MD
Maryland Senate Bill SB865

Maryland 2023 Regular Session

Maryland Senate Bill SB865 Compare Versions

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1- WES MOORE, Governor Ch. 469
21
3-– 1 –
4-Chapter 469
5-(Senate Bill 865)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G 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+ *sb0865*
89
9-Economic Development – Western Maryland Economic Future Investment
10-Board and Senator George C. Edwards Fund – Alterations
10+SENATE BILL 865
11+C8 3lr2728
12+ CF HB 768
13+By: Senators Corderman and McKay
14+Introduced and read first time: February 6, 2023
15+Assigned to: Budget and Taxation
16+Committee Report: Favorable with amendments
17+Senate action: Adopted
18+Read second time: March 10, 2023
1119
12-FOR the purpose of renaming altering the composition of the Western Maryland Economic
13-Future Investment Board to be the Western Maryland Economic Future Investment
14-Vetting Board; establishing and specifying the purpose of the Western Maryland
15-Economic Future Investment Voting Board; establishing an Executive Director for
16-the Vetting Board and the Voting Board; altering the manner in which decisions are
17-made regarding certain proposals for funding; and generally relating to the Western
18-Maryland Economic Future Investment Boards and the Senator George C. Edwards
19-Fund.
20+CHAPTER ______
2021
21-BY repealing and reenacting, without amendments,
22- Article – Economic Development
23-Section 13–701(a), (c), and (e) (e), and (g)
24- Annotated Code of Maryland
25- (2018 Replacement Volume and 2022 Supplement)
22+AN ACT concerning 1
2623
27-BY repealing and reenacting, with amendments,
28- Article – Economic Development
29-Section 13–736 through 13–741
30- Annotated Code of Maryland
31- (2018 Replacement Volume and 2022 Supplement)
24+Economic Development – Western Maryland Economic Future Investment 2
25+Board and Senator George C. Edwards Fund – Alterations 3
3226
33-BY adding to
34- Article – Economic Development
35- Section 13–738 and 13–739
36- Annotated Code of Maryland
37- (2018 Replacement Volume and 2022 Supplement)
27+FOR the purpose of renaming altering the composition of the Western Maryland Economic 4
28+Future Investment Board to be the Western Maryland Economic Future Investment 5
29+Vetting Board; establishing and specifying the purpose of the Western Maryland 6
30+Economic Future Investment Voting Board; establishing an Executive Director for 7
31+the Vetting Board and the Voting Board; altering the manner in which decisions are 8
32+made regarding certain proposals for funding; and generally relating to the Western 9
33+Maryland Economic Future Investment Boards and the Senator George C. Edwards 10
34+Fund. 11
3835
39- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
40-That the Laws of Maryland read as follows:
36+BY repealing and reenacting, without amendments, 12
37+ Article – Economic Development 13
38+Section 13–701(a), (c), and (e) (e), and (g) 14
39+ Annotated Code of Maryland 15
40+ (2018 Replacement Volume and 2022 Supplement) 16
4141
42-Article – Economic Development
42+BY repealing and reenacting, with amendments, 17
43+ Article – Economic Development 18
44+Section 13–736 through 13–741 19
45+ Annotated Code of Maryland 20
46+ (2018 Replacement Volume and 2022 Supplement) 21
4347
44-13–701.
48+BY adding to 22 2 SENATE BILL 865
4549
46- (a) In this subtitle the following words have the meanings indicated.
4750
48- (c) “Council” means the Tri–County Council for Western Maryland.
49- Ch. 469 2023 LAWS OF MARYLAND
51+ Article – Economic Development 1
52+ Section 13–738 and 13–739 2
53+ Annotated Code of Maryland 3
54+ (2018 Replacement Volume and 2022 Supplement) 4
5055
51-– 2 –
52- (e) “Member county” means each county in the region that pays annual dues that
53-the Council sets.
56+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 5
57+That the Laws of Maryland read as follows: 6
5458
55- (g) “Region” means Allegany, Garrett, and Washington counties.
59+Article – Economic Development 7
5660
57-13–736.
61+13–701. 8
5862
59- (a) In this part the following words have the meanings indicated.
