MD
Maryland Senate Bill SB549

Maryland 2023 Regular Session

Maryland Senate Bill SB549 Compare Versions

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1- WES MOORE, Governor Ch. 431
21
3-– 1 –
4-Chapter 431
5-(Senate Bill 549)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXIS TING LAW.
4+ [Brackets] indicate matter deleted from existing law.
5+ Underlining indicates amendments to bill.
6+ Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7+amendment.
8+ *sb0549*
89
9-Economic Development – Build Our Future Grant Pilot Program and Fund
10-(Innovation Economy Infrastructure Act of 2023)
10+SENATE BILL 549
11+C8 3lr0126
12+ CF HB 552
13+By: The President (By Request – Administration) and Senators Augustine, Beidle,
14+Benson, Carozza, Carter, Elfreth, Ellis, Feldman, Gile, Hester, Hettleman,
15+Jackson, James, King, Klausmeier, Muse, Sydnor, Waldstreicher, Watson,
16+and West West, Bailey, Corderman, Guzzone, Jennings, McCray, Rosapepe,
17+Salling, and Zucker
18+Introduced and read first time: February 6, 2023
19+Assigned to: Budget and Taxation
20+Committee Report: Favorable with amendments
21+Senate action: Adopted
22+Read second time: March 11, 2023
1123
12-FOR the purpose of establishing the Build Our Future Grant Pilot Program in the
13-Department of Commerce to provide funding for certain costs for infrastructure
14-projects in eligible technology sectors; requiring certain grantees to provide matching
15-funds and to demonstrate certain abilities; establishing the Build Our Future Grant
16-Fund as a special, nonlapsing fund; and generally relating to the Build Our Future
17-Grant Pilot Program and Fund.
24+CHAPTER ______
1825
19-BY repealing and reenacting, with amendments,
20- Article – Economic Development
21-Section 5–102
22- Annotated Code of Maryland
23- (2018 Replacement Volume and 2022 Supplement)
26+AN ACT concerning 1
2427
25-BY adding to
26- Article – Economic Development
27-Section 5–2301 through 5–2307 to be under the new subtitle “Subtitle 23. Build Our
28-Future Grant Pilot Program”
29- Annotated Code of Maryland
30- (2018 Replacement Volume and 2022 Supplement)
28+Economic Development – Build Our Future Grant Pilot Program and Fund 2
29+(Innovation Economy Infrastructure Act of 2023) 3
3130
32-BY repealing and reenacting, without amendments,
33- Article – State Finance and Procurement
34-Section 6–226(a)(2)(i)
35- Annotated Code of Maryland
36- (2021 Replacement Volume and 2022 Supplement)
31+FOR the purpose of establishing the Build Our Future Grant Pilot Program in the 4
32+Department of Commerce to provide funding for certain costs for infrastructure 5
33+projects in eligible technology sectors; requiring certain grantees to provide matching 6
34+funds and to demonstrate certain abilities; establishing the Build Our Future Grant 7
35+Fund as a special, nonlapsing fund; and generally relating to the Build Our Future 8
36+Grant Pilot Program and Fund. 9
3737
38-BY repealing and reenacting, with amendments,
39- Article – State Finance and Procurement
40-Section 6–226(a)(2)(ii)170. and 171.
41- Annotated Code of Maryland
42- (2021 Replacement Volume and 2022 Supplement)
38+BY repealing and reenacting, with amendments, 10
39+ Article – Economic Development 11
40+Section 5–102 12
41+ Annotated Code of Maryland 13
42+ (2018 Replacement Volume and 2022 Supplement) 14
4343
44-BY adding to
45- Article – State Finance and Procurement
46-Section 6–226(a)(2)(ii)172.
47- Annotated Code of Maryland
48- (2021 Replacement Volume and 2022 Supplement)
49- Ch. 431 2023 LAWS OF MARYLAND
44+BY adding to 15
45+ Article – Economic Development 16
46+Section 5–2301 through 5–2307 to be under the new subtitle “Subtitle 23. Build Our 17
47+Future Grant Pilot Program” 18
48+ Annotated Code of Maryland 19 2 SENATE BILL 549
5049
51-– 2 –
52- SECTION 1. AND BE IT ENACTED BY THE GENERAL ASSEMBLY OF
53-MARYLAND, That the Laws of Maryland read as follows:
5450
55-Article – Economic Development
51+ (2018 Replacement Volume and 2022 Supplement) 1
5652
57-5–102.
