§ 15-105

Maryland § 15-105

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 15

Text

(a) The purpose of the Fund is to promote and assist community–based initiatives in qualified project areas consistent with the purpose of this title.

(b) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(c) (1) The Fund consists of:

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

(ii) proceeds of bonds that are made available for the use of the Fund, including general obligation bonds and grant anticipation revenue vehicles;

(iii) money made available for qualifying uses by the Fund from other governmental sources, including community development block grants and the Maryland Transportation Trust Fund;

(iv) contributions to the Fund made by the private developers of the relevant transit–oriented development;

(v) ground rents or land sale proceeds in accordance with § 10–306(c)(1) of the State Finance and Procurement Article;

(vi) payments of principal of and interest on loans made under this title;

(vii) investment earnings of the Fund; and

(viii) any other money from any other source, public or private, accepted for the benefit of the Fund.

(2) Contributions to the Fund under paragraph (1)(iv) of this subsection shall be separately accounted for in the Fund so that the revenue derived from a development in a particular qualified project area shall return to a qualified recipient in that qualified project area.

(3) Subject to paragraph (2) of this subsection, the Comptroller shall:

(i) pay money in the Fund in annual installments to the Mayor and City Council of Baltimore City; and

(ii) ensure that the money in the Fund is distributed in the manner that best accomplishes the purpose of the Fund under this title.