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PARRIS N. GLENDENING, Governor
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Ch. 305
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Procurement Article, the Department may use moneys appropriated for grants to
provide equity investment financing for a business enterprise.
(2) In providing equity investment financing under this [subsection]
SUBTITLE, the Department may not acquire an ownership interest in the enterprise
in which the equity investment is made that exceeds 25 percent.
(3) The Department shall divest itself from any enterprise in which an
equity investment is made under this [subsection] SUBTITLE within 15 years after
making the investment.
(4) The liability of the State and of the Department in providing equity
investment financing under this [subsection] SUBTITLE is limited to its investments
under this [subsection] SUBTITLE.
(5) The Department shall adopt regulations specifying:
(i) The types of business enterprises in which investments may be
made under this [subsection] SUBTITLE and the basic standards an enterprise is
required to meet to qualify for investments under this [subsection] SUBTITLE; and
(ii) The amount of funds available for investments under this
[subsection] SUBTITLE and the criteria upon which investment decisions will be
made by the Department.
5-502.
(a) There is an Enterprise Fund in the Department established as a
nonlapsing, revolving special fund managed and supervised by the Secretary.
(b) The Fund may consist of any of the following:
(1) Moneys appropriated by the State to the Fund;
(2) Moneys made available to the Fund through appropriate federal
programs or private contributions;
(3) Income from investments that the State Treasurer makes from
moneys in the Fund;
(4) Repayments of principal and interest from loans made from the
Fund;
(5) Proceeds from the sale, disposition, lease or rental by the
Department of collateral related to any financing provided by the Department under
this [section] SUBTITLE;
(6) Premiums, fees, royalties, and repayments of principal, interest and
investment paid to the Department by or on behalf of a business enterprise in which
the Department has made an equity investment, or by or on behalf of an investor
providing an investment guaranteed by the Department under this [section]
SUBTITLE;
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- 1781 -
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