53+BY repealing and reenacting, without amendments, 2
54+ Article – State Finance and Procurement 3
55+Section 6–226(a)(2)(i) 4
56+ Annotated Code of Maryland 5
57+ (2021 Replacement Volume and 2022 Supplement) 6
5858
59- The Department shall administer the State’s economic development and financial
60-assistance programs and funds including:
59+BY repealing and reenacting, with amendments, 7
60+ Article – State Finance and Procurement 8
61+Section 6–226(a)(2)(ii)170. and 171. 9
62+ Annotated Code of Maryland 10
63+ (2021 Replacement Volume and 2022 Supplement) 11
6164
62- (1) the BRAC Revitalization and Incentive Zone Program, under Subtitle
63-13 of this title;
65+BY adding to 12
66+ Article – State Finance and Procurement 13
67+Section 6–226(a)(2)(ii)172. 14
68+ Annotated Code of Maryland 15
69+ (2021 Replacement Volume and 2022 Supplement) 16
6470
65- (2) THE BUILD OUR FUTURE GRANT PILOT PROGRAM, UNDER
66-SUBTITLE 23 OF THIS TITLE;
71+ SECTION 1. AND BE IT ENACTED BY THE GENERAL ASSEMBLY OF 17
72+MARYLAND, That the Laws of Maryland read as follows: 18
6773
68- (3) the Enterprise Fund, under Subtitle 6 of this title;
74+Article – Economic Development 19
6975
70- [(3)] (4) the Enterprise Zones Program, under Subtitle 7 of this title;
76+5–102. 20
7177
72- [(4)] (5) the Make Office Vacancies Extinct Program, under Subtitle 15 of
73-this title;
78+ The Department shall administer the State’s economic development and financial 21
79+assistance programs and funds including: 22
7480
75- [(5)] (6) the Maryland Economic Adjustment Fund, under Subtitle 2 of
76-this title;
81+ (1) the BRAC Revitalization and Incentive Zone Program, under Subtitle 23
82+13 of this title; 24
7783
78- [(6)] (7) the Maryland Economic Development Assistance Authority and
79-Fund, under Subtitle 3 of this title;
84+ (2) THE BUILD OUR FUTURE GRANT PILOT PROGRAM, UNDER 25
85+SUBTITLE 23 OF THIS TITLE; 26
8086
81- [(7)] (8) the Maryland Industrial Development Financing Authority,
82-under Subtitle 4 of this title;
87+ (3) the Enterprise Fund, under Subtitle 6 of this title; 27
8388
84- [(8)] (9) the Maryland Small Business Development Financing Authority,
85-under Subtitle 5 of this title;
89+ [(3)] (4) the Enterprise Zones Program, under Subtitle 7 of this title; 28
8690
87- [(9)] (10) the Appalachian Regional Development Program, under Title 13,
88-Subtitle 1 of this article;
91+ [(4)] (5) the Make Office Vacancies Extinct Program, under Subtitle 15 of 29
92+this title; 30
8993
90- [(10)] (11) jointly with the Department of Housing and Community
91-Development, the Community Development Block Grant for Economic Development;
94+ [(5)] (6) the Maryland Economic Adjustment Fund, under Subtitle 2 of 31
95+this title; 32
96+ SENATE BILL 549 3
9297
93- [(11)] (12) the Regional Institution Strategic Enterprise Zone Program
94-under Subtitle 14 of this title; and
95- WES MOORE, Governor Ch. 431
9698
97-– 3 –
98- [(12)] (13) any other programs or funds designated by statute, the
99-Governor, or the Secretary.
99+ [(6)] (7) the Maryland Economic Development Assistance Authority and 1
100+Fund, under Subtitle 3 of this title; 2
100101
101-SUBTITLE 23. BUILD OUR FUTURE GRANT PILOT PROGRAM.
