Ch. 497                                    1996 LAWS OF MARYLAND

(I) the financial status of the program and a summary of its operations
for the preceding fiscal year;

(II) FOR THE PREVIOUS 3 FISCAL YEARS, THE STATUS OF FUND
DISBURSEMENTS FOR ECONOMIC DEVELOPMENT PROJECTS APPROVED BY THE
LEGISLATIVE POLICY COMMITTEE UNDER THIS SECTION; AND

(III) FOR THE PREVIOUS 3 FISCAL YEARS, THE STATUS OF JOB
CREATION, CAPITAL INVESTMENT, AND OTHER MEASURES OF ECONOMIC
DEVELOPMENT FOR EACH ECONOMIC DEVELOPMENT PROJECT APPROVED BY THE
LEGISLATIVE POLICY COMMITTEE UNDER THIS SECTION.

(2) IF THE JOB CREATION, CAPITAL INVESTMENT, AND OTHER
MEASURES OF ECONOMIC DEVELOPMENT DESCRIBED IN PARAGRAPH (2) (1) OF THIS
SUBSECTION ARE LOWER THAN NEGOTIATED ACCORDING TO SUBSECTION (H)(1) OF
THIS SECTION, THE REPORT SHALL CONTAIN AN EXPLANATION.

(3) UPON RECEIPT OF THE REPORT, THE LEGISLATIVE POLICY COMMITTEE
SHALL HAVE 60 DAYS TO REVIEW AND COMMENT ON THE REPORT, DURING WHICH TIME
THE DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT SHALL PROVIDE ANY
ADDITIONAL INFORMATION REGARDING THIS FUND AS REQUESTED BY THE
LEGISLATIVE POLICY COMMITTEE.

(h) Any EXCEPT AS PROVIDED IN SUBSECTION (I) OF THIS SECTION ANY funds
transferred from the Economic Development Opportunities Program Fund shall be used
only for extraordinary economic development opportunities that:

(1)  . meet the criteria provided in this section; AND

(2)     INCLUDE PERFORMANCE REQUIREMENTS.; AND

(3) IN ADDITION TO THE PERFORMANCE REQUIREMENTS UNDER
PARAGRAPH (2) OF THIS SUBSECTION, INCLUDE A PERFORMANCE REQUIREMENT THAT
UTILIZES A CLAWBACK PROVISION.

(I) THE LEGISLATIVE POLICY COMMITTEE MAY APPROVE AN ECONOMIC
DEVELOPMENT OPPORTUNITY THAT IS NOT AN EXTRAORDINARY ECONOMIC
DEVELOPMENT OPPORTUNITY IF THE EXECUTIVE AGENCY REQUESTING THE TRANSFER
OF FUNDS OFFERS A DETAILED JUSTIFICATION FOR THE EXCEPTION.

(J) (1) THE DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT SHALL
SUBMIT TO THE LEGISLATIVE POLICY COMMITTEE BY JULY I OF EACH YEAR A LIST OF
GUIDELINES FOR THE KINDS OF PERFORMANCE REQUIREMENTS THAT MAY BE
NEGOTIATED WITH A LOAN OR GRANT APPLICANT.

(2) THE DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT MAY
MODIFY THESE GUIDELINES AS NEEDED, UPON APPROVAL OF THE LEGISLATIVE POLICY
COMMITTEE

(3) AN EXECUTIVE AGENCY MAY DEPART FROM THESE GUIDELINES AS
NEEDED, UPON APPROVAL OF THE LEGISLATIVE POLICY COMMITTEE

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