§ 10–877

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.