102+ [(7)] (8) the Maryland Industrial Development Financing Authority, 3
103+under Subtitle 4 of this title; 4
102104
103-5–2301.
105+ [(8)] (9) the Maryland Small Business Development Financing Authority, 5
106+under Subtitle 5 of this title; 6
104107
105- (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
106-INDICATED.
108+ [(9)] (10) the Appalachian Regional Development Program, under Title 13, 7
109+Subtitle 1 of this article; 8
107110
108- (B) “FUND” MEANS THE BUILD OUR FUTURE GRANT FUND.
111+ [(10)] (11) jointly with the Department of Housing and Community 9
112+Development, the Community Development Block Grant for Economic Development; 10
109113
110- (C) “PROGRAM” MEANS THE BUILD OUR FUTURE GRANT PILOT PROGRAM.
114+ [(11)] (12) the Regional Institution Strategic Enterprise Zone Program 11
115+under Subtitle 14 of this title; and 12
111116
112-5–2302.
117+ [(12)] (13) any other programs or funds designated by statute, the 13
118+Governor, or the Secretary. 14
113119
114- (A) THERE IS A BUILD OUR FUTURE GRANT PILOT PROGRAM IN THE
115-DEPARTMENT .
120+SUBTITLE 23. BUILD OUR FUTURE GRANT PILOT PROGRAM. 15
116121
117- (B) THE PURPOSE OF THE PROGRAM IS TO PROVIDE GRANT FUNDING FOR
118-INFRASTRUCTURE PROJE CTS INTENDED TO SUPP ORT INNOVATION IN AN ELIGIBLE
119-TECHNOLOGY SECTOR .
122+5–2301. 16
120123
121- (C) GRANTS MAY BE AWARDED TO PRIVATE COMPANIES , NONPROFIT
122-ENTITIES, LOCAL GOVERNMENTS , OR COLLEGES AND UNIV ERSITIES IN THE STATE.
124+ (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 17
125+INDICATED. 18
123126
124- (D) THE DEPARTMENT SHALL ADMI NISTER THE PROGRAM.
127+ (B) “FUND” MEANS THE BUILD OUR FUTURE GRANT FUND. 19
125128
126-5–2303.
129+ (C) “PROGRAM” MEANS THE BUILD OUR FUTURE GRANT PILOT PROGRAM. 20
127130
128- (A) TO CARRY OUT THE PURP OSE OF THE PROGRAM, THE DEPARTMENT
129-MAY AWARD GRANTS IN ACCORDANCE WITH THIS SUBTITLE TO APPROVED
130-RECIPIENTS CARRYING OUT INFRASTRUCTURE P ROJECTS INTENDED TO SUPPORT
131-INNOVATION IN ANY OF THE FOLLOWING ELIGIBLE TECHNOLOGY SECTORS:
131+5–2302. 21
132132
133- (1) ADVANCED MANUFACTURI NG;
133+ (A) THERE IS A BUILD OUR FUTURE GRANT PILOT PROGRAM IN THE 22
134+DEPARTMENT . 23
134135
135- (2) AEROSPACE;
136+ (B) THE PURPOSE OF THE PROGRAM IS TO PROVIDE GRANT FUNDING FOR 24
137+INFRASTRUCTURE PROJE CTS INTENDED TO SUPP ORT INNOVATION IN AN ELIGIBLE 25
138+TECHNOLOGY SECTOR . 26
136139
137- (3) AGRICULTURE ;
140+ (C) GRANTS MAY BE AWARDED TO PRIVATE COMPANIES , NONPROFIT 27
141+ENTITIES, LOCAL GOVERNMENTS , OR COLLEGES AND UNIV ERSITIES IN THE STATE. 28
138142
139- (4) ARTIFICIAL INTELLIGE NCE;
143+ (D) THE DEPARTMENT SHALL ADMI NISTER THE PROGRAM. 29 4 SENATE BILL 549
140144
141- (5) BIOTECHNOLOGY ; Ch. 431 2023 LAWS OF MARYLAND
142145
143-– 4 –
144146
145- (6) BLUE TECHNOLOGY ;
147+5–2303. 1
146148
147- (7) CYBERSECURITY ;
149+ (A) TO CARRY OUT THE PURP OSE OF THE PROGRAM, THE DEPARTMENT 2
150+MAY AWARD GRANTS IN A CCORDANCE WITH THIS SUBTITLE TO APPROVED 3
151+RECIPIENTS CARRYING OUT INFRASTRUCTURE P ROJECTS INTENDED TO SUPPORT 4
152+INNOVATION IN ANY OF THE FOLLOWING ELIGIB LE TECHNOLOGY SECTOR S: 5
148153
149- (8) DEFENSE;
154+ (1) ADVANCED MANUFACTURI NG; 6
150155
151- (9) ENERGY AND SUSTAINABILITY ;
156+ (2) AEROSPACE; 7
152157
153- (10) LIFE SCIENCES;
158+ (3) AGRICULTURE ; 8
154159
155- (11) QUANTUM; AND
160+ (4) ARTIFICIAL INTELLIGE NCE; 9
156161
157- (12) SENSOR AND ROBOTICS .
