PARRIS N. GLENDENING, Governor                             S.B. 460

guidelines for the kinds of performance requirements that may be negotiated with a loan
or grant applicant; authorizing the Department of Business and Economic Development
to modify the guidelines under certain circumstances; authorizing an executive agency to
depart from the guidelines under certain circumstances, requiring the Governor to
provide certain information about a proposed Economic Development
Opportunities Program Fund project to the Legislative Policy Committee prior to
Legislative Policy Committee approval of a funds transfer to an executive agency;
providing that funds transferred to an executive agency from the Economic
Development Opportunities Program Fund will revert back to the Fund under
certain circumstances; allowing the Governor to resubmit a request for a funds
transfer for any funds that have reverted back to the Economic Development
Opportunities Program Fund; defining a certain term certain terms, and generally
relating to the Economic Development Opportunities Program Fund.

BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 7-314

Annotated Code of Maryland
(1995 Replacement Volume and 1995 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - State Finance and Procurement

7-314.

(a) (1) In this section the following words have the meanings indicated.

(2)     "Fund" means the Economic Development Opportunities Program
Fund.

(3)      (I) "PERFORMANCE REQUIREMENT" MEANS A CONTRACTUAL
AGREEMENT BETWEEN AN EXECUTIVE AGENCY AND A FUND RECIPIENT THAT
REQUIRES THE FUND RECIPIENT TO MEET MINIMUM ECONOMIC DEVELOPMENT
OUTCOMES IN EXCHANGE FOR A GRANT OR A LOAN UNDER THIS SECTION.

(II) "PERFORMANCE REQUIREMENT" INCLUDES CLAW-BACK,
PENALTY, RECISION, AND RECALIBRATION CLAUSES THAT UTILIZE JOB CREATION,
CAPITAL INVESTMENT, AND OTHER MEASURES OF ECONOMIC DEVELOPMENT.

[(3)] (4) "Private sector enterprise" means any commercial, industrial,
educational, or research organization which is not a part of or controlled by a federal,
State, or local government agency.

[(4)] (5) "Executive agency" means an executive department or agency in
the Executive Branch of State government, including all offices of the Executive
Department or agency directly responsible to the Governor.

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