level label="1"> <text>at any time by the State; and</text> </level> <level label="2"> <text>each year by an independent auditor that the Office of Legislative Audits approves.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-838" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Institute and the Center are independent entities that are not liable or responsible for each other’s debts, liabilities, bonds, or obligations.</text> </section> <section article="gec" article_name="Economic Development" number="10-839" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The report shall include:</text> <level label="1"> <text>a complete operating and financial statement covering the Institute’s operations;</text> </level> <level label="2"> <text>a summary of the Institute’s activities during the preceding fiscal year; and</text> </level> <level label="3"> <text>a summary of:</text> <level label="i"> <text>the annual increase in the number of clean energy innovation businesses in the State;</text> </level> <level label="ii"> <text>federal funding awarded for clean energy innovation and commercialization in the State; and</text> </level> <level label="iii"> <text>private sector investment in clean energy innovation and commercialization in the State.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-840" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>The Center may periodically:</text> <level label="i"> <text>issue bonds for any corporate purpose, including operating expenses;</text> </level> <level label="ii"> <text>refund those bonds;</text> </level> <level label="iii"> <text>purchase its bonds with any funds available; and</text> </level> <level label="iv"> <text>hold, pledge, cancel, or resell bonds.</text> </level> </level> <level label="2"> <text>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:</text> <level label="i"> <text>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;</text> </level> <level label="ii"> <text>creating security for the bonds;</text> </level> <level label="iii"> <text>providing for the administration of bond issues; and</text> </level> <level label="iv"> <text>taking other actions it considers appropriate concerning the bonds.</text> </level> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The provisions of paragraph (1) of this subsection are subject to any agreements with:</text> <level label="i"> <text>holders of particular bonds pledging any particular revenues or money; and</text> </level> <level label="ii"> <text>any participating institution.</text> </level> </level> </level> <level label="c"> <text>For each issue of its bonds, the Center shall pass a resolution that:</text> <level label="1"> <text>specifies and describes the project for which the proceeds of the bond issuance are intended;</text> </level> <level label="2"> <text>generally describes the public purpose and the financing transaction to be accomplished;</text> </level> <level label="3"> <text>specifies the maximum principal amount of the bonds that may be issued by the Center; and</text> </level> <level label="4"> <text>imposes any terms or conditions on the issuance and sale of the bonds that the Center considers appropriate.</text> </level> </level> <level label="d"> <text>Subject to any provision for their registration, bonds are negotiable instruments for all purposes regardless of whether they are payable from a special fund.</text> </level> <level label="e"> <level label="1"> <text>The bonds may be:</text> <level label="i"> <text>serial bonds;</text> </level> <level label="ii"> <text>term bonds; or</text> </level> <level label="iii"> <text>both in the discretion of the Center.</text> </level> </level> <level label="2"> <text>Subject to any delegation under subsection (a)(2) of this section, the resolution authorizing bonds may provide:</text> <level label="i"> <text>the dates of the bonds;</text> </level> <level label="ii"> <text>the maturity dates of the bonds;</text> </level> <level label="iii"> <text>the interest rates on the bonds;</text> </level> <level label="iv"> <text>the time at which the bonds will be payable;</text> </level> <level label="v"> <text>the denominations of the bonds;</text> </level> <level label="vi"> <text>whether the bonds will be in a coupon or registered form;</text> </level> <level label="vii"> <text>any registration privileges of the bonds;</text> </level> <level label="viii"> <text>the manner of execution of the bonds;</text> </level> <level label="ix"> <text>the place at which the bonds will be payable; and</text> </level> <level label="x"> <text>any terms of redemption of the bonds.</text> </level> </level> <level label="3"> <text>The bonds shall mature within a period not to exceed 50 years after their date.</text> </level> <level label="4"> <text>The bonds shall be payable in United States currency.</text> </level> </level> <level label="f"> <text>The bonds may be sold by competitive or negotiated sale at a price determined by the Center.</text> </level> <level label="g"> <text>Pending preparation of the definitive bonds, the Center may issue interim receipts or certificates that will be exchanged for definitive bonds.</text> </level> <level label="h"> <level label="1"> <text>A trust agreement authorizing bonds may contain provisions that are part of the contract with the bondholders.</text> </level> <level label="2"> <text>The provisions may include:</text> <level label="i"> <text>pledging the following to secure payment of bonds, subject to any existing agreements with bondholders:</text> <level label="1"> <text>the full faith and credit of the Center;</text> </level> <level label="2"> <text>the full faith and credit of a participating institution;</text> </level> <level label="3"> <text>revenues of a project;</text> </level> <level label="4"> <text>a revenue–producing contract the Center has made with a person or public entity; or</text> </level> <level label="5"> <text>the proceeds of the sale of bonds;</text> </level> </level> <level label="ii"> <text>the rentals, fees, and other charges, the amounts to be raised in each year, and the use and disposition of the revenues;</text> </level> <level label="iii"> <text>the setting aside of reserves and sinking funds and their disposition;</text> </level> <level label="iv"> <text>limits on the right of the Center or its agents to restrict and regulate the use of a project;</text> </level> <level label="v"> <text>limits on the purpose to which the proceeds of sale of bonds may be applied;</text> </level> <level label="vi"> <text>limits on issuing additional bonds, the terms under which additional bonds may be issued and secured, and refunding outstanding bonds;</text> </level> <level label="vii"> <text>the procedure to amend or abrogate the terms of a contract with bondholders and the requirements for consent;</text> </level> <level label="viii"> <text>limits on the amount of project revenues to be expended for operating, administrative, or other expenses of the Center;</text> </level> <level label="ix"> <text>the acts or omissions that constitute default by the Center and the rights and remedies of the bondholders in the event of a default;</text> </level> <level label="x"> <text>the conveyance or mortgaging of a project and its site to secure the bondholders; and</text> </level> <level label="xi"> <text>creation and disposition of a collateral fund, instead of conveyance or mortgage, for the purpose of securing the bondholders.</text> </level> </level> </level> <level label="i"> <text>The members of the Board and a person executing the bonds may not be held liable personally on the bonds.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-841" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center may secure bonds by a trust agreement.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>In addition to the provisions described in § 10–840(h) of this subtitle, the trust agreement may contain:</text> <level label="1"> <text>either:</text> <level label="i"> <text>a provision conveying or mortgaging all or a portion of the project; or</text> </level> <level label="ii"> <text>a provision creating a collateral account;</text> </level> </level> <level label="2"> <text>other provisions that the Center considers reasonable and proper for the security of bondholders; and</text> </level> <level label="3"> <text>a provision that restricts the individual right of action by bondholders.