63+ (a) In this subtitle the following words have the meanings indicated. 9
6064
61- [(b) “Board” means the Western Maryland Economic Future Investment Board
62-established under § 13–737 of this subtitle.]
65+ (c) “Council” means the Tri–County Council for Western Maryland. 10
6366
64- (B) (C) “EXECUTIVE DIRECTOR” MEANS THE EXECUTIVE DIRECTOR OF
65-THE VETTING BOARD AND THE VOTING BOARD.
67+ (e) “Member county” means each county in the region that pays annual dues that 11
68+the Council sets. 12
6669
67- (c) (D) “Fund” means the Senator George C. Edwards Fund established under
68-[§ 13–738] § 13–740 § 13–739 of this subtitle.
70+ (g) “Region” means Allegany, Garrett, and Washington counties. 13
6971
70- (D) “VETTING BOARD” MEANS THE WESTERN MARYLAND ECONOMIC
71-FUTURE INVESTMENT VETTING BOARD ESTABLISHED UND ER § 13–737 OF THIS
72-SUBTITLE.
72+13–736. 14
7373
74- (E) “VOTING BOARD” MEANS THE WESTERN MARYLAND ECONOMIC
75-FUTURE INVESTMENT VOTING BOARD ESTABLISHED UND ER § 13–738 OF THIS
76-SUBTITLE.
74+ (a) In this part the following words have the meanings indicated. 15
7775
78-13–737.
76+ [(b) “Board” means the Western Maryland Economic Future Investment Board 16
77+established under § 13–737 of this subtitle.] 17
7978
80- (a) There is a Western Maryland Economic Future Investment VETTING Board.
79+ (B) (C) “EXECUTIVE DIRECTOR” MEANS THE EXECUTIVE DIRECTOR OF 18
80+THE VETTING BOARD AND THE VOTING BOARD. 19
8181
82- (b) The VETTING Board consists of the following members:
82+ (c) (D) “Fund” means the Senator George C. Edwards Fund established under 20
83+[§ 13–738] § 13–740 § 13–739 of this subtitle. 21
8384
84- (1) one representative from the Department of Commerce, appointed by the
85-Secretary of Commerce, WHO SHALL SERVE AS A NONVOTING ME MBER;
85+ (D) “VETTING BOARD” MEANS THE WESTERN MARYLAND ECONOMIC 22
86+FUTURE INVESTMENT VETTING BOARD ESTABLISHED UND ER § 13–737 OF THIS 23
87+SUBTITLE. 24
8688
87- [(2) one commissioner from each member county, appointed by each
88-member county’s respective commissioners;]
89+ (E) “VOTING BOARD” MEANS THE WESTERN MARYLAND ECONOMIC 25
90+FUTURE INVESTMENT VOTING BOARD ESTABLISHED UND ER § 13–738 OF THIS 26
91+SUBTITLE. 27
8992
90- [(3)] (2) one representative of an economic development organization in
91-each member county, appointed by each member county’s respective commissioners, WHO
92-SHALL SERVE AS A NON VOTING MEMBER ;
93+13–737. 28
9394
94- [(4)] (3) one representative from the [chamber of commerce from each
95-member county, appointed by each member county’s respective chamber of commerce] WES MOORE, Governor Ch. 469
95+ (a) There is a Western Maryland Economic Future Investment VETTING Board. 29
96+ SENATE BILL 865 3
9697
97-– 3 –
98-PRIVATE SECTOR IN DISTRICT 1, APPOINTED BY THE SPEAKER OF THE HOUSE, IN
99-CONSULTATION WITH THE DISTRICT 1 DELEGATION TO THE MARYLAND GENERAL
100-ASSEMBLY; and
10198
102- [(5)] (4) one representative from the [Maryland Municipal League,
103-appointed by the Executive Director of the League] PRIVATE SECTOR IN DISTRICT 2,
104-APPOINTED BY THE PRESIDENT OF THE SENATE, IN CONSULTATION WITH THE