162+ (5) BIOTECHNOLOGY ; 10
158163
159- (B) EXAMPLES OF ELIGIBLE PROJECTS INCLUDE :
164+ (6) BLUE TECHNOLOGY ; 11
160165
161- (1) SECURE COMPARTMENTAL IZED SENSITIVE COMPARTMEN TED
162-INFORMATION FACILITI ES;
166+ (7) CYBERSECURITY ; 12
163167
164- (2) WET LABORATORIES ;
168+ (8) DEFENSE; 13
165169
166- (3) CYBER RANGES;
170+ (9) ENERGY AND SUSTAINAB ILITY; 14
167171
168- (4) PROTOTYPE MANUFACTUR ING CENTERS; AND
172+ (10) LIFE SCIENCES; 15
169173
170- (5) OTHER SPECIALIZED WO RKFORCE TRAINING , SKILL
171-CERTIFICATION , OR RESEARCH –RELATED SPACES .
174+ (11) QUANTUM; AND 16
172175
173- (C) GRANT AWARDS MAY BE U SED TO DEFRAY THE CO ST A GRANTEE INCURS
174-TO ACQUIRE , CONSTRUCT , REHABILITATE , INSTALL, IMPROVE, OR EQUIP AN
175-ELIGIBLE INNOVATION INFRASTRUCTURE PROJE CT.
176+ (12) SENSOR AND ROBOTICS . 17
176177
177- (D) (1) A SINGLE ENTITY MAY BE AWARDED NOT MORE THA N $2,000,000
178-IN GRANT FUNDS IN A FISCAL YEAR.
178+ (B) EXAMPLES OF ELIGIBLE PROJECTS IN CLUDE: 18
179179
180- (2) (I) FOR A GRANT AWARD UP TO $1,000,000, A GRANTEE SHALL
181-PROVIDE MATCHING FUN DS THAT ARE AT LEAST 200% OF THE GRANT AMOUNT .
180+ (1) SECURE COMPARTMENTAL IZED SENSITIVE COMPARTMEN TED 19
181+INFORMATION FACILITI ES; 20
182182
183- (II) FOR A GRANT AWARD EXC EEDING $1,000,000, AND UP TO
184-$2,000,000, A GRANTEE SHALL PROV IDE MATCHING FUNDS T HAT ARE AT LEAST
185-400% OF THE GRANT AMOUNT .
186- WES MOORE, Governor Ch. 431
183+ (2) WET LABORATORIES ; 21
187184
188-– 5 –
189- (III) FUNDS RECEIVED BY A G RANTEE THROUGH OTHER STATE
190-GRANT PROGRAMS ARE N OT COUNTED TOWARD TH E GRANTEE’S MATCHING FUNDS
191-REQUIREMENT .
185+ (3) CYBER RANGES ; 22
192186
193- (3) A GRANTEE MUST DEMONST RATE AN ABILITY TO C OVER THE FULL
194-ESTIMATED COSTS OF T HE PROJECT FOR WHICH THE GRANT IS AWARDED .
187+ (4) PROTOTYPE MANUFACTUR ING CENTERS; AND 23
195188
196- (4) (I) NOT MORE THAN 50% OF THE APPROPRIATION TO THE
197-FUND IN A FISCAL YEAR MAY BE AWARDED TO CO LLEGES AND UNIVERSIT IES IN
198-THAT FISCAL YEAR .
189+ (5) OTHER SPECIALIZED WO RKFORCE TRAINING , SKILL 24
190+CERTIFICATION , OR RESEARCH –RELATED SPACES . 25 SENATE BILL 549 5
199191
200- (II) GRANTS TO COLLEGES AN D UNIVERSITIES FROM THE FUND
201-MUST BE AWARDED TO P ROJECTS THAT :
202192
203- 1. ARE PERFORMED IN COL LABORATION WITH PRIV ATE
204-INDUSTRY; OR
205193
206- 2. OFFER THE PROSPECT O F SIGNIFICANT ECONOM IC
207-IMPACT AND THE OPPOR TUNITY TO DEVELOP EN TREPRENEURSHIP OR CL USTERS
208-OF TECHNOLOGICAL INN OVATION IN THE STATE.
194+ (C) GRANT AWARDS MAY BE U SED TO DEFRAY THE CO ST A GRANTEE INCURS 1
195+TO ACQUIRE , CONSTRUCT , REHABILITATE , INSTALL, IMPROVE, OR EQUIP AN 2
196+ELIGIBLE INNOVATION INFRASTRUCTURE PROJE CT. 3
209197
210-5–2304.
198+ (D) (1) A SINGLE ENTITY MAY BE AWARDED NOT MORE THAN $2,000,000 4
199+IN GRANT FUNDS IN A FISCAL YEAR. 5
211200
212- A GRANTEE MAY BE SUBJE CT TO REPAYMENT OF T HE GRANT IN AN AMOUN T
213-DETERMINED BY THE DEPARTMENT IF THE GRANTEE FAILS TO:
201+ (2) (I) FOR A GRANT AWARD UP TO $1,000,000, A GRANTEE SHALL 6
202+PROVIDE MATCHING FUN DS THAT ARE AT LEAST 200% OF THE GRANT AMOUNT . 7
214203
215- (1) COMPLY WITH REPORTIN G REQUIREMENTS ESTAB LISHED BY THE
216-DEPARTMENT ; OR
204+ (II) FOR A GRANT AWARD EXC EEDING $1,000,000, AND UP TO 8
205+$2,000,000, A GRANTEE SHALL PROV IDE MATCHING FUNDS T HAT ARE AT LEAST 9
206+400% OF THE GRANT AMOUNT . 10
217207
218- (2) DEMONSTRATE APPROPRI ATE USE OF GRANT FUN DS.
208+ (III) FUNDS RECEIVED BY A G RANTEE THROUGH OTHER STATE 11
209+GRANT PROGRAMS ARE N OT COUNTED TOWARD TH E GRANTEE’S MATCHING FUNDS 12
210+REQUIREMENT . 13
219211
220-5–2305.
212+ (3) A GRANTEE MUST DEMO NSTRATE AN ABILITY T O COVER THE FULL 14
213+ESTIMATED COSTS OF T HE PROJECT FOR WHICH THE GRANT IS AWARDED . 15
221214
222- (A) THERE IS A BUILD OUR FUTURE GRANT FUND.
215+ (4) (I) NOT MORE THAN 50% OF THE APPROPRIATION TO THE 16
216+FUND IN A FISCAL YEAR MAY BE AWARDED TO CO LLEGES AND UNIVERSIT IES IN 17
217+THAT FISCAL YEAR . 18
223218
224- (B) THE DEPARTMENT SHALL ADMI NISTER THE FUND.
