Title 10. Statewide Development Resources and Revenue Authorities — Subtitle 8. Maryland Clean Energy Center

solar photovoltaic technology;

solar heating;

geothermal;

wind;

biofuels;

ethanol;

renewable chemical production;

other qualifying biomass as defined in § 7–701 of the Public Utilities Article;

ocean, including energy from waves, tides, currents, and thermal differences;

a fuel cell that produces energy with reduced greenhouse gas emissions as compared to conventional technology;

energy efficiency and conservation;

combined heat and power;

energy storage and battery technologies;

grid modernization, including the use of artificial technology and integrated systems for energy demand response, demand management technology, and improved energy distribution;

biotechnology in clean energy and for the reduction of direct and indirect agricultural emissions;

carbon dioxide removal and management or reuse;

clean fuels and displacement of energy–intensive products;

transportation electrification and mobility technologies;

new concepts to improve safety and reduce the cost of nuclear power;

carbon–free generation technologies;

any other technology or service that the Center determines will contribute directly or indirectly to the production of energy from renewable or sustainable sources, or to the improvement of efficiency in the use of energy; and

deployment of any of the technologies or services listed in items (1) through (21) of this subsection.

“Bond” means a bond issued by the Center under this subtitle.

“Bond” includes a revenue bond, a revenue refunding bond, a note, and any other obligation, whether a general or limited obligation of the Center.

energy efficiency in all economic sectors;

carbon–free generation of electrical power; and

the reduction of direct and indirect greenhouse gas emissions in all economic sectors.

the purchase price of a project;

the cost to acquire any right, title, or interest in a project;

the cost of any improvement;

the cost of any property, right, easement, and franchise;

the cost of demolition, removal, or relocation of structures;

the cost of acquiring land to which the structures may be moved;

the cost of equipment;

financing charges;

interest before and during construction and, if the Center determines, for a limited period after the completion of construction;

reserves for principal and interest and for improvements;

the cost of revenue and cost estimates, architectural, engineering, financial, and legal services, plans, specifications, studies, surveys, and other expenses necessary or incident to determining the feasibility of improving a project; and

other expenses as necessary or incident to:

a county;

a municipal corporation;

a State unit;

a local unit; or

any other public body or unit established in accordance with a State or local law, ordinance, or resolution.

“project” means any property, the acquisition or improvement of which the Board, in its sole discretion, determines by resolution will accomplish at least one of the purposes listed in § 10–802(b) of this subtitle, whether or not the property:

“project” includes:

“Revenues” means the income, revenue, and other money the Center receives from or in connection with a project, and all other income of the Center.

“Revenues” includes grants, rentals, rates, fees, and charges for the use of the services furnished or available.

“Trust agreement” means an agreement entered into by the Center to secure a bond.

“Trust agreement” may include a bond contract, bond resolution, or other contract with or for the benefit of a bondholder.

the United States as a whole, and the State in particular, are facing increased energy costs based on many factors, including rising fuel costs, limited investment in generation and transmission facilities, and a complex combination of market–based and other regulatory mechanisms that balance environmental, economic, health, and welfare interests;

continued exclusive reliance on traditional forms of electricity supply entrenches the State’s dependence on fossil fuels, working against the State’s policy of decreasing greenhouse gas production, as evidenced by the State’s accession to the Regional Greenhouse Gas Initiative;

“advanced clean energy”, a broad term that includes a wide and varied mixture of strategies and techniques to produce useful energy from renewable and sustainable sources in a manner that minimizes fossil fuel use and harmful emissions, and to increase the efficient use of energy derived from all sources, offers many different opportunities for residents of the State to succeed in entrepreneurial and other commercial activity, to the overall economic and environmental benefit of the entire State, as measured in improved air and water quality, moderated energy expenditures, and increased State and local tax receipts;

many individuals and businesses in the State possess talents and interest in the clean energy technology sector, which may form the basis for encouraging development and deployment of sustainable and renewable energy technologies in the State, the nation, and the world;

the State will benefit from a targeted effort to establish and incubate advanced clean energy industries and clean energy innovation industries in the State, including financial assistance, information sharing, and technical support for entrepreneurs in the manufacture and installation of advanced clean energy technology and clean energy innovations; and

it is in the public interest to establish a public corporation to undertake the tasks of promoting advanced clean energy industries and clean energy innovation industries in the State, developing incubators for those industries, providing financial assistance, and also providing information sharing and technical assistance.

