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<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>
