Martin O'Malley, Governor

Ch. 4

(ii) on a properly approved transmittal prepared by
the board of public works. issue a warrant to pay out money from
the Account in the manner provided under this section.

(4)     The Account is a special, nonlapsing fund that is not
subject to § 7-302 of the state finance and procurement article.

(5)     Expenditures from the account shall only be made
on a properly approved transmittal prepared by the board of public
Works as provided under subsection (c) of this section.

(c)     (1) in this subsection. "eligible fund manager" means an
entity that has significant financial or investment experience.
under criteria developed by the board of public works.

(2)     subject to the provisions of paragraph (3) of this
subsection. the board of public works shall make grants to eligible
fund managers to provide investment capital and loans to small.
minority. and women-owned businesses in the state.

(3)     The Board of Public Works shall ensure that
eligible fund managers allocate at least 50% of the funds from this
Account to small, minority, and women-owned businesses in the
jurisdictions and communities surrounding a video lottery facility.

(d)     fund managers receiving grants under this section shall:

(1)     keep proper records of funds and accounts:

(2)     provide an annual report to the governor and. in
accordance with § 2-1246 of this article. the general assembly on
investment capital and loans made pursuant to subsection (c) of this
section: and

(3)     be subject to audit by the office of legislative
audits of the department of legislative services.

(e)     Each fiscal year the Legislative Auditor shall audit and
evaluate the utilization of the funds that are allocated to small.
minority. and women-owned businesses by eligible fund managers
under subsection (c)(3) of this section.

9-1A-36.

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