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<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>