</text> </level> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-842" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>Bonds are securities:</text> <level label="1"> <text>in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:</text> <level label="i"> <text>an officer or unit of the State or a political subdivision;</text> </level> <level label="ii"> <text>a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;</text> </level> <level label="iii"> <text>an insurance company, insurance association, or other person conducting an insurance business;</text> </level> <level label="iv"> <text>a personal representative, guardian, trustee, or other fiduciary; and</text> </level> <level label="v"> <text>any other person; and</text> </level> </level> <level label="2"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-843" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>A bond:</text> <level label="1"> <text>is not:</text> <level label="i"> <text>a debt or liability of the State or a political subdivision of the State; or</text> </level> <level label="ii"> <text>a pledge of the faith and credit of the State or a political subdivision of the State; and</text> </level> </level> <level label="2"> <text>is payable solely from money available in accordance with this subtitle.</text> </level> </level> <level label="b"> <text>Each bond shall state on its face that:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="c"> <text>The issuance of bonds does not directly, indirectly, or contingently obligate the State or its political subdivisions:</text> <level label="1"> <text>to levy or pledge a tax to pay the bonds; or</text> </level> <level label="2"> <text>to make an appropriation to pay the bonds.</text> </level> </level> <level label="d"> <text>This section does not prevent the Center from pledging its full faith and credit to pay bonds.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-844" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center may:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>contract with a person or governmental entity to exercise its authority under this section.</text> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>pay for maintaining, repairing, and operating the project;</text> </level> <level label="2"> <text>pay the principal of and the interest on the bonds that the Center issued for the project as they become due and payable; and</text> </level> <level label="3"> <text>create and maintain reserves required or provided for in a trust agreement.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-845" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <level label="i"> <text>The revenue or money that the Center pledges and receives is subject immediately to the lien of the pledge.</text> </level> <level label="ii"> <text>Neither physical delivery of the revenue or money nor any other act is required to validate the lien.</text> </level> </level> <level label="3"> <text>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.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-846" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>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.</text> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The officer, bank, or trust company holding money is subject to:</text> <level label="i"> <text>any regulation adopted under this subtitle; and</text> </level> <level label="ii"> <text>the trust agreement securing the bonds.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-847" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>The Center may issue bonds to refund outstanding bonds of the Center, including paying:</text> <level label="i"> <text>any redemption premium;</text> </level> <level label="ii"> <text>interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and</text> </level> <level label="iii"> <text>if considered advisable by the Center, any part of the cost of acquiring or improving a project.</text> </level> </level> <level label="2"> <text>Refunding bonds may be issued for any corporate purpose, including:</text> <level label="i"> <text>realizing savings in the effective costs of debt service, directly or through a debt restructuring; or</text> </level> <level label="ii"> <text>alleviating a potential or actual default.</text> </level> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <level label="1"> <text>The Center may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-848" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center may issue negotiable bond anticipation notes in anticipation of the sale of bonds for any corporate purpose.</text> </level> <level label="b"> <text>Bond anticipation notes issued under this section shall be issued in the same manner as bonds.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>The Center may issue bond anticipation notes to pay any other bond anticipation notes.</text> </level> <level label="e"> <text>Bond anticipation notes shall be paid from:</text> <level label="1"> <text>revenues of the Center;</text> </level> <level label="2"> <text>money available and not otherwise pledged; or</text> </level> <level label="3"> <text>the proceeds of the sale of the bonds in anticipation of which the notes were issued.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-849" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center shall convey title to a project and release collateral in accordance with this section when the following conditions are met:</text> <level label="1"> <level label="i"> <text>the principal of and interest on bonds issued to finance the project, including any refunding bonds, have been fully paid and retired; or</text> </level> <level label="ii"> <text>adequate provision has been made to fully pay and retire the bonds;</text> </level> </level> <level label="2"> <text>all other conditions of the trust agreement have been satisfied; and</text> </level> <level label="3"> <text>the lien of the trust agreement has been released.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-850" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>A bondholder, a holder of any coupons attached to bonds, or a trustee under a trust agreement securing the bonds may sue to:</text> <level label="1"> <text>protect and enforce rights under the laws of the State or a trust agreement; and</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="b"> <text>The rights under this section are subject to any trust agreement.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-851" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center, its agent, or its lessee is not required to pay a tax or assessment on:</text> <level label="1"> <text>a project or property that it acquires or uses under this subtitle; or</text> </level> <level label="2"> <text>the income from that project or property.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-854" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Fund” means the Climate Catalytic Capital Fund.</text> </level> <level label="c"> <text>“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.</text> </level> <level label="d"> <text>“Qualified project” means a project related to the purposes specified in § 10–855(b) of this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-855" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>There is a Climate Catalytic Capital Fund.</text> </level> <level label="b"> <text>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:</text> <level label="1"> <text>reduce greenhouse gas emissions and enable the adoption of measures to combat climate impacts;</text> </level> <level label="2"> <text>facilitate the electrification of the transportation sector and the use of sustainable alternative fuels in aviation;</text> </level> <level label="3"> <text>enable improvements in energy management and efficiency to reduce greenhouse gas emissions from the building sector;</text> </level> <level label="4"> <text>expand the deployment of clean energy generation and energy storage capacity;</text> </level> <level label="5"> <text>target the implementation of energy and weatherization measures for low– to moderate–income households;</text> </level> <level label="6"> <text>optimize the economic, health, social, and environmental value of community–scale infrastructure for resilience and energy equity;</text> </level> <level label="7"> <text>allow for the deployment of advanced clean energy technology; and</text> </level> <level label="8"> <text>provide for the creation of a Maryland Green Bond program.</text> </level> </level> <level label="c"> <level label="1"> <text>The Center shall administer the Fund.</text> </level> <level label="2"> <text>The Center shall establish a Fund Oversight Committee, appointed by the Board, to manage the Fund.