HARRY HUGHES, Governor                              2627

ENTERPRISE ZONE IS DESIGNATED PURSUANT TO § 266KK-2 MAY
BENEFIT FROM THE INCENTIVES AND INITIATIVES SET FORTH IN
THIS SECTION, PROVIDED (1) THAT THE BUSINESS ENTITY MEETS
THE REQUIREMENTS AND CONDITIONS OF THE CODE SECTION
APPLICABLE TO EACH INCENTIVE OR INITIATIVE, (2) THAT THE
BUSINESS ENTITY WILL CREATE NEW OR ADDITIONAL JOBS, AND (3)
THAT THE BUSINESS ENTITY COMPLIES WITH THE STANDARDS
SUBMITTED BY THE POLITICAL SUBDIVISION UNDER § 266KK~2(C).
ANY BUSINESS ENTITY LOCATED WITHIN AN ENTERPRISE ZONE BEFORE
THE DATE ON WHICH THE ENTERPRISE ZONE IS DESIGNATED PURSUANT
TO § 266KK-2 MAY NOT BENEFIT FROM THE INCENTIVES AND
INITIATIVES SET FORTH IN THIS SECTION EXCEPT WITH RESPECT TO
ANY CAPITAL INVESTMENT OR ANY EXPANSION OF ITS LABOR FORCE
OCCURRING AFTER THE DATE ON WHICH THE ENTERPRISE ZONE IS
DESIGNATED.

(C) THE EXCEPT AS PROVIDED IN SECTIONS 12G-11 AND 291A
OF ARTICLE 81, THE INCENTIVES AND INITIATIVES SET FORTH IN
THIS SECTION SHALL BE AVAILABLE FOR A PERIOD OF 10 YEARS
FOLLOWING THE DATE ON WHICH THE AREA IS DESIGNATED AN
ENTERPRISE ZONE PURSUANT TO § 266KK-2. NO LAW HEREINAFTER
ENACTED THAT ELIMINATES OR REDUCES THE BENEFITS AVAILABLE TO
BUSINESS ENTITIES UNDER THIS SECTION SHALL BE APPLICABLE TO
ANY BUSINESS ENTITY LOCATED IN AN ENTERPRISE ZONE PRIOR TO
THE EFFECTIVE DATE OF SUCH LAW.

266KK-5. ENTERPRISE ZONE VENTURE CAPITAL GUARANTEE FUND.

(A)  THERE IS AN ENTERPRISE ZONE VENTURE CAPITAL
GUARANTEE FUND.

(B)  THE FUND IS A CONTINUING, NONLAPSING, REVOLVING
FUND THAT CONSISTS OF:

(1)  MONEYS APPROPRIATED BY THE STATE TO THE
FUND;

(2)  PREMIUMS AND FEES RECEIVED FROM LOANS
GUARANTEED BY THE FUND;

(3)  PROCEEDS FROM THE SALE, LEASE, RENTAL, OR
OTHER DISPOSAL OF PROPERTY, GOODS, OR OTHER COLLATERAL HELD
OR ACQUIRED BY THE DEPARTMENT FUND TO SECURE THE REPAYMENT
OF A LOAN INSURED UNDER THIS SECTION; AND

(4)  INCOME FROM INVESTMENTS THAT THE STATE
TREASURER, ON INSTRUCTION OF THE DEPARTMENT, MAKES FOR THE
FUND.

(C)  THE DEPARTMENT SHALL MANAGE AND SUPERVISE, THE
STATE TREASURER SHALL HOLD, AND THE STATE COMPTROLLER SHALL
ACCOUNT FOR THE FUND.

(D)  THE FUND SHALL BE INVESTED AND REINVESTED IN THE
SAME MANNER AS OTHER STATE FUNDS AND ANY INVESTMENT EARNINGS