encourage the development of advanced clean energy industries and clean energy innovation industries in the State;

encourage the deployment of advanced clean energy technologies and clean energy innovations in the State;

help retain and attract business activity and commerce in the advanced clean energy technology industry and clean energy innovation industry sectors in the State;

promote economic development;

designate the Maryland Clean Energy Center as a green bank for the State;

encourage the Center to work in conjunction with other local and private green banks; and

promote the health, safety, and welfare of residents of the State.

the Center operate and exercise its corporate powers in all areas of the State;

without limiting its authority to otherwise exercise its corporate powers, the Center exercise its corporate powers to assist governmental units and State and local economic development agencies to contribute to the expansion, modernization, and retention of existing enterprises in the State as well as the attraction of new business to the State;

the Center cooperate with private industries and local governments in maximizing new economic opportunities for residents of the State; and

the Center accomplish at least one of the purposes listed in subsection (b) of this section and complement existing State marketing and financial assistance programs by:

promote economic development and jobs in the advanced clean energy industry and clean energy innovation industry sectors in the State;

promote the deployment of advanced clean energy technology and clean energy innovations in the State;

serve as an incubator for the development of the advanced clean energy industry and clean energy innovation industry in the State;

in collaboration with the Administration, collect, analyze, and disseminate industry data;

provide outreach and technical support to further the advanced clean energy industry and clean energy innovation industry in the State; and

work as a green bank and in conjunction with local and private green banks.

the Director, or the Director’s designee;

the Director of the Maryland Energy Innovation Institute, or the Director of the Maryland Energy Innovation Institute’s designee; and

seven members appointed by the Governor with the advice and consent of the Senate:

diversity; and

all geographic regions of the State.

may not receive compensation as a member of the Board; but

is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.

The term of an appointed member is 4 years and begins on July 1.

The terms of the appointed members are staggered as required by the terms provided for members on October 1, 2008.

At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.

A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.

A majority of the appointed and qualified members of the Board is a quorum.

The Board may act with an affirmative vote of a majority of the appointed and qualified members of the Board.

The Board shall establish an Advisory Committee.

The Advisory Committee consists of individuals that the Board considers will assist the Center in studying and developing policies to further the purposes of this subtitle.

The Board shall establish a Financing Investment Advisory Committee.

The Financing Investment Advisory Committee consists of individuals with knowledge and expertise in financing matters relevant to borrower eligibility, terms and conditions of support, and other financing evaluation criteria of the Center.

Before the Center provides financing for a project, including a project to be funded by the Maryland Energy Innovation Fund under § 10–835 of this subtitle, the Financing Investment Advisory Committee shall review and make recommendations to the Board for qualifying project applicants.

The Maryland Economic Development Corporation and other State economic development units may provide resources and expertise to the Financing Investment Advisory Committee and the Center to assist in evaluating projects, coordinating financing for projects, and other matters.

The membership of a committee may include individuals who are not Board members.

The Board may establish the term and manner of selection of the membership of a committee.

Subject to the approval of the Governor, the Board shall appoint an Executive Director.

The Executive Director serves at the pleasure of the Board.

The Board shall determine the salary of the Executive Director.

The Executive Director is the chief administrative officer of the Center.

The Executive Director shall manage the administrative affairs and technical activities of the Center in accordance with policies and procedures that the Board establishes.

attend all meetings of the Board;

act as secretary to the Board;

keep minutes of all proceedings of the Board;

approve all salaries, per diem payments, and allowable expenses of the Center, its employees, and its consultants;

approve any expenses incidental to the operation of the Center; and

perform the other duties that the Board directs in carrying out this subtitle.

The Center is subject to:

For purposes of the Open Meetings Act, a project site visit or educational field tour may not be considered a meeting of the Center if no organizational business is conducted.

a loan;

a grant;

insurance; or

any other form of financial assistance.