</text> </level> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>money made available to the Fund through private contributions and federal grants or programs;</text> </level> <level label="3"> <text>proceeds from the sale, disposition, lease, or rental of collateral related to financing made from the Fund;</text> </level> <level label="4"> <text>repayment of financing made from the Fund;</text> </level> <level label="5"> <text>returns from or recovery of any financing made from the Fund;</text> </level> <level label="6"> <text>proceeds from the sale of any financing made, or assets acquired with proceeds, from the Fund;</text> </level> <level label="7"> <text>interest earnings on money in the Fund; and</text> </level> <level label="8"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Fund may be used only to:</text> <level label="i"> <text>evaluate and coordinate financing for qualified projects and clean energy technologies related to the purposes specified under subsection (b) of this section;</text> </level> <level label="ii"> <text>provide financing for qualified projects;</text> </level> <level label="iii"> <text>facilitate efficient tax equity markets for qualified projects;</text> </level> <level label="iv"> <text>secure private investment capital for financing of qualified projects;</text> </level> <level label="v"> <text>make grants to other green banks in the State for the purpose of financing qualified projects; and</text> </level> <level label="vi"> <text>subject to paragraph (2) of this subsection, administer the Fund and activities of the Center in carrying out this part.</text> </level> </level> <level label="2"> <text>Not more than 5% of the Fund balance may be used for administrative purposes.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="f"> <level label="1"> <text>Expenditures from the Fund may be made only with the approval of the Fund Oversight Committee.</text> </level> <level label="2"> <level label="i"> <text>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.</text> </level> <level label="ii"> <text>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.</text> </level> </level> </level> <level label="g"> <level label="1"> <text>The Fund shall be subject to independent audit.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="h"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-858" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Climate technology” includes:</text> <level label="1"> <text>solar energy;</text> </level> <level label="2"> <text>wind energy;</text> </level> <level label="3"> <text>energy storage devices;</text> </level> <level label="4"> <text>grid modernization;</text> </level> <level label="5"> <text>carbon capture utilization and storage; and</text> </level> <level label="6"> <text>any other technology defined by the Center that:</text> <level label="i"> <text>reduces greenhouse gas emissions;</text> </level> <level label="ii"> <text>mitigates the impacts of climate change; or</text> </level> <level label="iii"> <text>provides a negative emission benefit in the electric, oil, or gas sector.</text> </level> </level> </level> <level label="c"> <text>“Fund” means the Climate Technology Founder’s Fund.</text> </level> <level label="d"> <text>“Qualified project” means a project related to climate technology.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-859" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>There is a Climate Technology Founder’s Fund.</text> </level> <level label="b"> <text>The purpose of the Fund is to provide early–stage funding for start–up companies focused on qualified projects in climate technologies.</text> </level> <level label="c"> <level label="1"> <text>The Center shall administer the Fund.</text> </level> <level label="2"> <text>The Center shall establish a Fund Oversight Committee, appointed by the Board, to manage the Fund.</text> </level> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>money made available to the Fund through private contributions and federal grants or programs;</text> </level> <level label="3"> <text>proceeds from the sale, disposition, lease, or rental of collateral related to financing made from the Fund;</text> </level> <level label="4"> <text>repayment of financing made from the Fund;</text> </level> <level label="5"> <text>returns from or recovery of any financing made from the Fund;</text> </level> <level label="6"> <text>proceeds from the sale of any financing made or assets acquired with proceeds from the Fund;</text> </level> <level label="7"> <text>money transferred from the Maryland Strategic Energy Investment Fund under § 9–20B–05 of the State Government Article;</text> </level> <level label="8"> <text>interest earnings on money in the Fund; and</text> </level> <level label="9"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>The Fund may be used only to:</text> <level label="i"> <text>evaluate and coordinate financing for qualified projects related to the purpose of the Fund;</text> </level> <level label="ii"> <text>provide financing to qualified projects;</text> </level> <level label="iii"> <text>secure private investment capital for financing of qualified projects; and</text> </level> <level label="iv"> <text>subject to paragraph (2) of this subsection, administer the Fund and the activities of the Center in carrying out this part.</text> </level> </level> <level label="2"> <text>Money in the Fund may be allocated as follows:</text> <level label="i"> <text>up to $1,720,000 for direct investments of the Fund;</text> </level> <level label="ii"> <text>up to $3,280,000 for the Maryland Clean Energy Center and the Maryland Energy Innovation Accelerator tech support programs; and</text> </level> <level label="iii"> <text>up to $2,000,000 for Maryland Energy Innovation Institute seed grants.</text> </level> </level> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>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.</text> </level> </level> <level label="g"> <level label="1"> <text>Expenditures from the Fund may be made only with approval of the Fund Oversight Committee.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="h"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-862" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Borrower” means a nonprofit organization that applies and qualifies for a loan under the Program.</text> </level> <level label="c"> <text>“Fund” means the Green and Renewable Energy Efficiency for Nonprofits Loan Fund.</text> </level> <level label="d"> <text>“Nonprofit organization” means an organization that is exempt from federal income tax under § 501(c)(3) of the Internal Revenue Code.</text> </level> <level label="e"> <text>“Program” means the Green and Renewable Energy Efficiency for Nonprofits Loan Program.</text> </level> <level label="f"> <text>“Qualifying energy system” means a system that:</text> <level label="1"> <text>generates electricity or usable thermal energy that is used to meet on–site demand; and</text> </level> <level label="2"> <text>assists the State in meeting the environmental and greenhouse gas reduction goals under Title 2, Subtitle 12 of the Environment Article.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-863" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>There is a Green and Renewable Energy Efficiency for Nonprofits Loan Program in the Center.</text> </section> <section article="gec" article_name="Economic Development" number="10-864" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The purpose of the Program is to provide financial assistance in the form of no–interest loans to nonprofit organizations for:</text> <level label="1"> <text>the planning, purchase, and installation of qualifying energy systems in the State; and</text> </level> <level label="2"> <text>actions that improve energy efficiency, such as repairing or replacing windows, doors, and heating, ventilation, and air–conditioning systems and other similar improvements.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-865" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center shall:</text> <level label="1"> <text>manage, supervise, and administer the Program;</text> </level> <level label="2"> <text>adopt regulations to ensure that loans provided to nonprofit organizations carry out the purpose of the Program; and</text> </level> <level label="3"> <text>attach to any loan specific terms that are considered necessary to ensure that the purpose of the Program is fulfilled.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-866" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>A borrower must file an application with the Center to receive a loan under the Program.</text> </level> <level label="2"> <text>The application must be signed by the chief operating officer or an authorized officer of the nonprofit organization.