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Statutes Text

Article - Economic Development


    (a)    There is a Maryland E–Nnovation Initiative Fund in the Department.

    (b)    The Secretary shall manage and supervise the Fund.

    (c)    (1)    The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.

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

    (d)    The Fund consists of:

        (1)    revenue distributed to the Fund under § 2–202(a)(1) of the Tax – General Article;

        (2)    money appropriated in the State budget to the Fund; and

        (3)    any other money from any other source accepted for the benefit of the Fund.

    (e)    For each of fiscal years 2016 through 2021, the Governor shall include in the budget bill an appropriation to the Fund in an amount that when combined with the amount estimated to be distributed to the Fund under subsection (d)(1) of this section equals at least $8,500,000.

    (f)    The Department may use the Fund to:

        (1)    finance research endowments at nonprofit institutions of higher education in scientific and technical fields of study; and

        (2)    pay the related administrative, legal, and actuarial expenses of the Department.

    (g)    (1)    The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.

        (2)    Any investment earnings of the Fund shall be credited to the Fund.

    (h)    Expenditures from the Fund may be made only in accordance with the State budget.