§ 10-4C-05
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/md/economic-development/10-4c-05A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–4C–05. IN EFFECT
// EFFECTIVE UNTIL SEPTEMBER 30, 2028 PER CHAPTER 322 OF 2022 //
(a)There is a Maryland Makerspace Initiative Fund in the Corporation.
(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.
(c)The Fund consists of:
(1)appropriations as provided in the State budget;
(2)repayments of loans made through the Program;
(3)any interest earnings of the Fund; and
(4)any other money from any other source accepted for the benefit of the Fund.
(d)The Executive Director of the Corporation, or the Executive Director’s designee, shall administer the Fund in accordance with this part and any other applicable law.
(e)The Fund shall be used to cover the following costs of the Program:
(1)administrative costs not exceeding $100,000 in each fiscal year;
(2)reimbursement for technical assistance and mentoring provided by existing makerspaces; and
(3)any financial assistance that is awarded to eligible recipients in accordance with § 10–4C–04 of this subtitle.
(f)For each of fiscal years 2024 through 2028, the Governor shall include in the annual budget bill an appropriation of at least $1,000,000 to the Fund.
(1)The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2)Any investment earnings of the Fund shall be credited to the Fund.
(h)The Office of Legislative Audits shall audit the accounts and transactions of the Fund as provided in § 2–1220 of the State Government Article.