| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | EXPLANATION: CAPITALS INDICATE MATTER ADDE D TO EXISTING LAW . | |
| 4 | 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 | 5 | *sb0906* | |
| 9 | 6 | ||
| 10 | 7 | SENATE BILL 906 | |
| 11 | 8 | C8 3lr3112 | |
| 12 | 9 | CF HB 622 | |
| 13 | 10 | By: Senator Rosapepe | |
| 14 | 11 | Introduced and read first time: February 15, 2023 | |
| 15 | 12 | Assigned to: Rules | |
| 16 | - | Re–referred to: Budget and Taxation and Finance, March 3, 2023 | |
| 17 | - | Committee Report: Favorable with amendments | |
| 18 | - | Senate action: Adopted | |
| 19 | - | Read second time: March 24, 2023 | |
| 20 | 13 | ||
| 21 | - | ||
| 14 | + | A BILL ENTITLED | |
| 22 | 15 | ||
| 23 | 16 | AN ACT concerning 1 | |
| 24 | 17 | ||
| 25 | 18 | Economic Development – Industry 4.0 Technology Grant Program 2 | |
| 26 | 19 | ||
| 27 | 20 | FOR the purpose of establishing the Industry 4.0 Technology Grant Program in the 3 | |
| 28 | 21 | Department of Commerce to provide grants to certain small and medium–sized 4 | |
| 29 | 22 | manufacturing enterprises to assist those manufacturers with implementing new 5 | |
| 30 | 23 | Industry 4.0 technology or related infrastructure for certain purposes; establishing 6 | |
| 31 | 24 | the Industry 4.0 Technology Grant Fund as a special, nonlapsing fund; requiring the 7 | |
| 32 | 25 | Governor to include in the annual budget bill a certain appropriation to the Fund in 8 | |
| 33 | 26 | certain fiscal years; and generally relating to the Industry 4.0 Technology Grant 9 | |
| 34 | 27 | Program for manufacturers. 10 | |
| 35 | 28 | ||
| 36 | 29 | BY adding to 11 | |
| 37 | 30 | Article – Economic Development 12 | |
| 38 | 31 | Section 5–2301 through 5–2304 to be under the new subtitle “Subtitle 23. Industry 13 | |
| 39 | 32 | 4.0 Technology Grant Program” 14 | |
| 40 | 33 | Annotated Code of Maryland 15 | |
| 41 | 34 | (2018 Replacement Volume and 2022 Supplement) 16 | |
| 42 | 35 | ||
| 43 | 36 | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 17 | |
| 44 | 37 | That the Laws of Maryland read as follows: 18 | |
| 45 | 38 | ||
| 46 | 39 | Article – Economic Development 19 | |
| 47 | 40 | ||
| 48 | - | SUBTITLE 23. INDUSTRY 4.0 TECHNOLOGY GRANT PROGRAM. 20 2 SENATE BILL 906 | |
| 41 | + | SUBTITLE 23. INDUSTRY 4.0 TECHNOLOGY GRANT PROGRAM. 20 | |
| 42 | + | ||
| 43 | + | 5–2301. 21 | |
| 44 | + | ||
| 45 | + | (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 22 | |
| 46 | + | INDICATED. 23 | |
| 47 | + | 2 SENATE BILL 906 | |
| 48 | + | ||
| 49 | + | ||
| 50 | + | (B) “FUND” MEANS THE INDUSTRY 4.0 TECHNOLOGY GRANT FUND. 1 | |
| 51 | + | ||
| 52 | + | (C) (1) “INDUSTRY 4.0 TECHNOLOGY ” MEANS SMART HARDWARE AN D 2 | |