The Executive Director and each other officer authorized by the Center may:

A person may rely on the certified record.

a franchise, patent, or license;

any real, personal, mixed, tangible, or intangible property; or

an interest in the property listed in this item;

as necessary or convenient to improve or operate a project to carry out its purposes; and

on the terms and at the prices that it considers reasonable; and

may be in any form, including bonds, loans, grants, energy performance contracts, shared energy savings contracts, participation agreements, lease agreements, and reimbursement agreements; but

may not pledge the faith and credit of the State.

cooperate with and provide assistance to local governments, instrumentalities, and research entities in the State; and

coordinate advanced clean energy technology and clean energy innovation development, education, and deployment activities with programs of the federal government and of governmental units and public and private entities in and outside the State.

at any time by the State; and

each year by an independent auditor.

a complete operating and financial statement covering the Center’s operations;

a summary of the Center’s activities during the preceding fiscal year;

a summary of the Center’s activities specific to clean energy innovation; and

a summary of the Center’s activities specific to the Green and Renewable Energy Efficiency for Nonprofits Loan Program established under § 10–863 of this subtitle, including:

collaborate with academic institutions in the State to participate in advanced clean energy and clean energy innovation programs; and

develop and attract private investment in clean energy innovation and commercialization in the State.

There is an Advisory Board of the Institute.

The Institute Board advises the University of Maryland on the management of the Institute.

the chair of the Board of Directors of the Maryland Clean Energy Center;

the Director; and

seven members selected by the University of Maryland based on expertise in energy technology commercialization, the advanced clean energy industry, the clean energy innovation industry, venture capital financing, and energy research.

may not receive compensation as a member of the Institute Board; but

is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.

Seven members of the Institute Board are a quorum.

The Institute Board may act with an affirmative vote of five members.

The Director of the University of Maryland Energy Research Center, a University of Maryland faculty member, shall be the Director of the Institute.

The Institute Director shall appoint an Associate Director who shall be a University of Maryland faculty member.

attend all meetings of the Institute Board;

act as secretary to the Institute Board;

keep minutes of all proceedings of the Institute Board;

approve all salaries, per diem payments, and allowable expenses of the Institute, its employees, and its consultants;

approve any expenses incidental to the operation of the Institute; and

perform the other duties the Institute Board directs in carrying out this part.

maintain offices at the University of Maryland, College Park campus;

coordinate and promote energy research and education at the University of Maryland, College Park campus, including its relevant energy centers, as well as at other academic institutions;

provide energy policy innovation advice to State and federal units;

collaborate with other academic institutions, governmental units, foundations, and industrial companies for advanced clean energy research and innovation;

pursue grants, other funds, and in–kind contributions for advanced clean energy research and innovation;

provide seed grant funding to academic institution–based entrepreneurs or entities, in order to promote the commercialization of advanced clean energy technologies developed wholly or partly by an academic institution, but not duplicate existing seed grants made through the Maryland Technology Development Corporation;

work with the Maryland Technology Enterprise Institute to jointly manage, operate, and maintain facilities for an advanced clean energy and clean energy innovation incubator at the University of Maryland, College Park campus;

work with the Maryland Technology Enterprise Institute to expand Maryland Industrial Partnership Awards to promote the commercialization of advanced clean energy and clean energy innovation technologies developed wholly or partly by an academic institution;

work with the Maryland Technology Enterprise Institute and the University of Maryland Office of Technology Commercialization to:

coordinate incubation and potential financing of academic institution–based entrepreneurs or entities with resources provided by the Center;

work closely with State units, industrial partners, nongovernmental organizations, and federal agencies and laboratories to ensure effective implementation and execution of the State’s energy mission and vision, in collaboration with the Administration;

undergo periodic reviews every 5 years consistent with University System of Maryland policies; and

do all things necessary or convenient to carry out the powers granted by this part.

The Institute and the Center shall implement an accelerator program for Maryland–based technology companies engaged in clean energy innovation that features seed funding, training, developmental support for the companies, and pilot projects focused on on–site clean energy generation for buildings.

In carrying out their responsibilities under this subsection, the Institute and the Center shall consult with the Department, the Maryland Technology Development Corporation, the Administration, the Department of the Environment, and the Maryland Industrial Partnership Awards program.

There is a Maryland Energy Innovation Fund in the University System of Maryland.

The Fund shall be used by the Institute and the Center.

