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<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>
