WILLIAM DONALD SCHAEFER, Governor                   Ch. 540

(3) "PRIVATE SECTOR ENTERPRISE" MEANS ANY COMMERCIAL,
INDUSTRIAL, EDUCATIONAL OR RESEARCH ORGANIZATION WHICH IS NOT A
PART OF OR CONTROLLED BY A FEDERAL, STATE, OR LOCAL GOVERNMENT
AGENCY.

(4) "EXECUTIVE AGENCY" MEANS AN EXECUTIVE DEPARTMENT
OR AGENCY IN THE EXECUTIVE BRANCH OF STATE GOVERNMENT, INCLUDING
ALL OFFICES OF THE EXECUTIVE DEPARTMENT OR AGENCY DIRECTLY
RESPONSIBLE TO THE GOVERNOR.

(B)  SUBJECT TO THE PROVISIONS OF THIS SECTION, THE ECONOMIC
DEVELOPMENT OPPORTUNITIES PROGRAM FUND IS ESTABLISHED TO MAXIMIZE
SIGNIFICANT EXTRAORDINARY ECONOMIC DEVELOPMENT OPPORTUNITIES.

(C)  THE GOVERNOR MAY PROVIDE AN APPROPRIATION IN THE BUDGET
BILL TO THE FUND FOR A SPECIFIC OR GENERAL PURPOSE OR PURPOSES.

(D)  AFTER NOTICE TO AND APPROVAL BY THE LEGISLATIVE POLICY
COMMITTEE, THE GOVERNOR MAY TRANSFER FUNDS BY BUDGET AMENDMENT
FROM THE ECONOMIC DEVELOPMENT OPPORTUNITIES PROGRAM FUND TO THE
EXPENDITURE ACCOUNT OF THE APPROPRIATE UNIT OF STATE GOVERNMENT
EXECUTIVE AGENCY.

(E)(1) THE FUND IS A CONTINUING, NONLAPSING FUND WHICH IS
NOT SUBJECT TO § 7-302 OF THIS SUBTITLE.

(2)  THE TREASURER SHALL SEPARATELY HOLD, AND THE
COMPTROLLER SHALL ACCOUNT FOR, THE FUND.

(3)  THE FUND SHALL BE INVESTED AND REINVESTED IN THE
SAME MANNER AS OTHER STATE FUNDS.

(4)  ANY INVESTMENT EARNINGS SHALL BE SUBJECT TO §
7-311(D) OF THIS SUBTITLE.

(F)(1) THE UNSPENT BALANCE OF AN APPROPRIATION TO THE FUND
REVERTS TO THE REVENUE STABILIZATION ACCOUNT 4 YEARS AFTER THE
END OF THE FISCAL YEAR FOR WHICH THE APPROPRIATION WAS MADE.

(F) (1) MONEYS APPROPRIATED OR CREDITED TO THE FUND DO NOT
REVERT TO THE REVENUE STABILIZATION ACCOUNT.------------------------------------------

(2) IF THE GOVERNOR DETERMINES THAT CERTAIN FUNDS IN
THE FUND ARE NO LONGER NEEDED FOR THE PURPOSE FOR WHICH THEY WERE
ORIGINALLY APPROPRIATED, THOSE FUNDS MAY BE TRANSFERRED BY BUDGET
AMENDMENT TO THE REVENUE STABILIZATION ACCOUNT.

(2) ANY PAYMENTS RECEIVED FROM THE REPAYMENT OF A

REPAYMENTS OF PRINCIPAL OR INTEREST ON ANY LOAN FROM THE FUND, AS

PROVIDED IN SUBSECTION (H) OF THIS SECTION, SHALL BE RETAINED TO
THE CREDIT OF THE FUND, AND SHALL BE CONSIDERED A NEW
APPROPRIATION TO THE FUND FOR PURPOSES OF THIS SUBSECTION.

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