</text> </level> </level> <level label="b"> <text>The application must contain any information the Center determines is necessary, including:</text> <level label="1"> <text>the projected cost of the qualifying energy system, energy efficiency action, or technical assistance being financed through the loan;</text> </level> <level label="2"> <text>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;</text> </level> <level label="3"> <level label="i"> <text>evidence that the borrower:</text> <level label="1"> <text>is current on its registration status with the Secretary of State at the time the borrower submits the application; or</text> </level> <level label="2"> <text>is an exempt organization that is complying with any filing requirements of the Secretary of State related to exempt organizations; or</text> </level> </level> <level label="ii"> <text>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</text> </level> </level> <level label="4"> <text>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.</text> </level> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-867" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>Loans from the Fund may be used for:</text> <level label="1"> <text>the purchase and installation of a qualifying energy system, including any necessary ancillary machinery, equipment, or furnishings;</text> </level> <level label="2"> <text>technical assistance for the planning and installation of a qualifying energy system; and</text> </level> <level label="3"> <text>actions that improve energy efficiency, such as repairing or replacing windows, doors, and heating, ventilation, and air–conditioning systems and other similar improvements.</text> </level> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <level label="1"> <text>Loans made under the Program shall be repayable by the borrower in accordance with a schedule set by the Center.</text> </level> <level label="2"> <text>The schedule set by the Center may be on a deferred payment basis.</text> </level> </level> <level label="d"> <level label="1"> <text>A borrower shall provide assurances for the repayment of a loan.</text> </level> <level label="2"> <text>The assurances:</text> <level label="i"> <text>shall include a promissory note; and</text> </level> <level label="ii"> <text>may include a plan for repayment.</text> </level> </level> </level> <level label="e"> <text>Loans may be made in conjunction with or in addition to financial assistance provided through other State or federal programs.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-868" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>There is a Green and Renewable Energy Efficiency for Nonprofits Loan Fund.</text> </level> <level label="b"> <text>The Center shall administer the Fund.</text> </level> <level label="c"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Center shall hold the Fund separately and account for the Fund.</text> </level> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>money transferred from the Strategic Energy Investment Fund established under § 9–20B–05 of the State Government Article;</text> </level> <level label="3"> <text>money received from any public or private source;</text> </level> <level label="4"> <text>interest and investment earnings of the Fund; and</text> </level> <level label="5"> <text>repayments and prepayments on loans made from the Fund.</text> </level> </level> <level label="e"> <level label="1"> <text>In fiscal year 2028, the Governor may include in the annual budget bill an appropriation of $5,000,000 for the Fund.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <text>The Fund may be used only:</text> <level label="1"> <text>to pay the expenses of the Program; and</text> </level> <level label="2"> <text>to provide loans to eligible borrowers under the Program.</text> </level> </level> <level label="g"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be paid into the Fund.</text> </level> <level label="3"> <text>Any repayment on loans made from the Fund shall be paid into the Fund.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-871" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>In this part the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Borrower” means an eligible State agency, local jurisdiction, nonprofit organization, or eligible business that applies and qualifies for a loan under this Program.</text> </level> <level label="c"> <text>“Eligible business” means a commercial enterprise or business that is in good standing with the State Department of Assessments and Taxation and is:</text> <level label="1"> <text>incorporated in the State; or</text> </level> <level label="2"> <text>registered to do business in the State.</text> </level> </level> <level label="d"> <text>“Energy cost savings” means the actual reduction in operating expenses resulting from the installation, operation, and maintenance of a project financed under the Program.</text> </level> <level label="e"> <text>“Fund” means the Jane E. Lawton Conservation Fund.</text> </level> <level label="f"> <level label="1"> <text>“Local jurisdiction” means any county or municipality of the State.</text> </level> <level label="2"> <text>“Local jurisdiction” includes:</text> <level label="i"> <text>a board of education of a county or municipality;</text> </level> <level label="ii"> <text>a special district that is established by State law and that operates within a single county;</text> </level> <level label="iii"> <text>a special district that is established by a county under public general law; and</text> </level> <level label="iv"> <text>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.</text> </level> </level> </level> <level label="g"> <text>“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.</text> </level> <level label="h"> <text>“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.</text> </level> <level label="i"> <text>“Program” means the Jane E. Lawton Conservation Loan Program.</text> </level> <level label="j"> <text>“Project” means one or more improvements or modifications that enhance the energy efficiency and reduce the operating expenses of a structure located in Maryland.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-872" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>There is a Jane E. Lawton Conservation Loan Program in the Center.</text> </section> <section article="gec" article_name="Economic Development" number="10-873" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>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:</text> <level label="1"> <text>promote energy conservation;</text> </level> <level label="2"> <text>reduce consumption of fossil fuels;</text> </level> <level label="3"> <text>improve energy efficiency;</text> </level> <level label="4"> <text>enhance energy–related economic development and stability in the nonprofit, commercial, and industrial sectors; and</text> </level> <level label="5"> <text>reduce greenhouse gas emissions.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-874" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center shall:</text> <level label="1"> <text>manage, supervise, and administer the Program;</text> </level> <level label="2"> <text>ensure that loans are provided only to projects that carry out the purpose of the Program;</text> </level> <level label="3"> <text>attach specific terms to any loan that are considered necessary to ensure that the purpose of the Program is fulfilled; and</text> </level> <level label="4"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-875" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <level label="1"> <text>To receive a loan under the Program, a borrower must file an application with the Center.</text> </level> <level label="2"> <text>If the borrower is an eligible business, the application must be signed by the chief operating officer or an authorized officer of the business.</text> </level> <level label="3"> <text>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.</text> </level> <level label="4"> <text>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.</text> </level> <level label="5"> <text>If the borrower is a State agency, the application must be signed by the head of the State agency.</text> </level> </level> <level label="b"> <text>The application shall contain any information the Center determines is necessary, including:</text> <level label="1"> <text>the projected cost to accomplish a proposed project;</text> </level> <level label="2"> <text>the amount of energy or fuel a proposed project is expected to save over a defined period of time after completion of the project;</text> </level> <level label="3"> <text>the anticipated environmental benefits in the form of reduced emissions or pollution attributable to the proposed project;</text> </level> <level label="4"> <text>the amount of cost savings expected to be generated over a defined period of time after completion of the proposed project;</text> </level> <level label="5"> <text>a description of the borrower’s contribution to a proposed project as required by § 10–867 of this subtitle; and</text> </level> <level label="6"> <text>any additional information relating to the borrower or the proposed project that may be required by the Center in order to administer the Program.