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<section article="gec" article_name="Economic Development" number="10-877" 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 Jane E. Lawton Conservation 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.</text>
    </level>
  </level>
  <level label="d">
    <text>The Fund consists of:</text>
    <level label="1">
      <text>money appropriated in the State budget to the Program;</text>
    </level>
    <level label="2">
      <text>money received from any public or private source;</text>
    </level>
    <level label="3">
      <text>interest and investment earnings on the Fund; and</text>
    </level>
    <level label="4">
      <text>repayments and prepayments of principal and interest on loans made from the Fund.</text>
    </level>
  </level>
  <level label="e">
    <text>The Fund may be used only:</text>
    <level label="1">
      <text>to pay the expenses of the Program;</text>
    </level>
    <level label="2">
      <text>to provide loans to eligible borrowers and projects; and</text>
    </level>
    <level label="3">
      <text>to enhance the credit of a financing offered by eligible banks and other financial institutions for projects.</text>
    </level>
  </level>
  <level label="f">
    <level label="1">
      <text>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.</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 of principal and interest on loans made from the Fund shall be paid into the Fund.</text>
    </level>
  </level>
  <level label="g">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
</section>