105-DISTRICT 2 DELEGATION TO THE MARYLAND GENERAL ASSEMBLY;
99+ (b) The VETTING Board consists of the following members: 1
106100
107- (5) ONE COUNTY COMMISSIO NER FROM EACH MEMBER COUNTY;
101+ (1) one representative from the Department of Commerce, appointed by the 2
102+Secretary of Commerce, WHO SHALL SERVE AS A NONVOTIN G MEMBER; 3
108103
109- (6) ONE REPRESENTATIVE F ROM DISTRICT 1, APPOINTED BY THE
110-PRESIDENT OF THE SENATE, IN CONSULTATION WITH THE DISTRICT 1 DELEGATION
111-TO THE MARYLAND GENERAL ASSEMBLY, WHO SHALL SERVE AS A NONVOTING
112-MEMBER;
104+ [(2) one commissioner from each member county, appointed by each 4
105+member county’s respective commissioners;] 5
113106
114- (7) ONE REPRESENTATIVE F ROM DISTRICT 2, IN CONSULTATION
115-WITH THE DISTRICT 2 DELEGATION TO THE MARYLAND GENERAL ASSEMBLY,
116-APPOINTED BY THE SPEAKER OF THE HOUSE, WHO SHALL SERVE AS A NONVOTING
117-MEMBER;
107+ [(3)] (2) one representative of an economic development organization in 6
108+each member county, appointed by each member county’s respective commissioners, WHO 7
109+SHALL SERVE AS A NON VOTING MEMBER ; 8
118110
119- (8) THE STATE SENATOR REPRESENTING DISTRICT 1, WHO SHALL
120-SERVE AS AN EX OFFIC IO NONVOTING MEMBER ;
111+ [(4)] (3) one representative from the [chamber of commerce from each 9
112+member county, appointed by each member county’s respective chamber of commerce] 10
113+PRIVATE SECTOR IN DISTRICT 1, APPOINTED BY THE SPEAKER OF THE HOUSE, IN 11
114+CONSULTATION WITH THE DISTRICT 1 DELEGATION TO THE MARYLAND GENERAL 12
115+ASSEMBLY; and 13
121116
122- (9) THE STATE SENATOR REPRESENTING DISTRICT 2, WHO SHALL
123-SERVE AS AN EX OFFICIO NONVOT ING MEMBER;
117+ [(5)] (4) one representative from the [Maryland Municipal League, 14
118+appointed by the Executive Director of the League] PRIVATE SECTOR IN DISTRICT 2, 15
119+APPOINTED BY THE PRESIDENT OF THE SENATE, IN CONSULTATION WITH THE 16
120+DISTRICT 2 DELEGATION TO THE MARYLAND GENERAL ASSEMBLY; 17
124121
125- (10) A MEMBER OF THE HOUSE OF DELEGATES REPRESENTIN G A
126-SUBDISTRICT IN DISTRICT 1, APPOINTED BY THE SPEAKER OF THE HOUSE, WHO
127-SHALL SERVE AS AN EX OFFICIO NONVOTING ME MBER; AND
122+ (5) ONE COUNTY COMMISSIO NER FROM EACH MEMBER COUNTY; 18
128123
129- (11) A MEMBER OF THE HOUSE OF DELEGATES REPRESENTING A
130-SUBDISTRICT IN DISTRICT 2, APPOINTED BY THE SPEAKER OF THE HOUSE, WHO
131-SHALL SERVE AS AN EX OFFICIO NONVOTING ME MBER.
124+ (6) ONE REPRESENTATIVE F ROM DISTRICT 1, APPOINTED BY THE 19
125+PRESIDENT OF THE SENATE, IN CONSULTATION WITH THE DISTRICT 1 DELEGATION 20
126+TO THE MARYLAND GENERAL ASSEMBLY, WHO SHALL SERVE AS A NONVOTING 21
127+MEMBER; 22
132128
133- (c) The [representative from the Department of Commerce shall] VETTING
134-VOTING MEMBERS OF TH E BOARD MAY ELECT A chair [the Board] FROM AMONG ITS
135-THE BOARD’S MEMBERS.
129+ (7) ONE REPRESENTATIVE F ROM DISTRICT 2, IN CONSULTATION 23
130+WITH THE DISTRICT 2 DELEGATION TO THE MARYLAND GENERAL ASSEMBLY, 24
131+APPOINTED BY THE SPEAKER OF THE HOUSE, WHO SHALL SERVE AS A NONVOTING 25
132+MEMBER; 26
136133
137- (d) The Council shall provide staff for the VETTING Board.
