Maryland 2023 Regular Session

Maryland Senate Bill SB433 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXIS TING LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	sb0433
6	6
7	7	SENATE BILL 433
8	8	C8, M2 3lr2077
9	9
10	10	By: Senator Klausmeier
11	11	Introduced and read first time: February 2, 2023
12	12	Assigned to: Finance and Budget and Taxation
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Economic Development – Woman– and Minority–Owned Shellfish Aquaculture 2
19	19	Enterprise Fund 3
20	20
21	21	FOR the purpose of establishing the Woman– and Minority–Owned Shellfish Aquaculture 4
22	22	Enterprise Fund as a special, nonlapsing fund to assist woman– and minority–owned 5
23	23	businesses entering into or expanding in the shellfish aquaculture industry; 6
24	24	requiring the Maryland Agricultural and Resource–Based Industry Development 7
25	25	Corporation to develop partnerships with certain entities to facilitate the award of 8
26	26	loans from the Fund and identify potential loan recipients; requiring interest 9
27	27	earnings of the Fund to be credited to the Fund; and generally relating to the 10
28	28	Woman– and Minority–Owned Shellfish Aquaculture Enterprise Fund. 11
29	29
30	30	BY adding to 12
31	31	Article – Economic Development 13
32	32	Section 10–526.1 14
33	33	Annotated Code of Maryland 15
34	34	(2018 Replacement Volume and 2022 Supplement) 16
35	35
36	36	BY repealing and reenacting, without amendments, 17
37	37	Article – State Finance and Procurement 18
38	38	Section 6–226(a)(2)(i) 19
39	39	Annotated Code of Maryland 20
40	40	(2021 Replacement Volume and 2022 Supplement) 21
41	41
42	42	BY repealing and reenacting, with amendments, 22
43	43	Article – State Finance and Procurement 23
44	44	Section 6–226(a)(2)(ii)170. and 171. 24
45	45	Annotated Code of Maryland 25
46	46	(2021 Replacement Volume and 2022 Supplement) 26
47	47
48	48	BY adding to 27 2 SENATE BILL 433
49	49
50	50
51	51	Article – State Finance and Procurement 1
52	52	Section 6–226(a)(2)(ii)172. 2
53	53	Annotated Code of Maryland 3
54	54	(2021 Replacement Volume and 2022 Supplement) 4
55	55
56	56	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 5
57	57	That the Laws of Maryland read as follows: 6
58	58
59	59	Article – Economic Development 7
60	60
61	61	10–526.1. 8
62	62
63	63	(A) (1) IN THIS SECTION THE F OLLOWING WORDS HAVE THE MEANINGS 9
64	64	INDICATED. 10
65	65
66	66	(2) “FUND” MEANS THE WOMAN– AND MINORITY–OWNED 11
67	67	SHELLFISH AQUACULTURE ENTERPRISE FUND. 12
68	68
69	69	(3) “SHELLFISH AQUACULTURE ENTERPRISE PROJECT ” MEANS A 13
70	70	PROJECT TO ESTABLISH OR EXPAND A SHELLFISH AQUACULT URE BUSINESS THAT 14
71	71	MEETS THE CRITERIA ESTABLI SHED BY THE CORPORATION . 15
72	72
73	73	(B) THERE IS A WOMAN– AND MINORITY–OWNED SHELLFISH 16
74	74	AQUACULTURE ENTERPRISE FUND. 17
75	75
76	76	(C) THE PURPOSE OF THE FUND IS TO ASSIST WOMAN – AND 18
77	77	MINORITY–OWNED BUSINESSES ENTERING INTO OR EXPANDING IN THE SHELLFISH 19
78	78	AQUACULTURE INDUSTRY . 20
79	79
80	80	(D) THE CORPORATION SHALL ADMINISTER THE FUND. 21
81	81
82	82	(E) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 22
83	83	SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 23
84	84
85	85	(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 24
86	86	AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 25
87	87
88	88	(F) THE FUND CONSISTS OF : 26
89	89
90	90	(1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; 27
91	91
92	92	(2) INTEREST EARNINGS ; AND 28
93	93	SENATE BILL 433 3
94	94
95	95
96	96	(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 1
97	97	THE BENEFIT OF THE FUND. 2
98	98
99	99	(G) (1) THE FUND MAY BE USED ONLY FOR: 3
100	100
