§ 5-1605

Maryland § 5-1605

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

Text

(a) There is a Make Office Vacancies Extinct Matching Fund.

(b) The purpose of the Fund is to provide matching funds to reduce vacant office space in counties of the State that provide comparable support to new businesses.

(c) The Secretary shall administer the Fund.

(d) (1) The Fund is a special, nonlapsing fund that is not subject to reversion under § 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 recaptured from businesses that fail to fulfill the terms and conditions of a grant made from the Program;

(3) interest earnings of the Fund; and

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

(f) The Fund may be used only for:

(1) matching grants that counties provide to eligible businesses under comparable vacancy reduction programs; and

(2) administrative expenses of the Program.

(g) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

(2) Interest earnings of the Fund shall be credited to the Fund.

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