In this subtitle the following words have the meanings indicated. “Administration” means the Maryland Energy Administration. “Advisory Committee” means the Maryland Offshore Wind Business Development Advisory Committee established under § 9–20C–02 of this subtitle. “Director” means the Director of the Maryland Energy Administration. “Emerging business” means a business that is at least 51% owned and controlled by an individual or individuals who are certified to have a personal net worth, as defined in § 14–301 of the State Finance and Procurement Article, that does not exceed $6,500,000 as adjusted each year for inflation according to the Consumer Price Index. “Fund” means the Maryland Offshore Wind Business Development Fund established under § 9–20C–03 of this subtitle. “Minority” means an individual who is a member of any of the groups listed in § 14–301(k)(1)(i) of the State Finance and Procurement Article.

There is a Maryland Offshore Wind Business Development Advisory Committee. The Advisory Committee shall make recommendations to the Administration on the most effective manner to use money in the Fund consistent with the purposes of the Fund. The Advisory Committee consists of the following members: two members of the Senate of Maryland, one from each of the principal political parties, appointed by the President of the Senate; two members of the House of Delegates, one from each of the principal political parties, appointed by the Speaker of the House; the Director or the Director’s designee; the Secretary of Commerce, or the Secretary’s designee; the Special Secretary of the Governor’s Office of Small, Minority, and Women Business Affairs, or the Special Secretary’s designee; and the following 12 members, appointed by the Governor: 1 representative of a public institution of higher education in the State; 1 representative of a historically black or African American university in the State; 1 representative of the State’s community colleges; 1 representative of the Maryland Independent Colleges and Universities Association; 1 representative of the Maryland Small Business Development Center Network; 1 representative of the Maryland Business Coalition for Offshore Wind; 1 representative of a business incubator in the State with experience in providing services to minority business enterprises as defined in § 14–301 of the State Finance and Procurement Article, or to emerging businesses, including emerging businesses owned by minorities; 1 individual with experience in providing business financing to minority business enterprises as defined in § 14–301 of the State Finance and Procurement Article, or to emerging businesses, including emerging businesses owned by minorities; 1 representative of an offshore wind developer; 1 representative of an original equipment manufacturer; 1 individual who is a minority business advocate; and 1 individual with experience in offshore wind supply chain issues. The Governor shall appoint the chair of the Advisory Committee. The Administration shall provide staff for the Advisory Committee. A member of the Advisory Committee: may not receive compensation as a member of the Advisory Committee; but is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget. On or before December 31, 2013, the Advisory Committee shall provide written recommendations to the Administration regarding the most effective use of money in the Fund in order to maximize opportunities for emerging businesses in the State, including minority–owned emerging businesses, to participate in the offshore wind industry. In making a recommendation under paragraph (1) of this subsection, the Advisory Committee shall consider opportunities to maximize leveraging opportunities, mentoring and protege models, innovation clusters, existing incubator and business development programs, and the appropriate role of partnerships with the State’s universities and community colleges. On or before December 31, 2014, the Advisory Committee shall provide updated recommendations to the Administration. On completion and submission of the written recommendations required under subsection (g) of this section, the Advisory Committee shall terminate its operation and cease to meet.

There is a Maryland Offshore Wind Business Development Fund in the Administration. The purposes of the Fund are to: provide financial assistance, business development assistance, and employee training opportunities for the benefit of emerging businesses in the State, including minority–owned emerging businesses, to prepare those businesses to participate in the emerging offshore wind industry; and encourage emerging businesses in the State, including minority–owned emerging businesses, to participate in the emerging offshore wind industry. The Administration may use the Fund to: carry out the purposes of the Fund; and pay the costs of implementing this subtitle. The Director shall manage and supervise the Fund. The Fund is a special, nonlapsing 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. The State Treasurer shall invest the money of the Fund in the same manner as other State money. Any investment earnings of the Fund shall be credited to the Fund. The Fund consists of: money appropriated by the State to the Fund; money paid to the Fund by a qualified offshore wind project under § 7–704.1(h) of the Public Utilities Article; money made available to the Fund through federal programs or private contributions; repayment of principal or payment of interest on a loan made from the Fund; proceeds from the sale, disposition, lease, or rental by the Administration of collateral related to financing that the Administration provides under this subtitle; investment earnings of the Fund; and any other money made available to the Administration for the Fund. In fiscal years 2014 and 2015, $1,500,000 shall be transferred from the Strategic Energy Investment Fund to the Fund. In fiscal year 2016, $1,000,000 shall be transferred from the Strategic Energy Investment Fund to the Fund.

When determining how most effectively to use the money in the Fund, the Administration shall consider the recommendations of the Advisory Committee. In carrying out this subtitle, and consistent with the purposes of the Fund, the Administration may contract with: experts in the area of offshore wind energy; the Small Business Development Center Network in the University of Maryland; and entities experienced in assisting emerging businesses, including minority–owned emerging businesses, in accessing market opportunities. Except as provided in paragraph (2) of this subsection, Division II of the State Finance and Procurement Article does not apply to a service that the Administration obtains under this section. The Administration is subject to Title 12, Subtitle 4 of the State Finance and Procurement Article for services under this section.