(E) (D) (1) "WORKING CAPITAL" MEANS FUNDS TO BE USED FOR CURRENT
OPERATIONS OF A BUSINESS.

(2) "WORKING CAPITAL" INCLUDES FUNDS FOR SUPPLIES, MATERIALS,
LABOR, RENT, SOFTWARE, MARKETING, INSURANCE, AND FEES FOR PROFESSIONAL
SERVICES.

5-1302.

THE PURPOSE OF THE MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE
FUND IS TO EXPAND EMPLOYMENT OPPORTUNITIES IN THE STATE BY PROVIDING
BELOW MARKET LONG TERM FIXED RATE LOANS WITH FAVORABLE TERMS TO
BUSINESSES THAT ARE ENGAGED IN ELIGIBLE INDUSTRY SECTORS AND WISH TO
LOCATE OR EXPAND IN A PRIORITY FUNDING AREA.

5-1303.

(A) THERE IS A MARYLAND ECONOMIC DEVELOPMENT ASSISTANCE
AUTHORITY IN THE DEPARTMENT.

(B) THE AUTHORITY SHALL:

(1) EVALUATE REQUESTS FOR LOANS THAT HAVE BEEN FIRST
EVALUATED BY STAFF OF THE DEPARTMENT;

(2) DETERMINE WHETHER TO APPROVE LOAN REQUESTS; AND

(3) SET THE TERMS AND CONDITIONS FOR LOANS.

(C) THE AUTHORITY CONSISTS OF THE FOLLOWING NINE MEMBERS:

(1) SEVEN MEMBERS APPOINTED BY THE GOVERNOR WITH THE ADVICE
OF THE SECRETARY AND CONSENT OF THE SENATE: AND

(2) AS EX OFFICIO MEMBERS:

(I) THE SECRETARY OR THE SECRET ARTS DESIGNEE; AND

(II) THE SECRETARY OF THE DEPARTMENT OF TRANSPORTATION
OR THE SECRETARY'S DESIGNEE.

(D) THE MEMBERS OF THE AUTHORITY APPOINTED BY THE GOVERNOR SHALL
BE INDIVIDUALS WITH SUBSTANTIAL EXPERIENCE IN BUSINESS OR ECONOMIC
DEVELOPMENT AND SHALL REFLECT THE GEOGRAPHIC, RACIAL, ETHNIC, AND
GENDER MAKEUP OF THE STATE.

(E) (1) THE TERM OF AN APPOINTED MEMBER IS 3 YEARS.

(2) THE TERMS OF APPOINTED MEMBERS SHALL BE STAGGERED AS
REQUIRED BY THE TERMS PROVIDED FOR MEMBERS OF THE AUTHORITY ON JULY 1,
1999.

(3) AT THE END OF A TERM, AN APPOINTED MEMBER CONTINUES TO
SERVE UNTIL A SUCCESSOR IS APPOINTED AND QUALIFIES.