134+ (8) THE STATE SENATOR REPRESENTING DISTRICT 1, WHO SHALL 27
135+SERVE AS AN EX OFFIC IO NONVOTING MEMBER ; 28
138136
139- (e) A member of the VETTING Board:
137+ (9) THE STATE SENATOR REPRESENTING DISTRICT 2, WHO SHALL 29
138+SERVE AS AN EX OFFICIO NONV OTING MEMBER ; 30
140139
141- (1) may not receive compensation as a member of the Board; but Ch. 469 2023 LAWS OF MARYLAND
140+ (10) A MEMBER OF THE HOUSE OF DELEGATES REPRESENTIN G A 31
141+SUBDISTRICT IN DISTRICT 1, APPOINTED BY THE SPEAKER OF THE HOUSE, WHO 32
142+SHALL SERVE AS AN EX OFFICIO NONVOTING ME MBER; AND 33 4 SENATE BILL 865
142143
143-– 4 –
144144
145- (2) is entitled to reimbursement for expenses under the Standard State
146-Travel Regulations, as provided in the State budget.
147145
148- (F) THE PRIVATE SECTOR IN DIVIDUALS APPOINTED UNDER SUBSECTION
149-(B)(3) AND (4) OF THIS SECTION MAY BE THE SAME INDIVIDU ALS AS APPOINTED
150-UNDER § 13–738(B)(2) OF THIS SUBTITLE.
146+ (11) A MEMBER OF THE HOUSE OF DELEGATES REPRESENTING A 1
147+SUBDISTRICT IN DISTRICT 2, APPOINTED BY THE SPEAKER OF THE HOUSE, WHO 2
148+SHALL SERVE AS AN EX OFFICIO NONVOTING ME MBER. 3
151149
152-13–738.
150+ (c) The [representative from the Department of Commerce shall] VETTING 4
151+VOTING MEMBERS OF TH E BOARD MAY ELECT A chair [the Board] FROM AMONG ITS 5
152+THE BOARD’S MEMBERS. 6
153153
154- (A) THERE IS A WESTERN MARYLAND ECONOMIC FUTURE INVESTMENT
155-VOTING BOARD.
154+ (d) The Council shall provide staff for the VETTING Board. 7
156155
157- (B) THE VOTING BOARD CONSISTS OF THE FOLLOWING MEMBERS :
156+ (e) A member of the VETTING Board: 8
158157
159- (1) ONE COMMISSIONER FRO M EACH MEMBER COUNTY , APPOINTED
160-BY EACH MEMBER COUNT Y’S RESPECTIVE COMMISS IONERS; AND
158+ (1) may not receive compensation as a member of the Board; but 9
161159
162- (2) THE TWO MEMBERS OF T HE VETTING BOARD WHO ARE
163-REPRESENTATIVES FROM THE PRIVATE SECTOR .
160+ (2) is entitled to reimbursement for expenses under the Standard State 10
161+Travel Regulations, as provided in the State budget. 11
164162
165- (3) THE CURRENT SENATORS OF DISTRICT 1 AND DISTRICT 2 MAY
166-SERVE AS NONVOTING M EMBERS OF THE VETTING BOARD.
163+ (F) THE PRIVATE SECTOR IN DIVIDUALS APPOINTED UNDER SUBSECTION 12
164+(B)(3) AND (4) OF THIS SECTION MAY BE THE SAME INDIVIDU ALS AS APPOINTED 13
165+UNDER § 13–738(B)(2) OF THIS SUBTITLE. 14
167166
168- (C) THE COUNCIL MAY PROVIDE S TAFF FOR THE VOTING BOARD.
167+13–738. 15
169168
170- (D) A MEMBER OF THE VOTING BOARD:
169+ (A) THERE IS A WESTERN MARYLAND ECONOMIC FUTURE INVESTMENT 16
170+VOTING BOARD. 17
171171
172- (1) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE BOARD;
173-BUT
172+ (B) THE VOTING BOARD CONSISTS OF THE FOLLOWING MEMBERS : 18
174173
175- (2) IS ENTITLED TO REIMB URSEMENT FOR EXPENSE S UNDER THE
176-STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET .
