EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*hb0911*
HOUSE BILL 911
C8 3lr1546
CF 3lr2940
By: Delegates Vogel, Barve, and Qi
Introduced and read first time: February 9, 2023
Assigned to: Appropriations
A BILL ENTITLED
AN ACT concerning 1
Maryland Clean Energy Center – Climate Technology Founder’s Fund 2
– Establishment 3
FOR the purpose of establishing the Climate Technology Founder’s Fund in the Maryland 4
Clean Energy Center; requiring interest earnings of the Fund to be credited to the 5
Fund; and generally relating to the Climate Technology Founder’s Fund within the 6
Maryland Clean Energy Center. 7
BY renumbering 8
Article – Economic Development 9
Section 10–858 and the part “Part VI. Short Title” 10
to be Section 10–862 and the part “Part VII. Short Title” 11
Annotated Code of Maryland 12
(2018 Replacement Volume and 2022 Supplement) 13
BY repealing and reenacting, without amendments, 14
Article – Economic Development 15
Section 10–801(a), (d), and (f) 16
Annotated Code of Maryland 17
(2018 Replacement Volume and 2022 Supplement) 18
BY adding to 19
Article – Economic Development 20
Section 10–858 and 10–859 to be under the new part “Part VI. Climate 21
Technology Founder’s Fund” 22
Annotated Code of Maryland 23
(2018 Replacement Volume and 2022 Supplement) 24
BY repealing and reenacting, without amendments, 25
Article – State Finance and Procurement 26
Section 6–226(a)(2)(i) 27 2 HOUSE BILL 911
Annotated Code of Maryland 1
(2021 Replacement Volume and 2022 Supplement) 2
BY repealing and reenacting, with amendments, 3
Article – State Finance and Procurement 4
Section 6–226(a)(2)(ii)170. and 171. 5
Annotated Code of Maryland 6
(2021 Replacement Volume and 2022 Supplement) 7
BY adding to 8
Article – State Finance and Procurement 9
Section 6–226(a)(2)(ii)172. 10
Annotated Code of Maryland 11
(2021 Replacement Volume and 2022 Supplement) 12
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
That Section(s) 10–858 and the part “Part VI. Short Title” of Article – Economic 14
Development of the Annotated Code of Maryland be renumbered to be Section(s) 10–862 15
and the part “Part VII. Short Title”. 16
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 17
as follows: 18
Article – Economic Development 19
10–801. 20
(a) In this subtitle the following words have the meanings indicated. 21
(d) “Board” means the Board of Directors of the Center. 22
(f) “Center” means the Maryland Clean Energy Center. 23
PART VI. CLIMATE TECHNOLOGY FOUNDER’S FUND. 24
10–858. 25
(A) IN THIS PART THE FOLLOWING WORDS HAVE THE MEANINGS 26
INDICATED. 27
(B) “CLIMATE TECHNOLOGY ” INCLUDES: 28
(1) SOLAR ENERGY ; 29
(2) WIND ENERGY ; 30
HOUSE BILL 911 3
(3) ENERGY STORAGE DEVIC ES; 1
(4) GRID MODERNIZATION ; 2
(5) CARBON CAPTURE UTILI ZATION AND STORAGE ; AND 3
(6) ANY OTHER TECHNOLOGY DEFINED BY THE CENTER THAT: 4
(I) REDUCES GREENHOUSE G AS EMISSIONS; 5
(II) MITIGATES THE IMPACT S OF CLIMATE CHANGE ; OR 6
(III) PROVIDES A NEGATIVE EMISSION BENEFIT IN THE 7
ELECTRIC, OIL, OR GAS SECTOR . 8
(C) “FUND” MEANS THE CLIMATE TECHNOLOGY FOUNDER’S FUND. 9
(D) “QUALIFIED PROJECT ” MEANS A PROJECT RELATED TO CLIMATE 10