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-876" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>Loans from the Fund may be used for:</text> <level label="1"> <text>the costs of implementing projects, including the costs of all necessary:</text> <level label="i"> <text>technical assessments;</text> </level> <level label="ii"> <text>studies;</text> </level> <level label="iii"> <text>surveys;</text> </level> <level label="iv"> <text>plans and specifications; and</text> </level> <level label="v"> <text>start–up, architectural, engineering, or other special services;</text> </level> </level> <level label="2"> <text>the costs of procuring necessary technology, equipment, licenses, or materials; and</text> </level> <level label="3"> <text>the costs of construction, rehabilitation, or modification, including the purchase and installation of any necessary machinery, equipment, or furnishings.</text> </level> </level> <level label="b"> <text>Each borrower shall make a contribution to a project that is of a type and amount acceptable to the Center.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>Loans made under the Program to a borrower other than a State agency shall:</text> <level label="1"> <text>be repayable by the borrower from specified revenues that may include the energy cost savings generated by a project;</text> </level> <level label="2"> <text>bear interest at a rate that the Center determines to be necessary and reasonable for the project; and</text> </level> <level label="3"> <text>be repayable in accordance with a schedule that the Center sets, which may be on a deferred payment basis.</text> </level> </level> <level label="e"> <level label="1"> <text>A borrower other than a State agency shall provide assurances for the repayment of a loan.</text> </level> <level label="2"> <text>The assurances:</text> <level label="i"> <text>shall include a promissory note; and</text> </level> <level label="ii"> <text>may include superior or subordinate mortgage liens, guarantees of repayment, or other forms of collateral.</text> </level> </level> </level> <level label="f"> <text>Loans may be made in conjunction with, or in addition to, financial assistance provided through other State or federal programs.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-877" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>There is a Jane E. Lawton Conservation Fund.</text> </level> <level label="b"> <text>The Center shall administer the Fund.</text> </level> <level label="c"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Center shall hold the Fund.</text> </level> </level> <level label="d"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Program;</text> </level> <level label="2"> <text>money received from any public or private source;</text> </level> <level label="3"> <text>interest and investment earnings on the Fund; and</text> </level> <level label="4"> <text>repayments and prepayments of principal and interest on loans made from the Fund.</text> </level> </level> <level label="e"> <text>The Fund may be used only:</text> <level label="1"> <text>to pay the expenses of the Program;</text> </level> <level label="2"> <text>to provide loans to eligible borrowers and projects; and</text> </level> <level label="3"> <text>to enhance the credit of a financing offered by eligible banks and other financial institutions for projects.</text> </level> </level> <level label="f"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be paid into the Fund.</text> </level> <level label="3"> <text>Any repayment of principal and interest on loans made from the Fund shall be paid into the Fund.</text> </level> </level> <level label="g"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-878" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>The Center may enter into contracts with third parties to make, service, or settle loans made under this part.</text> </section> <section article="gec" article_name="Economic Development" number="10-879" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>The Center may use the Fund to enhance the credit of a financing offered by a bank or other financial institution for a project.</text> </level> <level label="b"> <text>A credit enhancement issued in accordance with subsection (a) of this section shall:</text> <level label="1"> <text>carry out the purpose of the Program in a manner the Center considers appropriate;</text> </level> <level label="2"> <text>facilitate financing of at least one project of a local jurisdiction, nonprofit organization, or eligible business; and</text> </level> <level label="3"> <text>be offered only to a bank or other financial institution in good standing with the State Department of Assessments and Taxation that is:</text> <level label="i"> <text>incorporated in the State; or</text> </level> <level label="ii"> <text>registered to do business in the State.</text> </level> </level> </level> <level label="c"> <text>The Center may assess a reasonable fee to a participating bank or financial institution for the administration of this section.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-880" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-883" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center"> <text>This subtitle may be cited as the “Maryland Clean Energy Center Act”.</text> </section> <section article="gec" article_name="Economic Development" number="10-901" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Board of Directors of the Corporation.</text> </level> <level label="c"> <text>“Corporation” means the Maryland Public–Private Partnership Marketing Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-902" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>There is a Maryland Public–Private Partnership Marketing Corporation.</text> </level> <level label="b"> <text>The Corporation is a body politic and corporate and is an instrumentality of the State.</text> </level> <level label="c"> <text>The purposes of the Corporation are to:</text> <level label="1"> <text>create a branding strategy for the State;</text> </level> <level label="2"> <text>market the State’s assets to out–of–state businesses;</text> </level> <level label="3"> <text>recruit out–of–state businesses to locate and grow in the State; and</text> </level> <level label="4"> <text>foster public–private partnerships that encourage location and development of new businesses in the State.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-903" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>A Board of Directors shall manage the Corporation and its units and exercise the corporate powers of the Board of Directors.</text> </level> <level label="b"> <text>The Board consists of the following 17 members:</text> <level label="1"> <text>the Secretary;</text> </level> <level label="2"> <level label="i"> <text>one member of the Senate of Maryland, who shall be a nonvoting member of the Board, designated by the President of the Senate; and</text> </level> <level label="ii"> <text>one member of the House of Delegates, who shall be a nonvoting member of the Board, designated by the Speaker of the House; and</text> </level> </level> <level label="3"> <text>the following 14 members, appointed by the Governor with the advice and consent of the Senate:</text> <level label="i"> <text>three representing businesses in the State;</text> </level> <level label="ii"> <text>two representing labor in the State;</text> </level> <level label="iii"> <text>two representing nonprofit organizations in the State;</text> </level> <level label="iv"> <text>three with expertise in marketing or advertising;</text> </level> <level label="v"> <text>one with expertise in public relations and communications; and</text> </level> <level label="vi"> <text>three with expertise in economic development.</text> </level> </level> </level> <level label="c"> <text>Each member of the Board shall reside in the State.</text> </level> <level label="d"> <text>In making appointments to the Board, the Governor shall consider diversity and all geographic regions of the State.</text> </level> <level label="e"> <text>A member of the Board:</text> <level label="1"> <text>may not receive compensation as a member of the Board; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="f"> <level label="1"> <text>The term of an appointed member is 4 years.</text> </level> <level label="2"> <text>The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2015.