The Institute:

The Center may use the Fund to:

The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7–302 of the State Finance and Procurement Article.

The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

money appropriated by the State to the Fund;

money contributed to the Fund through federal programs or private entities;

repayment of principal of a loan made from the Fund;

payment of interest on a loan made from the Fund;

proceeds from the sale, disposition, lease, or rental by the Center of collateral related to financing that the Center provides from the Fund;

premiums, fees, royalties, interest, repayments of principal, and returns on investments paid to the Center by or on behalf of:

recovery of an investment made by the Center in a business enterprise from the Fund, including an arrangement under which the Center’s investment in the business enterprise is recovered through:

repayment of a conditional grant extended by the Center from the Fund;

money transferred to the Fund in accordance with § 9–20B–05 of the State Government Article; and

any other money made available to the Institute for the Fund.

The State Treasurer shall invest the money in the same manner as other State money may be invested.

Any interest earnings of the Fund shall be credited to the Fund.

a complete operating and financial statement covering the Institute’s operations;

a summary of the Institute’s activities during the preceding fiscal year; and

a summary of:

The Center may periodically:

By resolution, the Board may authorize the chair, vice chair, one of its members, or a committee of its members to determine, provide for, or approve any matters relating to bonds that the Board considers appropriate including:

The power granted in paragraph (2) of this subsection is in addition to powers conferred on the Board by this subtitle and does not limit any power of the Board under this subtitle.

Except as otherwise provided by the Center, each issue of its bonds is a general obligation of the Center payable from any revenues or money of the Center that are available and not otherwise pledged.

The provisions of paragraph (1) of this subsection are subject to any agreements with:

specifies and describes the project for which the proceeds of the bond issuance are intended;

generally describes the public purpose and the financing transaction to be accomplished;

specifies the maximum principal amount of the bonds that may be issued by the Center; and

imposes any terms or conditions on the issuance and sale of the bonds that the Center considers appropriate.

The bonds may be:

Subject to any delegation under subsection (a)(2) of this section, the resolution authorizing bonds may provide:

The bonds shall mature within a period not to exceed 50 years after their date.

The bonds shall be payable in United States currency.

A trust agreement authorizing bonds may contain provisions that are part of the contract with the bondholders.

The provisions may include:

either:

other provisions that the Center considers reasonable and proper for the security of bondholders; and

a provision that restricts the individual right of action by bondholders.

an officer or unit of the State or a political subdivision;

a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;

an insurance company, insurance association, or other person conducting an insurance business;

a personal representative, guardian, trustee, or other fiduciary; and

any other person; and

is not:

is payable solely from money available in accordance with this subtitle.

the State and its political subdivisions are not obliged to pay the bond or the interest on the bond except from revenues of the project or the portion of the project for which the bond is issued; and

the faith, credit, and taxing power of the State and its political subdivisions are not pledged to pay the principal of or the interest on the bond.

to levy or pledge a tax to pay the bonds; or

to make an appropriation to pay the bonds.

fix and collect rates, rents, fees, and charges for the use of a project and for the services furnished or to be furnished by a project; and

contract with a person or governmental entity to exercise its authority under this section.

pay for maintaining, repairing, and operating the project;

pay the principal of and the interest on the bonds that the Center issued for the project as they become due and payable; and

create and maintain reserves required or provided for in a trust agreement.

Any pledge of revenues and other money under § 10–840(h) of this subtitle is valid and binding from the time the pledge is made.

The lien of the pledge is valid and binding against each party with a claim against the Center in tort, contract, or otherwise, regardless of whether the party has notice of the lien.

Each officer, bank, or trust company that receives money from the Center under this subtitle shall act as trustee of the money and shall hold and apply the money for the purposes specified under this subtitle.

