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<section article="gec" article_name="Economic Development" number="10-868" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="8" subtitle_name="Maryland Clean Energy Center">
  <level label="a">
    <text>There is a Green and Renewable Energy Efficiency for Nonprofits Loan Fund.</text>
  </level>
  <level label="b">
    <text>The Center shall administer the Fund.</text>
  </level>
  <level label="c">
    <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 Center shall hold the Fund separately and account for the Fund.</text>
    </level>
  </level>
  <level label="d">
    <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>money transferred from the Strategic Energy Investment Fund established under § 9–20B–05 of the State Government Article;</text>
    </level>
    <level label="3">
      <text>money received from any public or private source;</text>
    </level>
    <level label="4">
      <text>interest and investment earnings of the Fund; and</text>
    </level>
    <level label="5">
      <text>repayments and prepayments on loans made from the Fund.</text>
    </level>
  </level>
  <level label="e">
    <level label="1">
      <text>In fiscal year 2028, the Governor may include in the annual budget bill an appropriation of $5,000,000 for the Fund.</text>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
  <level label="f">
    <text>The Fund may be used only:</text>
    <level label="1">
      <text>to pay the expenses of the Program; and</text>
    </level>
    <level label="2">
      <text>to provide loans to eligible borrowers under the Program.</text>
    </level>
  </level>
  <level label="g">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>Any investment earnings of the Fund shall be paid into the Fund.</text>
    </level>
    <level label="3">
      <text>Any repayment on loans made from the Fund shall be paid into the Fund.</text>
    </level>
  </level>
</section>
