Total Appropriation................................................................

90.01.03.01 Economic Development
Opportunities Program Fund
General Fund Appropriation ..........................

No funds may be expended unless the transfer
of funds from the Economic Development
Opportunity Program Fund:

(1) meets the criteria in Section 7-314 of the
State Finance and Procurement Article;

(2) meets the definition of "extraordinary
impact" as adopted by the Legislative Policy
Committee; and

(3) includes performance requirements,
including claw-back, penalty, recision, and
recalibration clauses that utilize job creation,
capital investment, and other measures of
economic development.

Further provided that, in addition to other
reporting requirements, the Department of
Business and Economic Development
report annually to the Governor and the
General Assembly:

(1) for the previous three fiscal years, the
status of fund disbursements for economic
development projects approved by the LPC;
and

(2) for the previous three fiscal years, the
status of job creation, capital investment,
and other measures of economic
development for each economic
development project approved by the LPC.

This report shall also include an explanation if
the job creation, capital investment, and
other measures of economic development

- 890 -

STATE RESERVE FUND

Ch. 13

1996 LAWS OF MARYLAND

203,679,317

30,000,000
25,000,000
30,000,000
27,000,000