HARRY HUGHES, Governor                                     3475

(I) "WORKING CAPITAL" MEANS WORKING CAPITAL AS DETERMINED
IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.

27-2.

(A) THE GENERAL ASSEMBLY FINDS THAT THERE IS A CRITICAL
NEED IN THE CITY FOR VENTURE CAPITAL TO ASSIST IN THE
ESTABLISHMENT AND GROWTH OF ENTERPRISES IN ORDER TO PROMOTE THE
EXPANSION, STABILITY, AND DIVERSIFICATION OF THE CITY'S
INDUSTRIAL AND COMMERCIAL BASE AND THE EXPANSION OF EMPLOYMENT
OPPORTUNITIES IN THE CITY.

(B) THE PURPOSE OF THIS SUBTITLE IS TO ESTABLISH A PROGRAM
THROUGH WHICH THE CITY MAY COMMIT LIMITED AMOUNTS OF PUBLIC FUNDS
NOT TO EXCEED $3,000,000, FOR THE ESTABLISHMENT AND GROWTH OF
ENTERPRISES THROUGH EQUITY INVESTMENT, LOANS AND LOAN GUARANTIES
TO ENTERPRISES MEETING THE CRITERIA ESTABLISHED IN THIS SUBTITLE
IN ORDER TO CREATE A BUSINESS ENVIRONMENT IN THE CITY WHICH WILL
ATTRACT VENTURE CAPITAL FROM PRIVATE SOURCES. IT IS THE
INTENTION AND PURPOSE OF THE GENERAL ASSEMBLY TO CREATE AN
ENTERPRISE DEVELOPMENT PROGRAM THAT WILL PROMOTE A PARTNERSHIP
BETWEEN THE PUBLIC AND PRIVATE SECTORS FOR THE ESSENTIAL PUBLIC
PURPOSE OF CREATING NEW AND BETTER EMPLOYMENT OPPORTUNITIES AND
ENHANCING THE LONG-TERM ECONOMIC WELL-BEING AND GENERAL WELFARE
OF THE RESIDENTS OF THE CITY.

(C) IT IS THE INTENTION OF THE GENERAL ASSEMBLY THAT THE
CITY SHALL HAVE COMPLETE AND ABSOLUTE DISCRETION TO DETERMINE THE
ENTERPRISES THAT WILL RECEIVE THE BENEFIT OF THE FINANCIAL
ASSISTANCE CONTEMPLATED AND AUTHORIZED BY THIS SUBTITLE.

(D) THIS SUBTITLE SHALL BE BROADLY CONSTRUED TO EFFECT ITS
PURPOSES.

27-3.

THE FINANCING, DEVELOPMENT, OPERATION AND ADMINISTRATION OF
ANY ENTERPRISE FINANCIALLY ASSISTED PURSUANT TO THIS SUBTITLE ARE
SUBJECT TO THE PROVISIONS OF ARTICLE 49B OF THE ANNOTATED CODE OF
MARYLAND THAT CONCERN DISCRIMINATION AND UNLAWFUL PRACTICES.

27-4.

ANY FINDING OR DETERMINATION BY OR ON BEHALF OF THE CITY AS
TO THE IMPLEMENTATION OF THIS SUBTITLE IS CONCLUSIVE.

27-5.

(A) IN ORDER TO ACCOMPLISH THE LEGISLATIVE PURPOSES OF THIS
SUBTITLE, THE CITY MAY IMPLEMENT THE PROGRAM AND ESTABLISH THE
FUND.

(B) THE PROGRAM SHALL BE ADMINISTERED AND THE FUND SHALL BE
HELD, MANAGED, SUPERVISED, AND ACCOUNTED FOR BY OR AT THE
DIRECTION OF THE BOARD OF ESTIMATES.