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H.B. 972
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VETOES
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(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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- 4686 -
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