EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXIS TING LAW.
[Brackets] indicate matter deleted from existing law.
*hb1095*
HOUSE BILL 1095
C8 2lr2283
CF SB 845
By: Delegate Buckel
Introduced and read first time: February 10, 2022
Assigned to: Ways and Means
A BILL ENTITLED
AN ACT concerning 1
Economic Development – Maryland Technology Development 2
Corporation – Rural Business Innovation Initiative Fund 3
FOR the purpose of establishing the Rural Business Innovation Initiative Fund in the 4
Maryland Technology Development Corporation as a special, nonlapsing fund to 5
provide assistance to start–up and small technology–based businesses in the rural 6
areas of the State; and generally relating to the Maryland Technology Development 7
Corporation and the Rural Business Innovation Initiative Fund. 8
BY adding to 9
Article – Economic Development 10
Section 10–487 to be under the amended part “Part X. Miscellaneous Funds” 11
Annotated Code of Maryland 12
(2018 Replacement Volume and 2021 Supplement) 13
BY repealing and reenacting, without amendments, 14
Article – State Finance and Procurement 15
Section 6–226(a)(2)(i) 16
Annotated Code of Maryland 17
(2021 Replacement Volume) 18
BY repealing and reenacting, with amendments, 19
Article – State Finance and Procurement 20
Section 6–226(a)(2)(ii)144. and 145. 21
Annotated Code of Maryland 22
(2021 Replacement Volume) 23
BY adding to 24
Article – State Finance and Procurement 25
Section 6–226(a)(2)(ii)146. 26
Annotated Code of Maryland 27 2 HOUSE BILL 1095
(2021 Replacement Volume) 1
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 2
That the Laws of Maryland read as follows: 3
Article – Economic Development 4
Part X. [Pre–Seed Builder Fund] MISCELLANEOUS FUNDS. 5
10–487. 6
(A) IN THIS SECTION, “FUND” MEANS THE RURAL BUSINESS INNOVATION 7
INITIATIVE FUND. 8
(B) THERE IS A RURAL BUSINESS INNOVATION INITIATIVE FUND IN THE 9
CORPORATION . 10
(C) THE PURPOSE OF THE FUND IS TO MAKE PRE –SEED INVESTMENTS IN 11
TECHNOLOGY –BASED BUSINESSES THA T MAINTAIN PRINCIPAL BUSINESS 12
OPERATIONS IN RURAL AREAS OR RURAL COMMU NITIES. 13
(D) THE CORPORATION SHALL MAN AGE AND SUPERVISE THE FUND. 14
(E) (1) THE FUND IS A SPECIAL, NONLAPSING REVOLVING FUND THAT IS 15
NOT SUBJECT TO REVER SION UNDER § 7–302 OF THE STATE FINANCE AND 16
PROCUREMENT ARTICLE. 17
(2) THE TREASURER SHALL HOLD THE FUND, AND THE 18
COMPTROLLER SHALL ACC OUNT FOR THE FUND. 19
(F) (1) FOR FISCAL YEAR 2024 AND EACH FISCAL YEAR THEREAFTER , 20
THE GOVERNOR SHALL INCLUD E IN THE ANNUAL BUDG ET BILL AN APPROPRIA TION 21
OF $500,000 TO THE FUND. 22
(2) MONEY APPROPRIATED TO THE FUND SHALL BE USED TO 23
SUPPLEMENT , NOT SUPPLANT , MONEY THAT THE FUND RECEIVES FROM OT HER 24
SOURCES. 25
(G) (1) THE TREASURER SHALL INVES T MONEY IN THE FUND IN THE 26
SAME MANNER AS OTHER STATE MONEY. 27
(2) ANY INVESTMENT EARNIN GS OF THE FUND SHALL BE CREDITE D 28
TO THE FUND. 29
HOUSE BILL 1095 3
Article – State Finance and Procurement 1
6–226. 2
(a) (2) (i) Notwithstanding any other provision of law, and unless 3
inconsistent with a federal law, grant agreement, or other federal requirement or with the 4
terms of a gift or settlement agreement, net interest on all State money allocated by the 5
State Treasurer under this section to special funds or accounts, and otherwise entitled to 6
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 7
Fund of the State. 8
(ii) The provisions of subparagraph (i) of this paragraph do not apply 9
to the following funds: 10
144. the Health Equity Resource Community Reserve Fund; 11
[and] 12
145. the Access to Counsel in Evictions Special Fund; AND 13
146. THE RURAL BUSINESS INNOVATION INITIATIVE 14
FUND. 15
SECTION 2. AND BE IT FURTHER ENACTED, That the Rural Business 16
Innovation Initiative Fund established under § 10–487 of the Economic Development 17
Article, as enacted by Section 1 of this Act, is the successor to the Rural Business Innovation 18
Initiative Fund established under Title 14, Subtitle 4, Chapter 4 of the Code of Maryland 19
Regulations. 20
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 21
1, 2022. 22