The officer, bank, or trust company holding money is subject to:

The Center may issue bonds to refund outstanding bonds of the Center, including paying:

Refunding bonds may be issued for any corporate purpose, including:

The Center may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.

revenues of the Center;

money available and not otherwise pledged; or

the proceeds of the sale of the bonds in anticipation of which the notes were issued.

all other conditions of the trust agreement have been satisfied; and

the lien of the trust agreement has been released.

protect and enforce rights under the laws of the State or a trust agreement; and

enforce and compel the performance of duties by the Center or its officer, employee, or agent that this subtitle or a trust agreement requires, including fixing and collecting rates, rents, fees, and charges that the trust agreement requires.

a project or property that it acquires or uses under this subtitle; or

the income from that project or property.

reduce greenhouse gas emissions and enable the adoption of measures to combat climate impacts;

facilitate the electrification of the transportation sector and the use of sustainable alternative fuels in aviation;

enable improvements in energy management and efficiency to reduce greenhouse gas emissions from the building sector;

expand the deployment of clean energy generation and energy storage capacity;

target the implementation of energy and weatherization measures for low– to moderate–income households;

optimize the economic, health, social, and environmental value of community–scale infrastructure for resilience and energy equity;

allow for the deployment of advanced clean energy technology; and

provide for the creation of a Maryland Green Bond program.

The Center shall administer the Fund.

The Center shall establish a Fund Oversight Committee, appointed by the Board, to manage the Fund.

money appropriated in the State budget to the Fund;

money made available to the Fund through private contributions and federal grants or programs;

proceeds from the sale, disposition, lease, or rental of collateral related to financing made from the Fund;

repayment of financing made from the Fund;

returns from or recovery of any financing made from the Fund;

proceeds from the sale of any financing made, or assets acquired with proceeds, from the Fund;

interest earnings on money in the Fund; and

any other money from any other source accepted for the benefit of the Fund.

The Fund may be used only to:

Not more than 5% of the Fund balance may be used for administrative purposes.

The Fund may not be used for a project to install new equipment that uses fossil fuels or improve the efficiency of existing equipment that uses fossil fuels.

Expenditures from the Fund may be made only with the approval of the Fund Oversight Committee.

The Fund shall be subject to independent audit.

On or before December 1 each year, the Center shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the use of the Fund and outcomes of investments made from the Fund.

solar energy;

wind energy;

energy storage devices;

grid modernization;

carbon capture utilization and storage; and

any other technology defined by the Center that:

The Center shall administer the Fund.

The Center shall establish a Fund Oversight Committee, appointed by the Board, to manage the Fund.

money appropriated in the State budget to the Fund;

money made available to the Fund through private contributions and federal grants or programs;

proceeds from the sale, disposition, lease, or rental of collateral related to financing made from the Fund;

repayment of financing made from the Fund;

returns from or recovery of any financing made from the Fund;

proceeds from the sale of any financing made or assets acquired with proceeds from the Fund;

money transferred from the Maryland Strategic Energy Investment Fund under § 9–20B–05 of the State Government Article;

interest earnings on money in the Fund; and

any other money from any other source accepted for the benefit of the Fund.

The Fund may be used only to:

Money in the Fund may be allocated as follows:

Subject to paragraphs (2) and (3) of this subsection, in determining the qualified projects to receive investment from the Fund, the Center shall give preference to companies that are small, minority, women–owned, and veteran–owned businesses in the clean energy industry.

At least 40% of the funds awarded by the Center shall be used for equity investments in minority, women–owned, and veteran–owned businesses start–up companies.

Forty percent of the funding from the Center’s overall appropriation that is allocated for Maryland Energy Innovation Institute seed grants shall be used to provide grants for start–up companies from minority serving institutions.

Expenditures from the Fund may be made only with approval of the Fund Oversight Committee.

A recipient of financial assistance under this section shall provide matching funds for the qualified project equal to the amount of financial assistance awarded from the Fund by the Center.

generates electricity or usable thermal energy that is used to meet on–site demand; and

assists the State in meeting the environmental and greenhouse gas reduction goals under Title 2, Subtitle 12 of the Environment Article.

A borrower must file an application with the Center to receive a loan under the Program.

The application must be signed by the chief operating officer or an authorized officer of the nonprofit organization.

the projected cost of the qualifying energy system, energy efficiency action, or technical assistance being financed through the loan;

the location of the property where the qualifying energy system will be installed or an energy efficiency action will occur and whether the property is owned or leased by the applicant;

any additional information relating to the borrower or the proposed qualifying energy system or energy efficiency action being financed through the loan that may be required by the Center to administer the Program.

the purchase and installation of a qualifying energy system, including any necessary ancillary machinery, equipment, or furnishings;

technical assistance for the planning and installation of a qualifying energy system; and

actions that improve energy efficiency, such as repairing or replacing windows, doors, and heating, ventilation, and air–conditioning systems and other similar improvements.

