Maryland 2023 Regular Session

Maryland Senate Bill SB900 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 MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	sb0900
6	6
7	7	SENATE BILL 900
8	8	C8 3lr2940
9	9	CF HB 911
10	10	By: Senator Feldman
11	11	Introduced and read first time: February 15, 2023
12	12	Assigned to: Rules
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Maryland Clean Energy Center – Climate Technology Founder’s Fund 2
19	19	– Establishment 3
20	20
21	21	FOR the purpose of establishing the Climate Technology Founder’s Fund in the Maryland 4
22	22	Clean Energy Center; requiring interest earnings of the Fund to be credited to the 5
23	23	Fund; and generally relating to the Climate Technology Founder’s Fund within the 6
24	24	Maryland Clean Energy Center. 7
25	25
26	26	BY renumbering 8
27	27	Article – Economic Development 9
28	28	Section 10–858 and the part “Part VI. Short Title” 10
29	29	to be Section 10–862 and the part “Part VII. Short Title” 11
30	30	Annotated Code of Maryland 12
31	31	(2018 Replacement Volume and 2022 Supplement) 13
32	32
33	33	BY repealing and reenacting, without amendments, 14
34	34	Article – Economic Development 15
35	35	Section 10–801(a), (d), and (f) 16
36	36	Annotated Code of Maryland 17
37	37	(2018 Replacement Volume and 2022 Supplement) 18
38	38
39	39	BY adding to 19
40	40	Article – Economic Development 20
41	41	Section 10–858 and 10–859 to be under the new part “Part VI. Climate 21
42	42	Technology Founder’s Fund” 22
43	43	Annotated Code of Maryland 23
44	44	(2018 Replacement Volume and 2022 Supplement) 24
45	45
46	46	BY repealing and reenacting, without amendments, 25
47	47	Article – State Finance and Procurement 26
48	48	Section 6–226(a)(2)(i) 27 2 SENATE BILL 900
49	49
50	50
51	51	Annotated Code of Maryland 1
52	52	(2021 Replacement Volume and 2022 Supplement) 2
53	53
54	54	BY repealing and reenacting, with amendments, 3
55	55	Article – State Finance and Procurement 4
56	56	Section 6–226(a)(2)(ii)170. and 171. 5
57	57	Annotated Code of Maryland 6
58	58	(2021 Replacement Volume and 2022 Supplement) 7
59	59
60	60	BY adding to 8
61	61	Article – State Finance and Procurement 9
62	62	Section 6–226(a)(2)(ii)172. 10
63	63	Annotated Code of Maryland 11
64	64	(2021 Replacement Volume and 2022 Supplement) 12
65	65
66	66	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
67	67	That Section(s) 10–858 and the part “Part VI. Short Title” of Article – Economic 14
68	68	Development of the Annotated Code of Maryland be renumbered to be Section(s) 10–862 15
69	69	and the part “Part VII. Short Title”. 16
70	70
71	71	SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 17
72	72	as follows: 18
73	73
74	74	Article – Economic Development 19
75	75
76	76	10–801. 20
77	77
78	78	(a) In this subtitle the following words have the meanings indicated. 21
79	79
80	80	(d) “Board” means the Board of Directors of the Center. 22
81	81
82	82	(f) “Center” means the Maryland Clean Energy Center. 23
83	83
84	84	PART VI. CLIMATE TECHNOLOGY FOUNDER’S FUND. 24
85	85
86	86	10–858. 25
87	87
88	88	(A) IN THIS PART THE FOLL OWING WORDS HAVE THE MEANINGS 26
89	89	INDICATED. 27
90	90
91	91	(B) “CLIMATE TECHNOLOGY ” INCLUDES: 28
92	92
93	93	(1) SOLAR ENERGY ; 29
94	94
95	95	(2) WIND ENERGY ; 30
96	96	SENATE BILL 900 3
97	97
98	98
99	99	(3) ENERGY STORAGE DEVIC ES; 1
100	100
101	101	(4) GRID MODERNIZATION ; 2
102	102
103	103	(5) CARBON CAPTURE UTILI ZATION AND STORAGE ; AND 3
104	104
105	105	(6) ANY OTHER TECHNOLOGY DEFINED BY THE CENTER THAT: 4
106	106
107	107	(I) REDUCES GREENHOUSE G AS EMISSIONS; 5
108	108
109	109	(II) MITIGATES THE IMPACT S OF CLIMATE CHANGE ; OR 6
110	110
111	111	(III) PROVIDES A NEGATIVE EMISSION BENEFIT IN THE 7
112	112	ELECTRIC, OIL, OR GAS SECTOR . 8
113	113
114	114	(C) “FUND” MEANS THE CLIMATE TECHNOLOGY FOUNDER’S FUND. 9
115	115
116	116	(D) “QUALIFIED PROJECT ” MEANS A PROJECT RELA TED TO CLIMATE 10
117	117	TECHNOLOGY . 11
118	118
