3476                                        LAWS OF MARYLAND                                    Ch. 745

(C) THE BOARD OF ESTIMATES IN ITS SOLE AND ABSOLUTE
DISCRETION MAY:

(1) DELEGATE TO AN ECONOMIC DEVELOPMENT AGENCY THE
FULL RESPONSIBILITY AND DISCRETION TO ADMINISTER THE PROGRAM AND
TO HOLD, MANAGE, SUPERVISE AND ACCOUNT FOR THE FUND ON BEHALF OF
THE CITY; OR

(2) CREATE A LOCAL AUTHORITY TO ADMINISTER THE
PROGRAM AND TO HOLD, MANAGE, SUPERVISE AND ACCOUNT FOR THE FUND
ON BEHALF OF THE CITY AND GRANT IT SUCH POWERS AND DUTIES AS THE
BOARD OF ESTIMATES DEEMS NECESSARY OR CONVENIENT CONSISTENT WITH
THE CONDITIONS, LIMITATIONS AND PURPOSES OF THIS SUBTITLE.

(D) THE FUNDS SHALL BE A CONTINUING, NON-LAPSING, REVOLVING
FUND THAT CONSISTS OF:

(1) MONEYS APPROPRIATED BY THE CITY;

(2) ANY DIVIDENDS, PROFITS, ROYALTIES OR OTHER
EARNINGS RECEIVED AS A RESULT OF ANY EQUITY INVESTMENT MADE
PURSUANT TO THIS SUBTITLE;

(3) ANY REPAYMENT OF PRINCIPAL OF AND INTEREST ON A
LOAN MADE PURSUANT TO THIS SUBTITLE;

(4) PREMIUMS AND FEES RECEIVED FROM LOANS MADE OR
GUARANTEED PURSUANT TO THIS SUBTITLE;

(5) PROCEEDS FROM THE SALE, LEASE, RENTAL OR OTHER
DISPOSAL OF PROPERTY, GOODS OR OTHER COLLATERAL HELD OR ACQUIRED
BY THE CITY TO SECURE THE REPAYMENT OF A LOAN MADE OR GUARANTEED
PURSUANT TO THIS SUBTITLE; AND

(6) MONEYS FROM ANY SOURCE TO EFFECT THE PURPOSES OF
THIS SUBTITLE, INCLUDING, WITHOUT LIMITATION, ANY FEDERAL OR
PRIVATE GRANT; AND

(6)(7) INVESTMENT EARNINGS ON THE FUND.

(E) (1) THE FUND SHALL BE SEGREGATED FROM OTHER FUNDS OF
THE CITY.

(2) THE FUND SHALL BE INVESTED AND REINVESTED IN THE
SAME MANNER AS OTHER FUNDS OF THE CITY. ANY INVESTMENT EARNINGS
ON THE FUND (INCLUDING, WITHOUT LIMITATION, DIVIDENDS, PROFITS,
ROYALTIES OR OTHER EARNINGS RECEIVED AS A RESULT OF EQUITY
INVESTMENTS MADE BY THE FUND, INTEREST ON LOANS MADE FROM THE
FUND AND PREMIUMS AND FEES RECEIVED FROM LOANS GUARANTEED BY THE
FUND) TO THE EXTENT NOT EXPENDED OR OBLIGATED WITHIN ANY FISCAL
YEAR PURSUANT TO THIS SUBTITLE SHALL BE PAID INTO THE GENERAL
FUND OF THE CITY.

(F)  THE CITY SHALL USE THE FUND EXCLUSIVELY: