§ 9-20B-05. Maryland Strategic Energy Investment Fund
West's Annotated Code of MarylandState GovernmentEffective: July 1, 2023
Effective: July 1, 2023
MD Code, State Government, § 9-20B-05
§ 9-20B-05. Maryland Strategic Energy Investment Fund
(d)(1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(e) The Fund consists of:
(f) The Administration shall use the Fund:
(9) subject to subsections (f-1) and (f-3) of this section, to provide $7,000,000 in funding for access to capital for small, minority, women-owned, and veteran-owned businesses in the clean energy industry under § 5-1501 of the Economic Development Article, allocated in annual increments as follows:
(iii) $750,000 for the recruitment of individuals, including veterans and formerly incarcerated individuals, to the pre-apprenticeship jobs training programs and the registered apprenticeship jobs training programs under § 11-708.1 of the Labor and Employment Article starting in fiscal year 2021 until all amounts are spent;
(f-1)(1) Any funding provided under subsection (f)(9) of this section that is not spent in a given fiscal year shall revert to the Fund in the following fiscal year.
(2) Funding that is provided for access to capital for small, minority, women-owned, and veteran-owned businesses under subsection (f)(9) of this section shall be used to provide grants to eligible fund managers to provide investment capital, including equity and similar investments, and loans to small, minority, women-owned, and veteran-owned businesses in the State in the clean energy industry.
(f-2) An $8,000,000 payment for workforce development programs under subsection (f)(10) of this section starting in fiscal year 2021 shall be derived from the Renewable Energy, Climate Change account of the Fund.
(f-3) Funding under subsection (f)(9) and (10) of this section for access to capital, investment, promotion, or implementation should be directed only to businesses that agree to create and maintain jobs that promote family-sustaining wages, employer-provided health care with affordable deductibles and co-pays, career advancement training, fair scheduling, employer-paid workers' compensation and unemployment insurance, a retirement plan, paid time off, and the right to bargain collectively for wages and benefits.
(f-4) Of the funds transferred to the Maryland Energy Innovation Fund under subsection (f)(11) of this section:
(g) Proceeds received by the Fund from the sale of allowances under § 2-1002(g) of the Environment Article shall be allocated as follows:
(2) at least 20% shall be credited to a low and moderate income efficiency and conservation programs account and to a general efficiency and conservation programs account for energy efficiency and conservation programs, projects, or activities and demand response programs, of which at least one-half shall be targeted to the low and moderate income efficiency and conservation programs account for:
(4) up to 10%, but not more than $7,500,000, shall be credited to an administrative expense account for costs related to the administration of the Fund, including the review of electric company plans for achieving electricity savings and demand reductions that the electric companies are required under law to submit to the Administration.
(h)(1) Energy efficiency and conservation programs under subsection (g)(2) of this section include:
(i)(1) Except as provided in paragraph (2) of this subsection, compliance fees paid under § 7-705(b) of the Public Utilities Article may be used only to make loans and grants to support the creation of new Tier 1 renewable energy sources in the State that are owned by or directly benefit:
(i-1)(1)(i) In this subsection the following words have the meanings indicated.
(2) Compliance fees paid under § 7-705(b-1) of the Public Utilities Article shall be accounted for separately within the Fund and may be used only to make loans and grants to promote increased opportunities for the growth and development of small, minority, women-owned, and veteran-owned businesses in the State that install geothermal systems in the State.
(j)(1) The Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(k) Expenditures from the Fund shall be made by:
(l) An expenditure by budget amendment may be made under subsection (k) of this section only after:
(m)(1) A loan or grant made available from the Fund to a unit of State or local government shall comply with §§ 14-416 and 17-303 of the State Finance and Procurement Article.
Credits
Added by Acts 2008, c. 127, § 1, eff. June 1, 2008; Acts 2008, c. 128, § 1, eff. June 1, 2008. Amended by Acts 2009, c. 487, § 2, eff. July 1, 2009; Acts 2010, c. 52, § 1, eff. Oct. 1, 2010; Acts 2010, c. 484, § 3, eff. June 1, 2010; Acts 2011, c. 18, § 1, eff. June 1, 2011; Acts 2011, c. 19, § 1, eff. June 1, 2011; Acts 2013, c. 43, § 5; Acts 2013, c. 389, § 1, eff. July 1, 2013; Acts 2013, c. 572, § 1, eff. Oct. 1, 2013; Acts 2014, c. 359, § 1, eff. July 1, 2014; Acts 2014, c. 360, § 1, eff. July 1, 2014; Acts 2014, c. 464, § 2, eff. July 1, 2014; Acts 2014, c. 45, § 5; Acts 2015, c. 489, § 1, eff. June 1, 2015; Acts 2016, c. 507, § 1, eff. July 1, 2016; Acts 2017, c. 1, § 1, eff. March 4, 2017; Acts 2017, c. 2, § 1, eff. March 9, 2017; Acts 2017, c. 62, § 6; Acts 2019, c. 757, § 1, eff. Oct. 1, 2019; Acts 2020, c. 409, § 1, eff. June 1, 2020; Acts 2020, c. 410, § 1, eff. June 1, 2020; Acts 2021, c. 164, § 1, eff. Oct. 1, 2021; Acts 2021, c. 301, § 1, eff. July 1, 2021; Acts 2021, c. 302, § 1, eff. July 1, 2021; Acts 2021, 1st Sp. Sess., c. 13, § 2, eff. Jan. 5, 2022; Acts 2021, 1st Sp. Sess., c. 24, § 2, eff. Jan. 5, 2022; Acts 2022, c. 734, § 1, eff. Oct. 1, 2022; Acts 2022, c. 735, § 1, eff. Oct. 1, 2022; Acts 2023, c. 98, § 1, eff. July 1, 2023.
MD Code, State Government, § 9-20B-05, MD STATE GOVT § 9-20B-05
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.
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