Ch. 203                                    2003 LAWS OF MARYLAND

(i) Funds of the [Fund] ACCOUNT may only be transferred from the [Fund]
ACCOUNT as provided in this section and are not subject to transfer by budget
amendment,

(j) (1) Except as provided in paragraph (2) of this subsection, for fiscal year
2004 and for each subsequent fiscal year, the Governor shall include in the budget bill
an appropriation to the [Fund] ACCOUNT equal to the amount by which the
unappropriated General Fund surplus as of June 30 of the second preceding fiscal
year exceeds $10,000,000.

(2) The appropriation required under this subsection for any fiscal year
may be reduced by the amount of any appropriation to the [Fund] ACCOUNT required
to be included for that fiscal year under subsection (e) of this section.

7-314.

(a)     (1) In this section the following words have the meanings indicated.

(2)     ["Fund"] "ACCOUNT" means the Economic Development
Opportunities Program [Fund] ACCOUNT.

(3)     (i) "Performance requirement" means a contractual agreement
between an executive agency and fa Fund] AN ACCOUNT recipient that requires the
[Fund] ACCOUNT recipient to meet minimum economic development outcomes in
exchange for a grant or a loan under this section.

(b)     Subject to the provisions of this section, the Economic Development
Opportunities Program [Fund] ACCOUNT is established to maximize extraordinary
economic development opportunities.

(c)      The Governor may provide an appropriation in the budget bill to the
[Fund] ACCOUNT for a specific or general purpose or purposes.

(d)     After notice to and approval by the Legislative Policy Committee, the
Governor may transfer funds by budget amendment from the Economic Development
Opportunities Program [Fund] ACCOUNT to the expenditure account of the
appropriate executive agency.

(e)     (1) The [Fund] ACCOUNT is a continuing, nonlapsing fund which is not
subject to § 7-302 of this subtitle.

(2)     The Treasurer shall separately hold, and the Comptroller shall
account for, the [Fund] ACCOUNT.

(3)     The [Fund] ACCOUNT shall be invested and reinvested in the same
manner as other State funds.

(4)     Except as provided in paragraph (5) of this subsection, any
investment earnings shall be subject to § 7-311(d) of this subtitle.

(5)     Any investment earnings on moneys transferred from the [Fund]
ACCOUNT to a second continuing, nonlapsing fund may be retained to the credit of the
second fund.

- 1796 -