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Statutes Text

Article - Economic Development


    (a)    There is a Maryland Stem Cell Research Fund.

    (b)    The purpose of the Fund is to promote State–funded stem cell research and cures through grants and loans to public and private entities in the State.

    (c)    The Corporation shall administer the Fund.

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

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

    (e)    The Fund consists of:

        (1)    appropriations as provided in the State budget; and

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

    (f)    Money in the Fund may only be used to:

        (1)    award grants and loans for State–funded stem cell research, in accordance with the recommendations of the Commission;

        (2)    award grants and loans for facilities, capital leases, and capital equipment where State–funded stem cell research is conducted, in accordance with the recommendations of the Commission; and

        (3)    pay the costs necessary to administer the Fund.

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

        (2)    Any investment earnings shall be paid into the Fund.

    (h)    (1)    The Governor may include in the State budget bill each fiscal year an appropriation to the Fund.

        (2)    Expenditures from the Fund may only be made in accordance with an appropriation approved by the General Assembly in the State budget or by an approved budget amendment.