119	119	10–859. 12
120	120
121	121	(A) THERE IS A CLIMATE TECHNOLOGY FOUNDER’S FUND. 13
122	122
123	123	(B) THE PURPOSE OF THE FUND IS TO PROVIDE EA RLY–STAGE FUNDING 14
124	124	FOR START–UP COMPANIES FOCUSED ON QUALIFIED PROJECT S IN CLIMATE 15
125	125	TECHNOLOGIES . 16
126	126
127	127	(C) (1) THE CENTER SHALL ADMINISTER THE FUND. 17
128	128
129	129	(2) THE CENTER SHALL ESTABLIS H A FUND OVERSIGHT 18
130	130	COMMITTEE, APPOINTED BY THE BOARD, TO MANAGE THE FUND. 19
131	131
132	132	(D) THE FUND CONSISTS OF : 20
133	133
134	134	(1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; 21
135	135
136	136	(2) MONEY MADE AVAILABLE TO THE FUND THROUGH PRIVATE 22
137	137	CONTRIBUTIONS AND FE DERAL GRANTS OR PROG RAMS; 23
138	138
139	139	(3) PROCEEDS FROM THE SA LE, DISPOSITION, LEASE, OR RENTAL OF 24
140	140	COLLATERAL RELATED T O FINANCING MADE FRO M THE FUND; 25
141	141	4 SENATE BILL 900
142	142
143	143
144	144	(4) REPAYMENT OF FINANCI NG MADE FROM THE FUND; 1
145	145
146	146	(5) RETURNS FROM OR RECO VERY OF ANY FINANCING M ADE FROM 2
147	147	THE FUND; 3
148	148
149	149	(6) PROCEEDS FROM THE SA LE OF ANY FINANCING MADE OR ASSETS 4
150	150	ACQUIRED WITH PROCEE DS FROM THE FUND; 5
151	151
152	152	(7) INTEREST EARNINGS ON MONEY IN THE FUND; AND 6
153	153
154	154	(8) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 7
155	155	THE BENEFIT OF THE FUND. 8
156	156
157	157	(E) (1) THE FUND MAY BE USED ONLY TO: 9
158	158
159	159	(I) EVALUATE AND COORDIN ATE FINANCING FOR QU ALIFIED 10
160	160	PROJECTS RELATED TO THE PURPOSE OF THE FUND; 11
161	161
162	162	(II) PROVIDE FINANCING TO QUALIFIED PROJECTS ; 12
163	163
164	164	(III) SECURE PRIVATE INVES TMENT CAPITAL FOR FINANCING OF 13
165	165	QUALIFIED PROJECTS ; AND 14
166	166
167	167	(IV) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION , 15
168	168	ADMINISTER THE FUND AND THE ACTIVITI ES OF THE CENTER IN CARRYING OU T 16
169	169	THIS PART. 17
170	170
171	171	(2) NOT MORE THAN 10% OF THE FUND BALANCE MAY BE U SED FOR 18
172	172	ADMINISTRATIVE PURPO SES. 19
173	173
174	174	(F) (1) EXPENDITURES FROM THE FUND MAY BE MADE ONLY WITH 20
175	175	APPROVAL OF THE FUND OVERSIGHT COMMITTEE. 21
176	176
177	177	(2) A RECIPIENT OF FINANCI AL ASSISTANCE UNDER THIS SECTION 22
178	178	SHALL PROVIDE MATCHI NG FUNDS FOR THE QUA LIFIED PROJECT EQUAL TO THE 23
179	179	AMOUNT OF FINANCIAL ASSISTANCE AWARDED F ROM THE FUND. 24
180	180
181	181	(G) ON OR BEFORE OCTOBER 1 EACH YEAR, THE CENTER SHALL REPORT 25
182	182	TO THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE 26
183	183	GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY ON THE USE O F THE FUND AND 27
184	184	OUTCOMES OF INVESTME NTS MADE FROM THE FUND. 28
185	185
186	186	(H) FOR FISCAL YEAR 2025, THE GOVERNOR SHALL INCLUD E IN THE 29 SENATE BILL 900 5
187	187
188	188
189	189	ANNUAL BUDGET BILL A N APPROPRIATION OF $500,000 TO THE FUND. 1
190	190
191	191	10–860. RESERVED. 2
192	192
193	193	10–861. RESERVED. 3
194	194
195	195	Article – State Finance and Procurement 4
196	196
197	197	6–226. 5
198	198
199	199	(a) (2) (i) Notwithstanding any other provision of law, and unless 6
200	200	inconsistent with a federal law, grant agreement, or other federal requirement or with the 7
201	201	terms of a gift or settlement agreement, net interest on all State money allocated by the 8
202	202	State Treasurer under this section to special funds or accounts, and otherwise entitled to 9
203	203	receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 10
204	204	Fund of the State. 11
205	205
206	206	(ii) The provisions of subparagraph (i) of this paragraph do not apply 12
207	207	to the following funds: 13
208	208
209	209	170. the Cannabis Public Health Fund; [and] 14
210	210
211	211	171. the Community Reinvestment and Repair Fund; AND 15
212	212
213	213	172. THE CLIMATE TECHNOLOGY FOUNDER’S FUND. 16
214	214
215	215	SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 17
216	216	1, 2023. 18
217	217