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<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>