</text> </level> <level label="3"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="g"> <text>The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.</text> </level> <level label="h"> <text>The Board shall elect a chair from among the members of the Board.</text> </level> <level label="i"> <text>The Board may act with an affirmative vote of nine board members.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-904" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>The Corporation shall employ an Executive Director.</text> </level> <level label="b"> <text>The Executive Director shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-905" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>In this section, “Fund” means the Economic Development Marketing Fund.</text> </level> <level label="b"> <text>There is an Economic Development Marketing Fund.</text> </level> <level label="c"> <text>The Corporation shall administer the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>money made available to the Fund through federal programs or private contributions;</text> </level> <level label="3"> <text>money derived by the Corporation from the sale of advertising, publications, sponsorships, or other promotional or marketing opportunities; or</text> </level> <level label="4"> <text>any other money made available to the Corporation for the Fund.</text> </level> </level> <level label="f"> <level label="1"> <text>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:</text> <level label="i"> <text>website management;</text> </level> <level label="ii"> <text>media content creation;</text> </level> <level label="iii"> <text>social media outreach;</text> </level> <level label="iv"> <text>electronic mail marketing to promote events and opportunities for businesses;</text> </level> <level label="v"> <text>collateral and display development;</text> </level> <level label="vi"> <text>event management; and</text> </level> <level label="vii"> <text>any other approaches the Corporation determines to be appropriate.</text> </level> </level> <level label="2"> <text>The Corporation may conduct these activities directly or through contract providers.</text> </level> </level> <level label="g"> <level label="1"> <text>The Treasurer shall invest money in the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any investment earnings of the Fund shall be paid into the Fund.</text> </level> </level> <level label="h"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-906" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>The Attorney General is the legal advisor to the Corporation.</text> </level> <level label="b"> <text>With the approval of the Attorney General, the Corporation may retain any necessary lawyers.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-907" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <text>The Corporation may retain any necessary accountants, financial advisors, or other consultants. </text> </section> <section article="gec" article_name="Economic Development" number="10-908" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>Except as provided in subsections (b), (c), and (e) of this section, the Corporation is exempt from:</text> <level label="1"> <text>Title 10 and Division II of the State Finance and Procurement Article; and</text> </level> <level label="2"> <text>§§ 3–301 and 3–303 of the General Provisions Article.</text> </level> </level> <level label="b"> <text>The Corporation is subject to the Public Information Act.</text> </level> <level label="c"> <text>The Board and the officers and employees of the Corporation are subject to the Public Ethics Law.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>The Corporation, the Board, and the employees of the Corporation are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-909" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <text>The Corporation may: </text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>adopt a seal;</text> </level> <level label="3"> <text>maintain offices at a place in the State that the Corporation designates;</text> </level> <level label="4"> <text>accept loans, grants, or assistance of any kind from the federal or State government, local government, a college or university, or a private source;</text> </level> <level label="5"> <text>accept assistance from the Maryland Economic Development Corporation;</text> </level> <level label="6"> <text>enter into contracts and other legal instruments;</text> </level> <level label="7"> <text>sue or be sued;</text> </level> <level label="8"> <text>acquire, purchase, hold, lease as lessee, and use:</text> <level label="i"> <text>a franchise, patent, or license;</text> </level> <level label="ii"> <text>any real, personal, mixed, tangible, or intangible property; or</text> </level> <level label="iii"> <text>an interest in the property listed in this item;</text> </level> </level> <level label="9"> <text>sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that the Corporation acquires;</text> </level> <level label="10"> <text>fix and collect rates, rentals, fees, royalties, and charges for services and resources the Corporation provides or makes available; and</text> </level> <level label="11"> <text>do all things necessary or convenient to carry out the powers granted by this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-910" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <text>The Corporation is exempt from State and local taxes. </text> </section> <section article="gec" article_name="Economic Development" number="10-911" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <text>The books and records of the Corporation are subject to audit: </text> <level label="1"> <text>at any time by the State; and</text> </level> <level label="2"> <text>each year by an independent auditor.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-912" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="9" subtitle_name="Maryland Public-Private Partnership Marketing Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1101" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Board of Directors of the Corporation.</text> </level> <level label="c"> <text>“Corporation” means the Maryland Community Investment Corporation.</text> </level> <level label="d"> <text>“Investment committee” means a committee appointed by the Board to advise on and approve investments as required under this subtitle.</text> </level> <level label="e"> <text>“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).</text> </level> <level label="f"> <text>“New markets tax credit” means the federal tax credits allocated under 26 U.S.C. § 45D.</text> </level> <level label="g"> <text>“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).</text> </level> <level label="h"> <text>“Qualified equity investment” means an investment that meets the definition of a qualified equity investment under 26 U.S.C. § 45D(b)(1).</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1102" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>This subtitle shall be liberally construed to carry out the purposes of this subtitle.</text> </section> <section article="gec" article_name="Economic Development" number="10-1103" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>There is a Maryland Community Investment Corporation.</text> </level> <level label="b"> <text>The Corporation is a body politic and corporate and is an instrumentality of the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1104" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>The purposes of the Corporation are to:</text> <level label="1"> <text>do all things necessary to qualify as a qualified community development entity;</text> </level> <level label="2"> <text>apply to the U.S. Department of the Treasury to be designated as a qualified community development entity;</text> </level> <level label="3"> <text>apply to the U.S. Department of the Treasury for an allocation of new markets tax credits;</text> </level> <level label="4"> <text>receive, make, and facilitate qualified equity investments and financial assistance available in low–income communities in the State;</text> </level> <level label="5"> <text>allocate any new markets tax credits received by the Corporation;</text> </level> <level label="6"> <text>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;</text> </level> <level label="7"> <text>make investments and financial assistance available to low–income communities in the State from the Corporation’s money or from any other source;</text> </level> <level label="8"> <text>build a long–term financial capacity and sustained investment in low–income communities in the State;</text> </level> <level label="9"> <text>coordinate and create pathways to follow–on financing in the State; and</text> </level> <level label="10"> <text>foster inclusive and diverse entrepreneurship and innovation throughout the State, which may include initiatives to raise awareness of programs to assist low–income communities.