Article - Economic Development
(a) There is a Senator George C. Edwards Fund.
(b) The purpose of the Fund is to provide grant or loan funding to capital infrastructure projects and business development projects that improve the economic conditions in the region.
(c) The Council shall administer the Fund.
(d) (1) The Fund consists of:
(i) appropriations as provided in the State budget;
(ii) interest or other income earned on the investment of money in the Fund; and
(iii) any other money accepted for the benefit of the Fund.
(2) In each of fiscal years 2024 through 2026, the Governor shall include in the annual operating or capital budget bill an appropriation of at least $10,000,000 to the Fund.
(e) Money in the Fund may be used only to:
(1) award grants and provide loans to capital infrastructure projects and business development projects to improve the economic conditions in the region; and
(2) pay the costs necessary to administer the Fund, including paying the salary of the Executive Director.
(f) (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 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.