ROBERT L. EHRLICH, JR., Governor

Ch. 203

(f)      (1) Moneys appropriated or credited to the [Fund] ACCOUNT do not
revert to the Revenue Stabilization [Fund] ACCOUNT.

(2)     Except as provided in paragraph (3) of this subsection, repayments of
principal or interest on any loan from the [Fund] ACCOUNT shall be retained to the
credit of the [Fund] ACCOUNT.

(3)     Repayments of principal or interest on any loan made from moneys
transferred from the [Fund] ACCOUNT to a second continuing, nonlapsing fund may
be retained to the credit of the second fund.

(g)     (1) The Department of Business and Economic Development 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:

(ii) for the previous 3 fiscal years, the status of [Fund] ACCOUNT
disbursements for economic development projects approved by the Legislative Policy
Committee under this section; and

(h) (1) Except as provided in paragraph (2) of this subsection and in
subsection (i) of this section, any funds transferred from the Economic Development
Opportunities Program [Fund] ACCOUNT shall be used only for extraordinary
economic development opportunities that:

(i) meet the criteria provided in this section;

(ii) include performance requirements; and

(iii) in addition to the performance requirements under item (ii) of
this subsection, include a performance requirement that utilizes a claw-back
provision.

(2) The [Fund] ACCOUNT may pay an executive agency for
administrative, legal, or actuarial expenses incurred by the agency in connection with
transactions funded by transfers of moneys to the agency from the [Fund] ACCOUNT.

(k) Subject to the provisions of this subtitle, funds transferred from the
Economic Development Opportunities Program [Fund] ACCOUNT, to an executive
agency, may be loaned, granted, or invested for:

(1)     assisting in the retention or expansion of existing private sector
enterprises, public or private institutions, or federal research and development
institutes;

(2)     assisting in the establishment or attraction of private sector
enterprises, public or private institutions, or federal research and development
institutes new to this State; or

(3)     providing assistance where existing State or local programs lack
sufficient resources or are constrained by timing or program design from being
utilized.

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