§ 13-1211

Maryland § 13-1211

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 13

Text

(a) There is a Regional Advanced Manufacturing Partnership of Maryland Fund.

(b) The purpose of the Fund is to implement this subtitle.

(c) The Partnership shall administer the Fund.

(d) (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.

(e) The Fund consists of:

(1) money appropriated in the State budget to the Fund;

(2) money appropriated by Cecil and Harford counties to the Partnership;

(3) money made available to the Fund through federal programs;

(4) interest and investment earnings of the Fund; and

(5) any other money from any other source accepted for the benefit of the Fund.

(f) The Fund may be used only to:

(1) provide grants for projects that further the purposes of this subtitle; and

(2) pay the administrative and operational expenses of the Partnership.

(g) (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 paid into the Fund.

(h) Money provided to the Fund that is not awarded by the end of the fiscal year shall remain in the Fund.