§ 5-1408

Maryland § 5-1408

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 5

Text

(a) There is a Regional Institution Strategic Enterprise Fund in the Department.

(b) The Secretary shall manage and supervise the 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.

(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.

(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.

(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.

(g) Expenditures from the Fund may be made only in accordance with the State budget.