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1105" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>A Board of Directors shall manage the Corporation and its units and exercise its corporate powers.</text> </level> <level label="b"> <text>The Board consists of the following members:</text> <level label="1"> <text>the Comptroller or the Comptroller’s designee;</text> </level> <level label="2"> <text>the Secretary or the Secretary’s designee;</text> </level> <level label="3"> <text>the Secretary of Housing and Community Development or the Secretary’s designee;</text> </level> <level label="4"> <text>the Secretary of Planning or the Secretary’s designee;</text> </level> <level label="5"> <text>the Secretary of General Services or the Secretary’s designee; and</text> </level> <level label="6"> <text>the following members appointed by the Governor with the advice and consent of the Senate:</text> <level label="i"> <text>one representative of nonprofit entities in the State; and</text> </level> <level label="ii"> <text>one representative of low–income communities.</text> </level> </level> </level> <level label="c"> <text>A member of the Board shall reside in the State.</text> </level> <level label="d"> <text>In making appointments to the Board, the Governor shall consider:</text> <level label="1"> <text>diversity; and</text> </level> <level label="2"> <text>all geographic regions of the State.</text> </level> </level> <level label="e"> <text>A member of the Board:</text> <level label="1"> <text>may not receive compensation as a member of the Board; but</text> </level> <level label="2"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="f"> <level label="1"> <text>The term of an appointed member is 4 years.</text> </level> <level label="2"> <text>The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2024.</text> </level> <level label="3"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>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.</text> </level> </level> <level label="g"> <level label="1"> <text>This subsection applies to a member who is appointed by the Governor under subsection (b)(6) of this section.</text> </level> <level label="2"> <text>The Governor may remove an appointed member for incompetence, misconduct, or failure to perform the duties of the position.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-1106" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>The Board shall elect a chair from among its members.</text> </section> <section article="gec" article_name="Economic Development" number="10-1107" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>Four members of the Board are a quorum.</text> </level> <level label="b"> <text>A majority vote of the members present at a meeting having a quorum is needed for the Corporation to act.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1108" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The Board shall appoint members of an advisory committee.</text> </level> <level label="b"> <text>The membership of the advisory committee shall be composed of members who are:</text> <level label="1"> <text>required for the Corporation to qualify as a qualified community development entity under 26 U.S.C. § 45D(c)(1);</text> </level> <level label="2"> <text>residents of the State; and</text> </level> <level label="3"> <text>geographically representative of the locations of low–income communities in the State.</text> </level> </level> <level label="c"> <text>The Board shall adopt policies establishing the responsibilities of the advisory committee.</text> </level> <level label="d"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1109" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The Corporation shall establish an investment committee.</text> </level> <level label="b"> <text>The Corporation shall adopt regulations establishing:</text> <level label="1"> <text>the responsibilities of the investment committee; and</text> </level> <level label="2"> <text>the procedures for the appointment of investment committee members.</text> </level> </level> <level label="c"> <text>Members of the investment committee shall be geographically representative of the locations of low–income communities in the State.</text> </level> <level label="d"> <text>The investment committee shall prioritize projects that are owned or operated by entities that have their principal place of business in the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1110" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The Corporation shall employ a Chief Executive Officer.</text> </level> <level label="b"> <text>The Chief Executive Officer shall have experience with and possess qualifications relevant to the activities and purposes of the Corporation.</text> </level> <level label="c"> <text>The Chief Executive Officer may not be a member of the Board.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1111" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The Attorney General is the legal advisor to the Corporation.</text> </level> <level label="b"> <level label="1"> <text>The Attorney General shall assign to the Corporation assistant Attorneys General.</text> </level> <level label="2"> <text>The Attorney General shall designate one assistant Attorney General as general counsel to the Corporation.</text> </level> <level label="3"> <level label="i"> <text>The general counsel to the Corporation shall:</text> <level label="1"> <text>advise the Chief Executive Officer, the Board, and any other official of the Corporation as requested by the Corporation;</text> </level> <level label="2"> <text>supervise the other assistant Attorneys General assigned to the Corporation; and</text> </level> <level label="3"> <text>perform for the Corporation other duties the Attorney General assigns.</text> </level> </level> <level label="ii"> <text>The general counsel may not provide any other assistance not specified in subparagraph (i) of this paragraph.</text> </level> </level> </level> <level label="c"> <text>With the approval of the Attorney General, the Corporation may retain any additional necessary attorneys.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1112" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The Department and the Department of Housing and Community Development may provide staff to the Corporation as provided in the State budget.</text> </level> <level label="b"> <text>The Corporation may retain any necessary accountants, engineers, financial advisors, or other consultants.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1113" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>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.</text> </level> <level label="b"> <text>The Corporation is subject to the Public Information Act.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <level label="1"> <text>The Corporation, the Board, and employees of the Corporation are subject to Title 12, Subtitle 4 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>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.</text> </level> </level> <level label="f"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1114" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The Corporation shall establish a system of financial accounting, controls, audits, and reports.</text> </level> <level label="b"> <text>The fiscal year of the Corporation begins on July 1 and ends on the following June 30.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1115" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The Corporation may create and administer the accounts that it requires.</text> </level> <level label="b"> <text>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.</text> </level> <level label="c"> <text>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.</text> </level> <level label="d"> <text>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.</text> </level> <level label="e"> <text>Any income from the investment of money of the Corporation, including investment proceeds and earnings, shall be credited to the Corporation.