TECHNOLOGY . 11
10–859. 12
(A) THERE IS A CLIMATE TECHNOLOGY FOUNDER’S FUND. 13
(B) THE PURPOSE OF THE FUND IS TO PROVIDE EARLY–STAGE FUNDING 14
FOR START–UP COMPANIES FOCUSED ON QUALIFIED PROJECTS IN CLIMATE 15
TECHNOLOG IES. 16
(C) (1) THE CENTER SHALL ADMINISTER THE FUND. 17
(2) THE CENTER SHALL ESTABLIS H A FUND OVERSIGHT 18
COMMITTEE, APPOINTED BY THE BOARD, TO MANAGE THE FUND. 19
(D) THE FUND CONSISTS OF: 20
(1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; 21
(2) MONEY MADE AVAILABLE TO THE FUND THROUGH PRIVATE 22
CONTRIBUTIONS AND FEDERAL GRANTS O R PROGRAMS ; 23
(3) PROCEEDS FROM THE SA LE, DISPOSITION, LEASE, OR RENTAL OF 24
COLLATERAL RELATED T O FINANCING MADE FROM THE FUND; 25
4 HOUSE BILL 911
(4) REPAYMENT OF FINANCING MADE FR OM THE FUND; 1
(5) RETURNS FROM OR RECO VERY OF ANY FINANCIN G MADE FROM 2
THE FUND; 3
(6) PROCEEDS FROM THE SA LE OF ANY FINANCING MADE OR ASSETS 4
ACQUIRED WITH PROCEE DS FROM THE FUND; 5
(7) INTEREST EARNINGS ON MONEY IN THE FUND; AND 6
(8) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 7
THE BENEFIT OF THE FUND. 8
(E) (1) THE FUND MAY BE USED ONLY TO: 9
(I) EVALUATE AND COORDIN ATE FINANCING FOR QU ALIFIED 10
PROJECTS RELATED TO THE PURPOSE OF THE FUND; 11
(II) PROVIDE FINANCING TO QUALIFIED PROJECTS ; 12
(III) SECURE PRIVATE INVES TMENT CAPITAL FOR FI NANCING OF 13
QUALIFIED PROJECTS ; AND 14
(IV) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION , 15
ADMINISTER THE FUND AND THE ACTIVITIES OF THE CENTER IN CARRYING OU T 16
THIS PART. 17
(2) NOT MORE THAN 10% OF THE FUND BALANCE MAY BE USED FOR 18
ADMINISTRATIVE PURPO SES. 19
(F) (1) EXPENDITURES FROM THE FUND MAY BE MADE ONLY WITH 20
APPROVAL OF THE FUND OVERSIGHT COMMITTEE. 21
(2) A RECIPIENT OF FINANCI AL ASSISTANCE UNDER THIS SECTION 22
SHALL PROVIDE MATCHING FUNDS FOR T HE QUALIFIED PROJECT EQUAL TO THE 23
AMOUNT OF FINANCIAL ASSISTANCE AWARDED FROM THE FUND. 24
(G) ON OR BEFORE OCTOBER 1 EACH YEAR, THE CENTER SHALL REPORT 25
TO THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE 26
GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY ON THE USE OF THE FUND AND 27
OUTCOMES OF INVESTME NTS MADE FROM THE FUND. 28
(H) FOR FISCAL YEAR 2025, THE GOVERNOR SHALL INCLUD E IN THE 29 HOUSE BILL 911 5
ANNUAL BUDGET BILL A N APPROPRIATION OF $500,000 TO THE FUND. 1
10–860. RESERVED. 2
10–861. RESERVED. 3
Article – State Finance and Procurement 4
6–226. 5
(a) (2) (i) Notwithstanding any other provision of law, and unless 6
inconsistent with a federal law, grant agreement, or other federal requirement or with the 7
terms of a gift or settlement agreement, net interest on all State money allocated by the 8
State Treasurer under this section to special funds or accounts, and otherwise entitled to 9
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 10
Fund of the State. 11
(ii) The provisions of subparagraph (i) of this paragraph do not apply 12
to the following funds: 13
170. the Cannabis Public Health Fund; [and] 14
171. the Community Reinvestment and Repair Fund; AND 15
172. THE CLIMATE TECHNOLOGY FOUNDER’S FUND. 16
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 17
1, 2023. 18