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ROBERT L. EHRLICH, JR., Governor Ch. 228
(iii) [$500,000] $1,000,000 for a technology-based business OR
OTHER BUSINESS.
(3) (i) The Authority shall find that there is a reasonable probability
that the Authority will recover its initial investment and an adequate return on
investment.
(ii) The Authority's investment shall be recoverable within:
1. 7 years of the equity participation financing in a franchise;
2. 7 years of the equity participation financing in an
enterprise acquiring an existing business; [or]
3. 10 years of the equity participation financing in a
technology-based business; OR
4. 7 YEARS OF THE EQUITY PARTICIPATION FINANCING IN
ANY OTHER TYPE OF BUSINESS.
(4) The Authority's recovery shall be the greater of the current value of
the percentage of the equity investment in the enterprise or the amount of the initial
investment in the enterprise.
(5) The value of the business entity at the time of recovery shall be
determined after obtaining at least 1 independent appraisal of the value from an
appraiser selected from a list of at least 3 appraisers supplied by the Authority.
PART DC. MISCELLANEOUS RECEIPTS PAYABLE.
5-1049.
(A) NOTWITHSTANDING § 5-502(B) OF THIS TITLE OR ANY OTHER LAW, THE
FOLLOWING MONEY SHALL BE PAYABLE INTO THE FUNDS UNDER THIS SUBTITLE:
(1) ANY RECOVERY OF INVESTMENTS MADE UNDER § 5-503 OF THIS
TITLE THAT WERE FUNDED BY A TRANSFER OF MONEY FROM THE FUNDS UNDER
THIS SUBTITLE TO THE ENTERPRISE FUND, INCLUDING AN INVESTMENT IN MMG
VENTURES LLP; AND
(2) ANY REPAYMENT OF A GRANT MADE UNDER § 5-503 OF THIS TITLE
THAT WAS FUNDED BY A TRANSFER OF MONEY FROM THE FUNDS UNDER THIS
SUBTITLE TO THE ENTERPRISE FUND.
(B) THE AUTHORITY SHALL DETERMINE THE PROPORTION OF THE RECOVERY
OR REPAYMENT PAYABLE UNDER SUBSECTION (A) OF THIS SECTION THAT SHALL BE
DEPOSITED INTO EACH OF THE FUNDS UNDER THIS SUBTITLE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2005.
Approved April 26, 2005.
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