Ch. 691

1994 LAWS OF MARYLAND

[(h)](J) "Working capital" means funds used to [pay for the current operations
of a business, including, without limitation, supplies, materials, labor, or equipment;
"working capital" does not include funds used to refinance existing obligations] MEET
THE CASH NEEDS OF AN OPERATING BUSINESS ENTITY, EXCLUDING CAPITAL
PURCHASES.

13-208.                                                                                                                                         

(a)      [The Authority, with the approval of the Secretary, shall appoint an executive
director, who is the chief administrative officer and secretary of the Authority.]

(1)      THE EXECUTIVE DIRECTOR IS THE CHIEF ADMINISTRATIVE
OFFICER OF THE AUTHORITY.

(2)      THE AUTHORITY, WITH THE APPROVAL OF THE SECRETARY, MAY:

(I)       APPOINT THE EXECUTIVE DIRECTOR; OR

(II)     CONTRACT WITH A PRIVATE ENTITY TO PERFORM THE DUTIES
OF THE EXECUTIVE DIRECTOR.

(b)     The executive director serves at the pleasure of the Authority, but may not be
removed without the concurrence of the Secretary.

(c)      In addition to any other duties set forth in this subtitle, the executive director
shall:

(1)      Direct and supervise the administrative affairs and technical activities of
the Authority in accordance with its rules, regulations, and policies;

(2)      Attend all meetings of the Authority;

(3)      Keep minutes of all proceedings of the Authority;

(4)     Approve all accounts, for salaries, per diem payments, and allowable
expenses of the Authority and its employees and consultants and approve all expenses
incidental to the operation of the Authority; and

(5)      Perform any other duty that the Authority or the Secretary requires for
carrying out the provisions of this subtitle.

13-211.

(A)     The Authority exercises its powers and performs its duties subject to the
authority of the Secretary.

(B)      (1) THE DEPARTMENT MAY CONTRACT FOR AND ENGAGE THE
SERVICES OF SOME OR ALL OF THE AUTHORITY STAFF, WHO SHALL HAVE
ORGANIZED THEMSELVES AS A PRIVATE MARYLAND CORPORATION, TO
ADMINISTER THE PROGRAMS OF THE MARYLAND SMALL BUSINESS DEVELOPMENT
FINANCING AUTHORITY FOR A PERIOD OF 3 YEARS.

(2) THE DEPARTMENT HAS THE OPTION TO RENEW THIS CONTRACT
FOR 2 YEARS.

- 3090 -