Loans made under the Program shall be repayable by the borrower in accordance with a schedule set by the Center.

The schedule set by the Center may be on a deferred payment basis.

A borrower shall provide assurances for the repayment of a loan.

The assurances:

The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

The Center shall hold the Fund separately and account for the Fund.

money appropriated in the State budget to the Fund;

money transferred from the Strategic Energy Investment Fund established under § 9–20B–05 of the State Government Article;

money received from any public or private source;

interest and investment earnings of the Fund; and

repayments and prepayments on loans made from the Fund.

In fiscal year 2028, the Governor may include in the annual budget bill an appropriation of $5,000,000 for the Fund.

In fiscal year 2029, the Governor may include in the annual budget bill an appropriation equal to at least $5,000,000 minus the amount in the Fund as of June 30 of the immediately preceding fiscal year.

to pay the expenses of the Program; and

to provide loans to eligible borrowers under the Program.

The Center shall invest and reinvest the money of the Fund in the same manner as other State money held by the Center may be invested.

Any investment earnings of the Fund shall be paid into the Fund.

Any repayment on loans made from the Fund shall be paid into the Fund.

incorporated in the State; or

registered to do business in the State.

“Local jurisdiction” means any county or municipality of the State.

“Local jurisdiction” includes:

To receive a loan under the Program, a borrower must file an application with the Center.

If the borrower is an eligible business, the application must be signed by the chief operating officer or an authorized officer of the business.

If the borrower is a local jurisdiction, the application must be signed by the chief elected officer of the county or municipality, or if none, by the governing body of the county or municipality in which the project is located.

If the borrower is a public school, the application must be signed by the board of education of the county in which the project is located.

If the borrower is a State agency, the application must be signed by the head of the State agency.

the projected cost to accomplish a proposed project;

the amount of energy or fuel a proposed project is expected to save over a defined period of time after completion of the project;

the anticipated environmental benefits in the form of reduced emissions or pollution attributable to the proposed project;

the amount of cost savings expected to be generated over a defined period of time after completion of the proposed project;

a description of the borrower’s contribution to a proposed project as required by § 10–867 of this subtitle; and

any additional information relating to the borrower or the proposed project that may be required by the Center in order to administer the Program.

the costs of implementing projects, including the costs of all necessary:

the costs of procuring necessary technology, equipment, licenses, or materials; and

the costs of construction, rehabilitation, or modification, including the purchase and installation of any necessary machinery, equipment, or furnishings.

be repayable by the borrower from specified revenues that may include the energy cost savings generated by a project;

bear interest at a rate that the Center determines to be necessary and reasonable for the project; and

be repayable in accordance with a schedule that the Center sets, which may be on a deferred payment basis.

A borrower other than a State agency shall provide assurances for the repayment of a loan.

The assurances:

The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

The Center shall hold the Fund.

money appropriated in the State budget to the Program;

money received from any public or private source;

interest and investment earnings on the Fund; and

repayments and prepayments of principal and interest on loans made from the Fund.

to pay the expenses of the Program;

to provide loans to eligible borrowers and projects; and

to enhance the credit of a financing offered by eligible banks and other financial institutions for projects.

The Center shall invest and reinvest the money of the Fund in the same manner as other money held by the Center may be invested.

Any investment earnings of the Fund shall be paid into the Fund.

Any repayment of principal and interest on loans made from the Fund shall be paid into the Fund.

The Center shall annually reserve for at least 90 days a portion of the money from the Fund that is available for financial assistance under the Program for loans to nonprofit organizations.

In a fiscal year in which requests for financial assistance from nonprofit organizations are less than the amount of money reserved under paragraph (1) of this subsection for the period determined by the Center, the Center may make the unencumbered or noncommitted portion of the reserve available to other borrowers in the Program.

carry out the purpose of the Program in a manner the Center considers appropriate;

facilitate financing of at least one project of a local jurisdiction, nonprofit organization, or eligible business; and

be offered only to a bank or other financial institution in good standing with the State Department of Assessments and Taxation that is: