§ 5-1408. Regional Institution Strategic Enterprise Fund

West's Annotated Code of MarylandEconomic DevelopmentEffective: June 1, 2021

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 14. Regional Institution Strategic Enterprise Zone Program (Refs & Annos)
Effective: June 1, 2021
MD Code, Economic Development, § 5-1408
§ 5-1408. Regional Institution Strategic Enterprise Fund
Currentness
Establishment
(a) There is a Regional Institution Strategic Enterprise Fund in the Department.
Management and supervision of Fund
(b) The Secretary shall manage and supervise the Fund.
Nature of Fund
(c)(1) The Fund is a special, nonlapsing fund that is not subject to § 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.
Contents of Fund
(d) The Fund consists of:
(1) money appropriated in the State budget to the Fund; and
(2) any other money from any other source accepted for the benefit of the Fund.
Use of Fund
(e) The Department may use the Fund to:
(1) finance, in coordination with qualified institutions, counties, and municipal corporations, the provision of rental assistance to business entities located in RISE zones; and
(2) pay the related administrative, legal, and actuarial expenses of the Department.
Duties of State Treasurer
(f)(1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2) Any investment earnings of the Fund shall be credited to the Fund.
Expenditures from Fund
(g) Expenditures from the Fund may be made only in accordance with the State budget.

Credits

Added by Acts 2021, c. 206, § 1, eff. June 1, 2021; Acts 2021, c. 207, § 1, eff. June 1, 2021.
MD Code, Economic Development, § 5-1408, MD ECON DEV § 5-1408
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document