219+ (II) GRANTS TO COLLEGES AND UNIVERSITIES FROM TH E FUND 19
220+MUST BE AWARDED TO P ROJECTS THAT : 20
225221
226- (C) THE PURPOSE OF THE FUND IS TO PROVIDE GR ANTS FOR
227-INFRASTRUCTURE PROJE CTS TO SUPPORT INNOV ATION IN ELIGIBLE TE CHNOLOGY
228-SECTORS UNDER THIS S UBTITLE.
222+ 1. ARE PERFORMED IN COL LABORATION WITH PRIV ATE 21
223+INDUSTRY; OR 22
229224
230- (D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT
231-SUBJECT TO REVERSION UNDER § 7–302 OF THE STATE FINANCE AND
232-PROCUREMENT ARTICLE. Ch. 431 2023 LAWS OF MARYLAND
225+ 2. OFFER THE PROSPECT O F SIGNIFICANT ECONOM IC 23
226+IMPACT AND THE OPPOR TUNITY TO DEVELOP EN TREPRENEURSHIP OR CLUSTERS 24
227+OF TECHNOLOGICAL INN OVATION IN THE STATE. 25
233228
234-– 6 –
229+5–2304. 26
235230
236- (2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY ,
237-AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND.
231+ A GRANTEE MAY BE SUBJE CT TO REPAYMENT OF T HE GRANT IN AN AMOUN T 27
232+DETERMINED BY THE DEPARTMENT IF THE GRA NTEE FAILS TO: 28
238233
239- (E) THE FUND CONSISTS OF :
234+ (1) COMPLY WITH REPORTIN G REQUIREMENTS ESTAB LISHED BY THE 29
235+DEPARTMENT ; OR 30
236+ 6 SENATE BILL 549
240237
241- (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND;
242238
243- (2) ANY INTEREST EARNINGS OF THE FUND; AND
239+ (2) DEMONSTRATE APPROPRI ATE USE OF GRANT FUN DS. 1
244240
245- (3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR
246-THE BENEFIT OF THE FUND.
241+5–2305. 2
247242
248- (F) (1) THE FUND MAY BE USED TO :
243+ (A) THERE IS A BUILD OUR FUTURE GRANT FUND. 3
249244
250- (I) PROVIDE GRANTS IN AC CORDANCE WITH THIS S UBTITLE;
251-AND
245+ (B) THE DEPARTMENT SHALL ADMI NISTER THE FUND. 4
252246
253- (II) PAY THE ADMINISTRATI VE COSTS OF THE PROGRAM.
247+ (C) THE PURPOSE OF THE FUND IS TO PROVIDE GR ANTS FOR 5
248+INFRASTRUCTURE PROJE CTS TO SUPPORT INNOV ATION IN ELIGIBLE TECHNOLOG Y 6
249+SECTORS UNDER THIS S UBTITLE. 7
254250
255- (2) DURING EACH FISCAL YE AR, THE DEPARTMENT MAY USE NO T
256-MORE THAN 10% OF THE MONEY APPROPR IATED TO THE FUND TO ADMINISTER TH E
257-PROGRAM.
251+ (D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 8
252+SUBJECT TO REVERSION UNDER § 7–302 OF THE STATE FINANCE AND 9
253+PROCUREMENT ARTICLE. 10
258254
259- (G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND
260-IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED.
255+ (2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 11
256+AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 12
261257
262- (2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO
263-THE FUND.
258+ (E) THE FUND CONSISTS OF : 13
264259
265- (H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE
266-WITH THE STATE BUDGET .
260+ (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; 14
267261
268-5–2306.
262+ (2) ANY INTEREST EARNING S OF THE FUND; AND 15
269263
270- ON OR BEFORE JULY 1, 2026, THE DEPARTMENT SHALL REPO RT TO THE
271-GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT
272-ARTICLE, THE GENERAL ASSEMBLY ON THE PROJE CTS FUNDED THROUGH A ND THE
273-ECONOMIC IMPACT OF T HE PROGRAM.
264+ (3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 16
265+THE BENEFIT OF THE FUND. 17
274266
275-5–2307.
267+ (F) (1) THE FUND MAY BE USED TO : 18
276268
277- THE SECRETARY MAY ADOPT R EGULATIONS TO CARRY OUT THIS SUBTITLE .