174+ (1) ONE COMMISSIONER FRO M EACH MEMBER COUNTY , APPOINTED 19
175+BY EACH MEMBER COUNT Y’S RESPECTIVE COMMISS IONERS; AND 20
177176
178- (E) (F) THE VOTING VOTING MEMBERS OF TH E BOARD SHALL HAVE
179-FINAL APPROVAL AUTHO RITY ON:
177+ (2) THE TWO MEMBERS OF T HE VETTING BOARD WHO ARE 21
178+REPRESENTATIVES FROM THE PRIVATE SECTOR . 22
180179
181- (1) DISBURSEMENTS FROM T HE FUND; AND
180+ (3) THE CURRENT SENATORS OF DISTRICT 1 AND DISTRICT 2 MAY 23
181+SERVE AS NONVOTING M EMBERS OF THE VETTING BOARD. 24
182182
183- (2) PROJECTS SELECTED IN ACCORDANCE WITH § 13–741 13–740 OF
184-THIS SUBTITLE.
185- WES MOORE, Governor Ch. 469
183+ (C) THE COUNCIL MAY PROVIDE S TAFF FOR THE VOTING BOARD. 25
186184
187-– 5 –
188- (F) THE PRIVATE SECTOR IN DIVIDUALS APPOINTED UNDER SUBSECTION
189-(B)(2) OF THIS SECTION MAY BE THE SAME INDIVIDU ALS APPOINTED UNDER §
190-13–737(B)(3) AND (4) OF THIS SUBTITLE.
185+ (D) A MEMBER OF THE VOTING BOARD: 26
191186
192-13–739. 13–738.
187+ (1) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE BOARD; 27
188+BUT 28
189+ SENATE BILL 865 5
193190
194- (A) THE VOTING BOARD SHALL APPOINT A N EXECUTIVE DIRECTOR.
195191
196- (B) THE EXECUTIVE DIRECTOR SERVES AT TH E PLEASURE OF THE
197-VETTING BOARD AND THE VOTING BOARD.
192+ (2) IS ENTITLED TO REIMB URSEMENT FOR EXPENSE S UNDER THE 1
193+STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET . 2
198194
199- (C) THE SALARY OF THE EXECUTIVE DIRECTOR SHALL BE UP TO MAY NOT
200-EXCEED $75,000.
195+ (E) (F) THE VOTING VOTING MEMBERS OF TH E BOARD SHALL HAVE 3
196+FINAL APPROVAL AUTHO RITY ON: 4
201197
202- (D) THE EXECUTIVE DIRECTOR SHALL MANAGE THE ADMINISTRATIVE
203-AFFAIRS AND TECHNICA L ACTIVITIES OF THE VETTING BOARD AND THE VOTING
204-BOARD, IN ACCORDANCE WITH P OLICIES AND PROCEDUR ES THE VETTING BOARD
205-AND VOTING BOARD ESTABLISH ESTABLISHES.
198+ (1) DISBURSEMENTS FROM T HE FUND; AND 5
206199
207- (E) THE EXECUTIVE DIRECTOR SHALL:
200+ (2) PROJECTS SELECTED IN ACCORDANCE WITH § 13–741 13–740 OF 6
201+THIS SUBTITLE. 7
208202
209- (1) ADMINISTER MAY ASSIST IN ADMINI STERING THE FUND UNDER §
210-13–740 13–739 OF THIS SUBTITLE;
203+ (F) THE PRIVATE SECTOR IN DIVIDUALS APPOINTED UNDER SUBSECTION 8
204+(B)(2) OF THIS SECTION MAY BE THE SAME INDIVIDU ALS APPOINTED UNDER § 9
205+13–737(B)(3) AND (4) OF THIS SUBTITLE. 10
211206
212- (2) SHALL PRESENT THE PROJECTS SELECTED IN ACCORDAN CE WITH
213-§ 13–741 13–740 OF THIS SUBTITLE AS VETTED BY THE VETTING BOARD TO THE
214-VOTING DETERMINED BY THE VO TING MEMBERS OF THE BOARD; AND
207+13–739. 13–738. 11
215208
216- (2) (3) SHALL PERFORM ANY OTHER DU TIES THAT THE VETTING
217-BOARD AND THE VOTING BOARD DIRECT DIRECTS IN CARRYING OUT THIS PART.
