5-719.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2) "FUND" MEANS THE SMART GROWTH ECONOMIC DEVELOPMENT
INFRASTRUCTURE FUND ESTABLISHED UNDER SUBSECTION (B) OF THIS SECTION.

(3) "QUALIFIED DISTRESSED COUNTY" MEANS A COUNTY, INCLUDING
BALTIMORE CITY:,

(I) THAT HAS DEVELOPED IN CONSULTATION WITH THE
MUNICIPAL CORPORATIONS LOCATED WITHIN THE COUNTY AND SUBMITTED TO THE
SECRETARY A LOCAL STRATEGIC PLAN FOR ECONOMIC DEVELOPMENT THAT HAS
BEEN APPROVED BY THE SECRETARY; AND AND:

(II) (I) FOR WHICH THE AVERAGE RATE OF UNEMPLOYMENT FOR
THE MOST RECENT 18-MONTH PERIOD FOR WHICH DATA ARE AVAILABLE IS
GREATER THAN 150% OF THE AVERAGE RATE OF UNEMPLOYMENT FOR THE ENTIRE
' STATE DURING THAT SAME PERIOD; OR

(II) FOR WHICH THE AVERAGE PER CAPITA PERSONAL INCOME FOR
THE MOST RECENT 24-MONTH PERIOD FOR WHICH DATA ARE AVAILABLE IS EQUAL
TO OR LESS THAN 67% OF THE AVERAGE PERSONAL PER CAPITA INCOME FOR THE
ENTIRE STATE DURING THAT SAME PERIOD.

(B) (1) THERE IS A SMART GROWTH ECONOMIC DEVELOPMENT
INFRASTRUCTURE FUND.

(2) THE FUND CONSISTS OF:

(I) APPROPRIATIONS TO THE FUND;
(II) ANY INVESTMENT EARNINGS OF THE FUND;

(III) MONEYS RECEIVED IN PAYMENT OF INTEREST AND
REPAYMENT OF PRINCIPAL FOR LOANS PROVIDED FROM THE FUND; AND

(IV) MONEYS MADE AVAILABLE TO THE FUND FROM ANY OTHER

SOURCE.

(3) THE FUND SHALL BE ADMINISTERED BY THE SECRETARY AND
SHALL BE USED EXCLUSIVELY FOR THE PURPOSE OF MAKING LOANS PROVIDING
FINANCIAL ASSISTANCE IN THE MANNER PROVIDED UNDER SUBSECTION (C) OF THIS
SECTION TO QUALIFYING QUALIFIED DISTRESSED COUNTIES, OR TO THE MARYLAND
ECONOMIC DEVELOPMENT CORPORATION FOR PROJECTS LOCATED IN QUALIFYING
QUALIFIED DISTRESSED COUNTIES. UNDER THIS SECTION.

(4) THE SECRETARY MAY NOT TRANSFER FUNDS FROM THE FUND TO
ANY OF THE VARIOUS ACCOUNTS WITHIN THE DEPARTMENT OR SUBJECT TO ITS
CONTROL.