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Ch. 540 LAWS OF MARYLAND
(G) THE DEPARTMENT OF ECONOMIC AND EMPLOYMENT DEVELOPMENT
SHALL REPORT TO THE GOVERNOR AND, SUBJECT TO § 2-1312 OF THE
STATE GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY BEFORE JANUARY
1 OF EACH YEAR THE FINANCIAL STATUS OF THE PROGRAM AND A SUMMARY
OF ITS OPERATIONS FOR THE PRECEDING FISCAL YEAR.
(G) (H) ANY FUNDS TRANSFERRED FROM THE ECONOMIC
DEVELOPMENT OPPORTUNITIES PROGRAM FUND SHALL BE USED ONLY FOR
EXTRAORDINARY ECONOMIC DEVELOPMENT OPPORTUNITIES THAT MEET THE
CRITERIA PROVIDED IN THIS SECTION.
(H) (I) SUBJECT TO THE PROVISIONS OF THIS SUBTITLE, FUNDS
TRANSFERRED FROM THE ECONOMIC DEVELOPMENT OPPORTUNITIES PROGRAM
FUND, TO AN APPROPRIATE UNIT OF STATE GOVERNMENT EXECUTIVE
AGENCY, MAY BE LOANED OR GRANTED FOR:
(1) ASSISTING IN THE RETENTION OR EXPANSION OF
EXISTING PRIVATE SECTOR ENTERPRISES, PUBLIC OR PRIVATE
INSTITUTIONS, OR FEDERAL RESEARCH AND DEVELOPMENT INSTITUTES;
(2) ASSISTING IN THE ESTABLISHMENT OR ATTRACTION OF
PRIVATE SECTOR ENTERPRISES, PUBLIC OR PRIVATE INSTITUTIONS, OR
FEDERAL RESEARCH AND DEVELOPMENT INSTITUTES NEW TO THIS STATE; OR
(3) PROVIDING ASSISTANCE WHERE EXISTING STATE OR
LOCAL PROGRAMS LACK SUFFICIENT RESOURCES OR ARE CONSTRAINED BY
TIMING OR PROGRAM DESIGN FROM BEING UTILIZED; OR
(4) PROMOTING ECONOMIC DEVELOPMENT IN THIS STATE.
UTILIZED.
(I) (J) UPON REQUEST FOR APPROVAL FOR THE TRANSFER OF FUNDS
BY BUDGET AMENDMENT FROM THE FUND, THE GOVERNOR SHALL PROVIDE TO
THE LEGISLATIVE POLICY COMMITTEE:
(1) A DETAILED DESCRIPTION OF:
(I) THE PROPOSED USE OF THE FUNDS;
(II) THE MANNER IN WHICH THE PROPOSED USE MEETS
THE CRITERIA AS SET FORTH IN THIS SECTION;
(III) THE DEGREE TO WHICH THE PROPOSED USE OF
FUNDS WILL ADVANCE STATEWIDE OR LOCAL ECONOMIC DEVELOPMENT
STRATEGIES AND OBJECTIVES; AND
(IV) THE DEGREE TO WHICH AVAILABLE SOURCES OF
FEDERAL, STATE, LOCAL, AND PRIVATE FINANCIAL SUPPORT HAS BEEN
SOUGHT AND WILL BE UTILIZED;
(2) THE TERMS AND CONDITIONS OF ANY GRANT OR LOAN FOR
WHICH THE FUNDS ARE TO BE USED;
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