101	101	(I) PROVIDING NO –INTEREST LOANS NOT E XCEEDING $50,000 4
102	102	EACH TO FINANCE THE COSTS OF ELIGIBLE SH ELLFISH AQUACULTURE ENTERPRISE 5
103	103	PROJECTS FOR WOMAN – AND MINORITY–OWNED BUSINESSES IN ACCORDANCE WITH 6
104	104	THIS SECTION, INCLUDING: 7
105	105
106	106	1. AQUACULTURE LEASE AP PLICATION ASS ISTANCE; 8
107	107
108	108	2. ASSISTANCE WITH THE OPERATING OR CAPITAL 9
109	109	EXPENSES OF THE AQUA CULTURE BUSINESS ; AND 10
110	110
111	111	3. TRAINING TO SUPPORT PARTICIPATION IN THE 11
112	112	AQUACULTURE INDUSTRY ; AND 12
113	113
114	114	(II) ADMINISTRATIVE EXPEN SES RELATED TO THE FUND. 13
115	115
116	116	(2) A BUSINESS IS ELIGIBLE TO RECEI VE FINANCING FROM TH E FUND 14
117	117	IF THE BUSINESS: 15
118	118
119	119	(I) IS OWNED BY A WOMAN OR MINORIT Y WHO HAS A TOTAL 16
120	120	PERSONAL NET WORTH N OT EXCEEDING $1,700,000; 17
121	121
122	122	(II) DEMONSTRATES TO THE SATISFACTION OF THE 18
123	123	CORPORATION THROUGH A BUSINESS PLAN OR FIN ANCIAL PROJECTIONS T HAT, 19
124	124	WITHIN 5 YEARS AFTER RECEIVIN G FINANCING FROM THE FUND, THE SHELLFISH 20
125	125	AQUACULTURE PORTION OF THE BUSINESS WILL HAVE T HE POTENTIAL TO ACHIEVE 21
126	126	VIABILITY; 22
127	127
128	128	(III) AGREES TO THE FINANCING TERM S AND CONDITIONS 23
129	129	ESTABLISHED BY THE CORPORATION ; AND 24
130	130
131	131	(IV) MEETS ANY OTHER ELIGIBILITY REQUIREM ENTS 25
132	132	ESTABLISHED BY THE CORPORATION . 26
133	133
134	134	(3) TO FACILITATE THE AWA RD OF LOANS FROM THE FUND AND 27
135	135	IDENTIFY POTENTIAL L OAN RECIPIENTS , THE CORPORATION SHALL DEVELOP 28
136	136	PARTNERSHIPS WITH : 29
137	137	4 SENATE BILL 433
138	138
139	139
140	140	(I) TRADITIONAL MINORITY –SERVING INSTITUTION S IN THE 1
141	141	STATE AND SURROUNDING JURISDICTIONS, INCLUDING HISTORICALLY BLACK 2
142	142	COLLEGES AND UNIVERSITIES; 3
143	143
144	144	(II) TRADE ASSOCIATIONS RE PRESENTING WOMAN– AND 4
145	145	MINORITY–OWNED BUSINESSES ; 5
146	146
147	147	(III) TRADE ASSOCIATIONS RE PRESENTING THE AQUAC ULTURE 6
148	148	INDUSTRY; AND 7
149	149
150	150	(IV) THE GOVERNOR’S OFFICE OF SMALL, MINORITY, AND 8
151	151	WOMEN BUSINESS AFFAIRS. 9
152	152
153	153	(H) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 10
154	154	IN THE SAME MANNER A S OTHER STATE MONEY MAY BE INVESTED . 11
155	155
156	156	(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 12
157	157	THE FUND. 13
158	158
159	159	(I) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 14
160	160	WITH THE STATE BUDGET . 15
161	161
162	162	(J) FOR FISCAL YEAR 2025, THE GOVERNOR SHALL INCLUD E IN THE 16
163	163	ANNUAL BUDGET BILL AN APPROPRIATION OF $1,000,000 TO THE FUND. 17
164	164
165	165	Article – State Finance and Procurement 18
166	166
167	167	6–226. 19
168	168
169	169	(a) (2) (i) Notwithstanding any other provision of law, and unless 20
170	170	inconsistent with a federal law, grant agreement, or other federal requirement or with the 21
171	171	terms of a gift or settlement agreement, net interest on all State money allocated by the 22
172	172	State Treasurer under this section to special funds or accounts, and otherwise entitled to 23
173	173	receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 24
174	174	Fund of the State. 25
175	175
176	176	(ii) The provisions of subparagraph (i) of this paragraph do not apply 26
177	177	to the following funds: 27
178	178
179	179	170. the Cannabis Public Health Fund; [and] 28
180	180
181	181	171. the Community Reinvestment and Repair Fund; AND 29
182	182	SENATE BILL 433 5
183	183
184	184
185	185	172. THE WOMAN– AND MINORITY–OWNED SHELLFISH 1
186	186	AQUACULTURE ENTERPRISE FUND. 2
187	187
188	188	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 3
189	189	October 1, 2023. 4