Home Table of Contents

§ 13-739. Senator George C. Edwards Fund

West's Annotated Code of MarylandEconomic DevelopmentEffective: June 1, 2023

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 13. Regional Development Resources (Refs & Annos)
Subtitle 7. Tri-County Council for Western Maryland (Refs & Annos)
Part IV. Western Maryland Economic Future Investment Program (Refs & Annos)
Effective: June 1, 2023
MD Code, Economic Development, § 13-739
Formerly cited as MD ECON DEV § 13-738
§ 13-739. Senator George C. Edwards Fund
Currentness
Established
(a) There is a Senator George C. Edwards Fund.
Purpose of Fund
(b) The purpose of the Fund is to provide grant or loan funding to capital infrastructure projects and business development projects that improve the economic conditions in the region.
Administration of Fund
(c) The Council shall administer the Fund.
Contents of Fund
(d)(1) The Fund consists of:
(i) appropriations as provided in the State budget;
(ii) interest or other income earned on the investment of money in the Fund; and
(iii) any other money accepted for the benefit of the Fund.
(2) In each of fiscal years 2024 through 2026, the Governor shall include in the annual operating or capital budget bill an appropriation of at least $10,000,000 to the Fund.
Use of Fund
(e) Money in the Fund may be used only to:
(1) award grants and provide loans to capital infrastructure projects and business development projects to improve the economic conditions in the region; and
(2) pay the costs necessary to administer the Fund, including paying the salary of the Executive Director.
Nature of Fund
(f)(1) The Fund is a special, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(3) The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.
(4) Any investment earnings of the Fund shall be credited to the Fund.

Credits

Added as Economic Development § 13-738 by Acts 2022, c. 62, § 1, eff. June 1, 2022; Acts 2022, c. 63, § 1, eff. June 1, 2022. Renumbered as Economic Development § 13-739 and amended by Acts 2023, c. 469, § 1, eff. June 1, 2023; Acts 2023, c. 470, § 1, eff. June 1, 2023.
MD Code, Economic Development, § 13-739, MD ECON DEV § 13-739
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document