209+ (A) THE VOTING BOARD SHALL APPOINT A N EXECUTIVE DIRECTOR. 12
218210
219-[13–738.] 13–740. 13–739.
211+ (B) THE EXECUTIVE DIRECTOR SERVES AT TH E PLEASURE OF THE 13
212+VETTING BOARD AND THE VOTING BOARD. 14
220213
221- (a) There is a Senator George C. Edwards Fund.
214+ (C) THE SALARY OF THE EXECUTIVE DIRECTOR SHALL BE UP TO MAY NOT 15
215+EXCEED $75,000. 16
222216
223- (b) The purpose of the Fund is to provide grant or loan funding to capital
224-infrastructure projects and business development projects that improve the economic
225-conditions in the region.
217+ (D) THE EXECUTIVE DIRECTOR SHALL MANAGE THE ADMINISTRATIVE 17
218+AFFAIRS AND TECHNICA L ACTIVITIES OF THE VETTING BOARD AND THE VOTING 18
219+BOARD, IN ACCORDANCE WITH P OLICIES AND PROCEDUR ES THE VETTING BOARD 19
220+AND VOTING BOARD ESTABLISH ESTABLISHES. 20
226221
227- (c) The [Council] EXECUTIVE DIRECTOR shall administer the Fund.
222+ (E) THE EXECUTIVE DIRECTOR SHALL: 21
228223
229- (d) (1) The Fund consists of:
224+ (1) ADMINISTER MAY ASSIST IN ADMINI STERING THE FUND UNDER § 22
225+13–740 13–739 OF THIS SUBTITLE; 23
230226
231- (i) appropriations as provided in the State budget;
232- Ch. 469 2023 LAWS OF MARYLAND
227+ (2) SHALL PRESENT THE PROJECTS SELECTED IN ACCORDAN CE WITH 24
228+§ 13–741 13–740 OF THIS SUBTITLE AS VETTED BY THE VETTING BOARD TO THE 25
229+VOTING DETERMINED BY THE VO TING MEMBERS OF THE BOARD; AND 26
233230
234-– 6 –
235- (ii) interest or other income earned on the investment of money in
236-the Fund; and
231+ (2) (3) SHALL PERFORM ANY OTHER DU TIES THAT THE VETTING 27
232+BOARD AND THE VOTING BOARD DIRECT DIRECTS IN CARRYING OUT THIS PART. 28
237233
238- (iii) any other money accepted for the benefit of the Fund.
234+[13–738.] 13–740. 13–739. 29
239235
240- (2) In each of fiscal years 2024 through 2026, the Governor shall include in
241-the annual operating or capital budget bill an appropriation of at least $10,000,000 to the
242-Fund.
236+ (a) There is a Senator George C. Edwards Fund. 30 6 SENATE BILL 865
243237
244- (e) Money in the Fund may be used only to:
245238
246- (1) award grants and provide loans to capital infrastructure projects and
247-business development projects to improve the economic conditions in the region; and
248239
249- (2) pay the costs necessary to administer the Fund, INCLUDING PAYING
250-THE SALARY OF THE EXECUTIVE DIRECTOR.
240+ (b) The purpose of the Fund is to provide grant or loan funding to capital 1
241+infrastructure projects and business development projects that improve the economic 2
242+conditions in the region. 3
251243
252- (f) (1) The Fund is a special, nonlapsing fund that is not subject to reversion
253-under § 7–302 of the State Finance and Procurement Article.
244+ (c) The [Council] EXECUTIVE DIRECTOR shall administer the Fund. 4
254245
255- (2) The State Treasurer shall hold the Fund separately, and the
256-Comptroller shall account for the Fund.
246+ (d) (1) The Fund consists of: 5
257247
258- (3) The State Treasurer shall invest the money in the Fund in the same
259-manner as other State money may be invested.
248+ (i) appropriations as provided in the State budget; 6
260249
261- (4) Any investment earnings of the Fund shall be credited to the Fund.