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1116" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>The Corporation may:</text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>adopt a seal;</text> </level> <level label="3"> <text>maintain offices at a place it designates in the State;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>enter into contracts and other legal instruments;</text> </level> <level label="6"> <text>sue or be sued;</text> </level> <level label="7"> <text>acquire, purchase, hold, lease as lessee, and use:</text> <level label="i"> <text>a franchise, patent, or license;</text> </level> <level label="ii"> <text>any real, personal, mixed, tangible, or intangible property; or</text> </level> <level label="iii"> <text>an interest in the property listed in this item;</text> </level> </level> <level label="8"> <text>sell, lease as lessor, transfer, license, assign, or dispose of property or a property interest that it acquires;</text> </level> <level label="9"> <text>fix and collect rates, rentals, fees, royalties, and charges for services and resources it provides or makes available;</text> </level> <level label="10"> <text>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;</text> </level> <level label="11"> <text>exercise power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law; and</text> </level> <level label="12"> <text>do all things necessary or convenient to carry out this subtitle.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1117" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>The Board shall:</text> <level label="1"> <text>develop a public and internal strategic plan that includes:</text> <level label="i"> <text>performance goals and measures;</text> </level> <level label="ii"> <text>a mission statement and core values;</text> </level> <level label="iii"> <text>an analysis of strengths, weaknesses, opportunities, and threats;</text> </level> <level label="iv"> <text>action plans; and</text> </level> <level label="v"> <text>yearly and long–term goals and objectives;</text> </level> </level> <level label="2"> <text>review strategic plans and update the plans annually to measure performance;</text> </level> <level label="3"> <text>approve compensation plans for the Chief Executive Officer and employees of the Corporation;</text> </level> <level label="4"> <text>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;</text> </level> <level label="5"> <text>designate a person to receive ethics complaints and any complaints involving the Board, the Chief Executive Officer, and employees of the Corporation;</text> </level> <level label="6"> <text>establish policies that govern:</text> <level label="i"> <text>severance packages for employees that involuntarily leave employment;</text> </level> <level label="ii"> <text>tuition reimbursement and limits for employees;</text> </level> <level label="iii"> <text>eligible expense reimbursement requirements that include:</text> <level label="1"> <text>the types of expenses that are considered part of Corporation functions;</text> </level> <level label="2"> <text>limits on reimbursements and time frames for submission; and</text> </level> <level label="3"> <text>allowable travel expenses including any out–of–state travel;</text> </level> </level> <level label="iv"> <text>the use of all Corporation equipment, personal property, and real property and whether any property may be transferred to a departing employee; and</text> </level> <level label="v"> <text>whistleblower complaints and protections for those filing complaints; and</text> </level> </level> <level label="7"> <text>conduct an annual performance review of the Chief Executive Officer.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1118" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>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:</text> <level label="1"> <text>sufficient information to verify that the project is in the State; and</text> </level> <level label="2"> <text>a certification of the veracity of the information by an authorized signatory of the applicant.</text> </level> </level> <level label="b"> <text>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:</text> <level label="1"> <text>the types of businesses and projects in which an investment may be made;</text> </level> <level label="2"> <text>the basic standards an enterprise shall meet to qualify for an investment;</text> </level> <level label="3"> <text>the amount of money available for investment;</text> </level> <level label="4"> <text>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</text> </level> <level label="5"> <text>a process for considering whether investments help to foster inclusive and diverse entrepreneurship, including the Corporation’s support for low–income communities.</text> </level> </level> <level label="c"> <text>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.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1119" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>The Corporation may:</text> <level label="1"> <text>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;</text> </level> <level label="2"> <text>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</text> </level> <level label="3"> <text>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:</text> <level label="i"> <text>as necessary or convenient to improve or operate a project to carry out its purposes; and</text> </level> <level label="ii"> <text>on the terms and at the prices that the Corporation considers reasonable.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="10-1120" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>A debt, claim, obligation, or liability of the Corporation or any subsidiary is not:</text> <level label="1"> <text>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</text> </level> <level label="2"> <text>a pledge of the credit of the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1121" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <text>The Corporation is exempt from State and local taxes.</text> </section> <section article="gec" article_name="Economic Development" number="10-1122" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <text>The books and records of the Corporation are subject to audit:</text> <level label="1"> <text>at any time by the State; and</text> </level> <level label="2"> <text>each year by an independent auditor, including an annual financial statement under generally accepted accounting principles.</text> </level> </level> <level label="b"> <text>The Corporation shall conduct an independent assessment of the Board and the Corporation every 5 years.</text> </level> </section> <section article="gec" article_name="Economic Development" number="10-1123" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="11" subtitle_name="Maryland Community Investment Corporation"> <level label="a"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>The report required under this subsection shall include:</text> <level label="i"> <text>a complete operating and financial statement covering the Corporation’s operations;</text> </level> <level label="ii"> <text>a summary of the Corporation’s activities during the preceding fiscal year;</text> </level> <level label="iii"> <text>information on all salaries and any incentives approved by the Board for Corporation employees;</text> </level> <level label="iv"> <text>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;</text> </level> <level label="v"> <text>information on entities that have current investments and entities that received funding or investments in the current year on:</text> <level label="1"> <text>the principal business operations;</text> </level> <level label="2"> <text>the number of employees in the State and the number of employees outside the State;</text> </level> <level label="3"> <text>the capital or other investments made in the State; and</text> </level> <level label="4"> <text>the proposed and actual job creation or capital investment in the State as a result of the investment or support;</text> </level> </level> <level label="vi"> <text>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</text> </level> <level label="vii"> <text>the policies of the Board and any changes to existing policies.</text> </level> </level> </level> <level label="b"> <level label="1"> <text>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.</text> </level> <level label="2"> <text>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.</text> </level> <level label="3"> <text>The list of businesses and projects receiving support shall include for each:</text> <level label="i"> <text>the number of employees in the State;</text> </level> <level label="ii"> <text>the number of employees outside the State;</text> </level> <level label="iii"> <text>the capital or other investments made in the State; and</text> </level> <level label="iv"> <text>proposed job creation or capital investment in the State as a result of the investment or support.</text> </level> </level> </level> <level label="c"> <text>The Corporation shall publish annual financial statements, audit reports, and policies of the Board visibly on its website.</text> </level> </section>