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Statutes Text

Article - Housing and Community Development




§6–710.

    (a)    In this section, “Fund” means the National Capital Strategic Economic Development Fund.

    (b)    There is a National Capital Strategic Economic Development Fund.

    (c)    The purpose of the Fund is to provide financial assistance under the Program.

    (d)    The Department shall administer the Fund.

    (e)    (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.

    (f)    The Fund consists of:

        (1)    money appropriated in the State budget to the Fund;

        (2)    interest earnings of the Fund; and

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

    (g)    The Fund may be used only for providing financial assistance under the Program.

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

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

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

    (j)    (1)    For fiscal years 2021 through 2025, the Governor shall include in the annual operating budget an appropriation for the Fund in the amount of $200,000.

        (2)    For fiscal years 2021 through 2025, the Governor shall include in the annual operating or capital budget an appropriation for the Fund in the amount of $7,000,000.



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