Article - Economic Development
(a) (1) There is a Maryland Energy Innovation Fund in the University System of Maryland.
(2) The Fund shall be used by the Institute and the Center.
(b) (1) The Institute:
(i) may use the Fund to:
1. carry out the purposes of this subtitle, including the purposes listed in § 10–834 of this subtitle;
2. purchase advisory services and technical assistance to better support economic development; and
3. pay the administrative, legal, and actuarial expenses of the Institute; and
(ii) shall use the Fund for the administrative and operating costs of the Center.
(2) The Center may use the Fund to:
(i) make a grant or a loan under this subtitle, at the rate of interest the Center sets;
(ii) provide equity investment financing for a business enterprise under this subtitle; and
(iii) guarantee a loan, an equity, an investment, or any other private financing to expand the capital resources of a business enterprise under this subtitle.
(c) The Institute shall manage and supervise the Fund.
(d) (1) The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 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.
(e) The Fund consists of:
(1) money appropriated by the State to the Fund;
(2) money contributed to the Fund through federal programs or private entities;
(3) repayment of principal of a loan made from the Fund;
(4) payment of interest on a loan made from the Fund;
(5) proceeds from the sale, disposition, lease, or rental by the Center of collateral related to financing that the Center provides from the Fund;
(6) premiums, fees, royalties, interest, repayments of principal, and returns on investments paid to the Center by or on behalf of:
(i) a business enterprise in which the Center has made an investment from the Fund; or
(ii) an investor providing an investment guaranteed by the Center from the Fund;
(7) recovery of an investment made by the Center in a business enterprise from the Fund, including an arrangement under which the Center’s investment in the business enterprise is recovered through:
(i) a requirement that the Fund receive a proportion of cash flow, commission, royalty, or payment on a patent; or
(ii) the repurchase from the Center of any evidence of indebtedness or other financial participation made from the Fund, including a note, stock, bond, or debenture;
(8) repayment of a conditional grant extended by the Center from the Fund; and
(9) any other money made available to the Institute for the Fund.
(f) (1) The State Treasurer shall invest the money in the same manner as other State money may be invested.
(2) Any interest earnings of the Fund shall be credited to the Fund.
(g) Money expended from the Fund under this subtitle is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for the Center, the Institute, or any part of the University System of Maryland.