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Session Laws, 2000
Volume 797, Page 1816   View pdf image
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Ch. 305
2000 LAWS OF MARYLAND
(2) FINANCIAL ASSISTANCE FROM THE FUND EXCEEDING $2,500,000
SHALL BE APPROVED BY THE AUTHORITY. (I) THE DEPARTMENT SHALL PERIODICALLY REVIEW ITS PORTFOLIO IN AN
EFFORT TO ENSURE EQUITABLE FUNDS DISTRIBUTION AMONG MARYLAND'S
COUNTIES. [(f)] (J) The Department shall report to the Governor and, subject to § 2-1246
of the State Government Article, to the General Assembly before January 1 of each
year on the number, amount, use, and economic benefits of [loans] FINANCIAL
ASSISTANCE awarded under this subtitle. 5-1406. (A) FOR A PROJECT THAT THE DEPARTMENT OR THE AUTHORITY
DETERMINES TO BE A SIGNIFICANT STRATEGIC ECONOMIC DEVELOPMENT
OPPORTUNITY, THE DEPARTMENT OR THE AUTHORITY MAY PROVIDE A LOAN FROM
THE FUND TO AN INDIVIDUAL, A PRIVATE BUSINESS, A NOT FOR PROFIT ENTITY, OR
THE MARYLAND ECONOMIC DEVELOPMENT CORPORATION IN AN AMOUNT NOT
EXCEEDING $10,000,000. (B) FOR A PROJECT THAT THE DEPARTMENT OR THE AUTHORITY
DETERMINES TO BE A LOCAL ECONOMIC DEVELOPMENT OPPORTUNITY, THE
DEPARTMENT OR THE AUTHORITY MAY PROVIDE FINANCIAL ASSISTANCE FROM THE
FUND TO AN INDIVIDUAL, A PRIVATE BUSINESS, A NOT FOR PROFIT ENTITY, OR THE
MARYLAND ECONOMIC DEVELOPMENT CORPORATION IN THE FOLLOWING
AMOUNTS: (1) IF A LOAN OR INVESTMENT, AN AMOUNT NOT EXCEEDING $5,000,000; AND (2) IF A GRANT, AN AMOUNT NOT EXCEEDING $2,000,000. (C) (1) FINANCIAL ASSISTANCE PROVIDED TO A LOCAL GOVERNMENT TO
FINANCE A PROJECT MAY BE IN THE FORM OF A GRANT, LOAN, OR INVESTMENT AND
MAY BE FOR AN AMOUNT NOT EXCEEDING $3,000,000. (2) A GRANT TO A LOCAL ECONOMIC DEVELOPMENT FUND IS SUBJECT
TO THE REQUIREMENTS SET FORTH IN § 5-1407 OF THIS SUBTITLE. (D) FINANCIAL ASSISTANCE PROVIDED FOR A SPECIALIZED ECONOMIC
DEVELOPMENT OPPORTUNITY MAY BE: (1) PROVIDED TO AN INDIVIDUAL, PRIVATE BUSINESS, NOT FOR PROFIT
ENTITY, OR LOCAL GOVERNMENT; (2) IN THE FORM OF A GRANT, LOAN, OR INVESTMENT; AND (3) IN AN AMOUNT DETERMINED BY THE DEPARTMENT OR THE
AUTHORITY.
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Session Laws, 2000
Volume 797, Page 1816   View pdf image
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