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H.B. 972 VETOES
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Business and Economic Development - Financing Programs Consolidation
Act of 2000
FOR the purpose of consolidating the Department of Business and Economic
Development's programs for financial assistance; repealing the Department's
capacity to provide assistance for commercial rehabilitation; repealing the
statute governing the Brownfields Revitalization Incentive Program within the
Department; altering the list enumerating the Department's financial
assistance programs; repealing the statute governing the Enterprise Zone
Venture Capital Guarantee Fund; exempting the disposition of real or personal
property acquired by the Department of Business and Economic Development in
transactions funded from a certain fund; repealing the statute governing the
Maryland Enterprise Incentive Deposit Program; repealing the Maryland
Industrial Land Act, with the exception of the section governing the Smart
Growth Economic Development Infrastructure Fund; repealing references to the
Maryland Industrial Land Act in the statute governing the Smart Growth
Economic Development Infrastructure Fund; expanding the purposes of the
Maryland Industrial Development Financing Authority (MIDFA) to include
encouraging the creation and expansion of day care facilities; altering the
composition of MIDFA; creating the Industrial Development Fund to replace
MIDFA's Bond Insurance Fund and Authorized Purpose Insurance Fund, the
Department's Day Care Facilities Loan Guarantee Fund, and the Maryland
Enterprise Incentive Deposit Fund; repealing provisions governing the
Maryland Seafood and Aquaculture Loan Fund; authorizing MIDFA to provide
financial assistance for energy conservation projects and energy projects;
repealing the requirement for local governmental approval for bonds issued by
MIDFA; creating a Linked Deposit Program to be administered by MIDFA;
authorizing MIDFA to accept certain investment instruments in connection with
its provision of financial assistance; authorizing the Department to make grants
and investments from the Maryland Economic Development Assistance Fund;
authorizing the Department to use funds from the Maryland Economic
Development Assistance Fund to provide financial assistance for redevelopment
of brownfields sites, creation and expansion of day care facilities, expansion or
. improvement of certain child care services, animal waste technology projects,
and aquaculture projects; specifying the dollar amount of the transactions that
may be approved by the Secretary of Business and Economic Development and
the Maryland Economic Development Assistance Authority; altering the terms
and conditions to be imposed on transactions from the Maryland Economic
Development Assistance Fund; repealing the termination of the Maryland
Economic Development Assistance Authority and Fund; repealing the statute
governing the Maryland Energy Financing Administration; repealing the
statute governing the Child Care Special Loan Fund; repealing the statute
governing the Maryland Workforce Training Fund; repealing the statute
governing the Animal Waste Technology Fund; correcting statutory cites to the
Brownfields Revitalization Incentive Program in the statute governing the
Maryland Department of the Environment; authorizing an executive committee
of the Legislative Policy Committee to approve the transfer of funds from the
Economic Development Opportunities Program ("Sunny Day") Fund for certain
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- 4644 -
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