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Statutes Text

Article - Economic Development


    (a)    There is a Cybersecurity Investment Fund.

    (b)    The purpose of the Fund is to:

        (1)    provide seed and early–stage funding for emerging technology companies located in the State focused on cybersecurity and cybersecurity technology product development;

        (2)    maximize Corporation investments by supporting funded emerging technology companies to enable corporate growth and to obtain third–party downstream funding for commercialization; and

        (3)    leverage Corporation investments in early–stage cybersecurity companies by taking advantage of economic development opportunities throughout the State.

    (c)    The Corporation shall administer the Fund.

    (d)    The Fund consists of:

        (1)    appropriations as provided in the State budget;

        (2)    money made available to the Fund through federal programs or private contributions;

        (3)    repayment of capital or principal or payment of interest on any debt or equity investments from the Fund;

        (4)    investment earnings of the Fund; and

        (5)    any other money accepted by the Corporation for the Fund.

    (e)    The Corporation may use the Fund to:

        (1)    carry out the purposes of the Fund related to the commercialization of cybersecurity research and cybersecurity technology product development in accordance with the terms of this part; and

        (2)    pay the costs necessary to implement this part and to administer the Fund.

    (f)    (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.

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

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