Ch. 311

LAWS OF MARYLAND

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.

(d) Except as provided in Article 81, § 291A of the Code
and § 9-103 of the Tax - Property Article, 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 § [12-302] 5-302. 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.

[12-305.] 5-305.

(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 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 shall be
paid into the Fund. If moneys derived by borrowings by the State
are deposited in the Fund, then such moneys shall be invested and
reinvested in compliance with any applicable federal treasury
regulations governing the borrowings of money by the State.

(e)  The Fund shall be used to insure loans approved by the
Department under the provisions of this subtitle.

(f)  The Fund may insure upon such terms as the Secretary
may prescribe any loan which is eligible for insurance under the
provisions of this subtitle. Premiums and fees shall be
established by the Secretary for the insurance in an amount

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