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<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>