250+ (ii) interest or other income earned on the investment of money in 7
251+the Fund; and 8
262252
263-[13–739.] 13–741. 13–740.
253+ (iii) any other money accepted for the benefit of the Fund. 9
264254
265- (a) A member county or local entity within a member county may submit a
266-proposal for funding under this part.
255+ (2) In each of fiscal years 2024 through 2026, the Governor shall include in 10
256+the annual operating or capital budget bill an appropriation of at least $10,000,000 to the 11
257+Fund. 12
267258
268- (b) To qualify for funding, a project shall be:
259+ (e) Money in the Fund may be used only to: 13
269260
270- (1) a capital infrastructure project that:
261+ (1) award grants and provide loans to capital infrastructure projects and 14
262+business development projects to improve the economic conditions in the region; and 15
271263
272- (i) is linked to economic development in the region, as approved by
273-the VETTING Board; and
264+ (2) pay the costs necessary to administer the Fund, INCLUDING PAYING 16
265+THE SALARY OF THE EXECUTIVE DIRECTOR. 17
274266
275- (ii) receives 20% matching funds from the member county where the
276-project is located, another local entity, a private business, or a combination thereof;
267+ (f) (1) The Fund is a special, nonlapsing fund that is not subject to reversion 18
268+under § 7–302 of the State Finance and Procurement Article. 19
277269
278- (2) a business development project that:
279- WES MOORE, Governor Ch. 469
270+ (2) The State Treasurer shall hold the Fund separately, and the 20
271+Comptroller shall account for the Fund. 21
280272
281-– 7 –
282- (i) encourages and promotes downtown neighborhood
283-revitalization, small business tourism, or other areas as approved by the VETTING Board;
284-and
273+ (3) The State Treasurer shall invest the money in the Fund in the same 22
274+manner as other State money may be invested. 23
285275
286- (ii) receives 10% matching funds from the member county where the
287-project is located, another local entity, a private business, or a combination thereof; or
276+ (4) Any investment earnings of the Fund shall be credited to the Fund. 24
288277
289- (3) any other project that the VETTING Board determines is appropriate
290-to promote economic development in the region.
278+[13–739.] 13–741. 13–740. 25
291279
292- (c) (1) (i) The VETTING Board shall develop criteria to review, evaluate,
293-and rate project proposals for funding under this part.
280+ (a) A member county or local entity within a member county may submit a 26
281+proposal for funding under this part. 27
294282
295- (ii) The criteria in subparagraph (i) of this paragraph shall ensure
296-that the project:
283+ (b) To qualify for funding, a project shall be: 28
297284
298- 1. creates or retains jobs;
285+ (1) a capital infrastructure project that: 29 SENATE BILL 865 7
299286
300- 2. creates or retains businesses;
301287
302- 3. increases wages; or
303288
304- 4. creates new State or local tax revenue.
289+ (i) is linked to economic development in the region, as approved by 1
290+the VETTING Board; and 2
305291
306- (2) (I) THE VOTING BOARD SHALL CHOOSE WH ICH PROJECTS TO
307-AWARD GRANTS AND LOA NS TO BASED ON THE C RITERIA DEVELOPED IN
308-ACCORDANCE WITH PARA GRAPH (1) OF THIS SUBSECTION .
292+ (ii) receives 20% matching funds from the member county where the 3
293+project is located, another local entity, a private business, or a combination thereof; 4
309294
310- (II) The VETTING Board OR THE EXECUTIVE DIRECTOR shall
311-distribute grants and loans to projects based on [the criteria developed in accordance with
312-paragraph (1) of this subsection] THE DECISIONS MADE B Y THE VOTING BOARD IN
313-ACCORDANCE WITH SUBP ARAGRAPH (I) OF THIS PARAGRAPH .
295+ (2) a business development project that: 5
314296
315- (d) (1) The VETTING Board OR THE EXECUTIVE DIRECTOR shall monitor
316-and track the progress of each project that receives funding under this part.
297+ (i) encourages and promotes downtown neighborhood 6
298+revitalization, small business tourism, or other areas as approved by the VETTING Board; 7
299+and 8
317300
318- (2) If the VETTING Board determines that sufficient progress is not being
319-made toward achieving the requirements of this section, the VETTING Board may reclaim
320-the awarded funds.