278- WES MOORE, Governor Ch. 431
269+ (I) PROVIDE GRANTS IN AC CORDANCE WITH THIS S UBTITLE; 19
270+AND 20
279271
280-– 7 –
281-Article – State Finance and Procurement
272+ (II) PAY THE ADMINISTRATI VE COSTS OF THE PROGRAM. 21
282273
283-6–226.
274+ (2) DURING EACH FISCAL YE AR, THE DEPARTMENT MAY USE NO T 22
275+MORE THAN 10% OF THE MONEY APPROPR IATED TO THE FUND TO ADMINISTER TH E 23
276+PROGRAM. 24
284277
285- (a) (2) (i) Notwithstanding any other provision of law, and unless
286-inconsistent with a federal law, grant agreement, or other federal requirement or with the
287-terms of a gift or settlement agreement, net interest on all State money allocated by the
288-State Treasurer under this section to special funds or accounts, and otherwise entitled to
289-receive interest earnings, as accounted for by the Comptroller, shall accrue to the General
290-Fund of the State.
278+ (G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 25
279+IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 26
291280
292- (ii) The provisions of subparagraph (i) of this paragraph do not apply
293-to the following funds:
281+ (2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 27
282+THE FUND. 28
283+ SENATE BILL 549 7
294284
295- 170. the Cannabis Public Health Fund; [and]
296285
297- 171. the Community Reinvestment and Repair Fund; AND
286+ (H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 1
287+WITH THE STATE BUDGET . 2
298288
299- 172. THE BUILD OUR FUTURE GRANT FUND.
289+5–2306. 3
300290
301- SECTION 2. AND BE IT FURTHER ENACTED, That, on termination of this Act,
302-all funds remaining in the Build Our Future Grant Fund under § 5–2305 of the Economic
303-Development Article, as enacted by Section 1 of this Act, shall revert to the General Fund
304-of the State.
291+ ON OR BEFORE JULY 1, 2026, THE DEPARTMENT SHALL REPO RT TO THE 4
292+GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 5
293+ARTICLE, THE GENERAL ASSEMBLY ON THE PROJE CTS FUNDED T HROUGH AND THE 6
294+ECONOMIC IMPACT OF T HE PROGRAM. 7
305295
306- SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July
307-1, 2023. It shall remain effective for a period of 4 years and, at the end of June 30, 2027,
308-this Act, with no further action required by the General Assembly, shall be abrogated and
309-of no further force and effect.
296+5–2307. 8
310297
311-Approved by the Governor, May 8, 2023.
298+ THE SECRETARY MAY ADOPT R EGULATIONS TO CARRY OUT THIS SUBTITLE . 9
299+
300+Article – State Finance and Procurement 10
301+
302+6–226. 11
303+
304+ (a) (2) (i) Notwithstanding any other provision of law, and unless 12
305+inconsistent with a federal law, grant agreement, or other federal requirement or with the 13
306+terms of a gift or settlement agreement, net interest on all State money allocated by the 14
307+State Treasurer under this section to special funds or accounts, and otherwise entitled to 15
308+receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 16
309+Fund of the State. 17
310+
311+ (ii) The provisions of subparagraph (i) of this paragraph do not apply 18
312+to the following funds: 19
313+
314+ 170. the Cannabis Public Health Fund; [and] 20
315+
316+ 171. the Community Reinvestment and Repair Fund; AND 21
317+
318+ 172. THE BUILD OUR FUTURE GRANT FUND. 22
319+
320+ SECTION 2. AND BE IT FURTHER ENACTED, That, on termination of this Act, 23
321+all funds remaining in the Build Our Future Grant Fund under § 5–2305 of the Economic 24
322+Development Article, as enacted by Section 1 of this Act, shall revert to the General Fund 25
323+of the State. 26
324+
325+ SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 27
326+1, 2023. It shall remain effective for a period of 4 years and, at the end of June 30, 2027, 28
327+this Act, with no further action required by the General Assembly, shall be abrogated and 29
328+of no further force and effect. 30
329+