301+ (ii) receives 10% matching funds from the member county where the 9
302+project is located, another local entity, a private business, or a combination thereof; or 10
321303
322- (e) The funding provided in this section shall be used to supplement and not
323-supplant any funds that would otherwise be provided to the VETTING Board or the member
324-counties.
304+ (3) any other project that the VETTING Board determines is appropriate 11
305+to promote economic development in the region. 12
325306
326-[13–740.] 13–742. 13–741. Ch. 469 2023 LAWS OF MARYLAND
307+ (c) (1) (i) The VETTING Board shall develop criteria to review, evaluate, 13
308+and rate project proposals for funding under this part. 14
327309
328-– 8 –
310+ (ii) The criteria in subparagraph (i) of this paragraph shall ensure 15
311+that the project: 16
329312
330- (a) On or before December 31 each year, the VETTING Board shall report to the
331-Governor and, in accordance with § 2–1257 of the State Government Article, the General
332-Assembly on the implementation of this part.
313+ 1. creates or retains jobs; 17
333314
334- (b) The report required in subsection (a) of this section shall include,
335-disaggregated by member county:
315+ 2. creates or retains businesses; 18
336316
337- (1) the number of new projects funded during the previous year;
317+ 3. increases wages; or 19
338318
339- (2) the number of projects that were completed during the previous year;
319+ 4. creates new State or local tax revenue. 20
340320
341- (3) the number of ongoing projects that were not completed during the
342-previous year;
321+ (2) (I) THE VOTING BOARD SHALL CHOOSE WH ICH PROJECTS TO 21
322+AWARD GRANTS AND LOA NS TO BASED ON THE C RITERIA DEVELOPED IN 22
323+ACCORDANCE WITH PARA GRAPH (1) OF THIS SUBSECTION . 23
343324
344- (4) the amount and type of funding received by each project;
325+ (II) The VETTING Board OR THE EXECUTIVE DIRECTOR shall 24
326+distribute grants and loans to projects based on [the criteria developed in accordance with 25
327+paragraph (1) of this subsection] THE DECISIONS MADE B Y THE VOTING BOARD IN 26
328+ACCORDANCE WITH SUBP ARAGRAPH (I) OF THIS PARAGRAPH . 27
345329
346- (5) the current status of each ongoing project; and
330+ (d) (1) The VETTING Board OR THE EXECUTIVE DIRECTOR shall monitor 28
331+and track the progress of each project that receives funding under this part. 29
332+ 8 SENATE BILL 865
347333
348- (6) any other relevant economic metrics determined by the VETTING
349-Board.
350334
351-[13–741.] 13–743. 13–742.
335+ (2) If the VETTING Board determines that sufficient progress is not being 1
336+made toward achieving the requirements of this section, the VETTING Board may reclaim 2
337+the awarded funds. 3
352338
353- The VETTING Board shall adopt regulations to carry out this part.
339+ (e) The funding provided in this section shall be used to supplement and not 4
340+supplant any funds that would otherwise be provided to the VETTING Board or the member 5
341+counties. 6
354342
355- SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
356-October June 1, 2023.
343+[13–740.] 13–742. 13–741. 7
357344
358-Approved by the Governor, May 8, 2023.
345+ (a) On or before December 31 each year, the VETTING Board shall report to the 8
346+Governor and, in accordance with § 2–1257 of the State Government Article, the General 9
347+Assembly on the implementation of this part. 10
348+
349+ (b) The report required in subsection (a) of this section shall include, 11
350+disaggregated by member county: 12
351+
352+ (1) the number of new projects funded during the previous year; 13
353+
354+ (2) the number of projects that were completed during the previous year; 14
355+
356+ (3) the number of ongoing projects that were not completed during the 15
357+previous year; 16
358+
359+ (4) the amount and type of funding received by each project; 17
360+
361+ (5) the current status of each ongoing project; and 18
362+
363+ (6) any other relevant economic metrics determined by the VETTING 19
364+Board. 20
365+
366+[13–741.] 13–743. 13–742. 21
367+
368+ The VETTING Board shall adopt regulations to carry out this part. 22
369+
370+ SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 23
371+October June 1, 2023. 24
372+