| 53 | + | SOFTWARE MANUFACTURI NG TECHNOLOGIES . 3 | |
| 54 | + | ||
| 55 | + | (2) “INDUSTRY 4.0 TECHNOLOGY ” INCLUDES: 4 | |
| 56 | + | ||
| 57 | + | (I) ADVANCED SENSOR INTE GRATION; 5 | |
| 58 | + | ||
| 59 | + | (II) EMBEDDED SOFTWARE SY STEM APPLICATIONS ; 6 | |
| 60 | + | ||
| 61 | + | (III) ROBOTICS AND AUTONOM OUS EQUIPMENT THAT C OLLECT 7 | |
| 62 | + | DATA; 8 | |
| 63 | + | ||
| 64 | + | (IV) ENTERPRISE RESOURCE PLANNING (ERP) AND DATA 9 | |
| 65 | + | ANALYTICS SOFTWARE ; 10 | |
| 66 | + | ||
| 67 | + | (V) CLOUD COMPUTING AND CYBERSECURITY SO LUTIONS; 11 | |
| 68 | + | ||
| 69 | + | (VI) ARTIFICIAL INTELLIGE NCE (AI) FOR CONTINUOUS 12 | |
| 70 | + | IMPROVEMENT OF EFFIC IENCY AND PRODUCTIVI TY; AND 13 | |
| 71 | + | ||
| 72 | + | (VII) INFRASTRUCTURE REQUI RED TO IMPLEMENT A 14 | |
| 73 | + | QUALIFYING TECHNOLOG Y. 15 | |
| 74 | + | ||
| 75 | + | (D) “PROGRAM” MEANS THE INDUSTRY 4.0 TECHNOLOGY GRANT 16 | |
| 76 | + | PROGRAM. 17 | |
| 77 | + | ||
| 78 | + | (E) “PROGRAM ADMINISTRATOR ” MEANS THE ENTITY THA T HAS 18 | |
| 79 | + | AUTHORITY TO ADMINIS TER THE PROGRAM. 19 | |
| 80 | + | ||
| 81 | + | (F) “SME MANUFACTURER ” MEANS A SMALL OR MED IUM–SIZED 20 | |
| 82 | + | ENTERPRISE MANUFACTURER . 21 | |
| 83 | + | ||
| 84 | + | 5–2302. 22 | |
| 85 | + | ||
| 86 | + | (A) THERE IS AN INDUSTRY 4.0 TECHNOLOGY GRANT PROGRAM IN THE 23 | |
| 87 | + | DEPARTMENT . 24 | |
| 88 | + | ||
| 89 | + | (B) THE DEPARTMENT MAY ENTER INTO A MEMORANDUM OF 25 | |
| 90 | + | UNDERSTANDING WITH A STATE–CHARTERED CORPORATIO N UNDER TITLE 10 OF 26 | |
| 91 | + | THIS ARTICLE TO AUTH ORIZE THE STATE–CHARTERED CORPORATIO N TO 27 | |
| 92 | + | ADMINISTER THE PROGRAM IN ACCORDANCE WITH THIS SUBTITLE . 28 SENATE BILL 906 3 | |
| 49 | 93 | ||
| 50 | 94 | ||
| 51 | 95 | ||
| 52 | - | 5–2301. 1 | |
| 96 | + | (C) THE PURPOSE OF THE PROGRAM IS TO ASSIST SME MANUFACTURERS 1 | |
| 97 | + | IN THE PURCHASE , IMPLEMENTATION , AND RELATED EMPLOYEE TRAINING OF 2 | |
| 98 | + | INDUSTRY 4.0 TECHNOLOGY AND RELAT ED INFRASTRUCTURE IN ORD ER TO 3 | |
| 99 | + | INCREASE PRODUCTIVIT Y, EFFICIENCY, AND COMPETITIVENESS IN THE STATE AND 4 | |
| 100 | + | NATIONAL MANUFACTURI NG ENVIRONMENT . 5 | |
| 53 | 101 | ||
| 54 | - | (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 2 | |
| 55 | - | INDICATED. 3 | |
| 102 | + | (D) TO QUALIFY FOR A GRAN T UNDER THE PROGRAM, AN SME 6 | |
| 103 | + | MANUFACTURER SHALL S UBMIT TO THE PROGRAM ADMINISTRATOR AN 7 | |
| 104 | + | APPLICATION THAT DEMONSTRATES THAT: 8 | |
| 56 | 105 | ||
| 57 | - | ( | |
| 106 | + | (1) THE COMPANY IS A QUA LIFYING SME MANUFACTURER ; 9 | |
| 58 | 107 | ||
| 59 | - | (C) (1) “INDUSTRY 4.0 TECHNOLOGY ” MEANS SMART HARDWARE AND 5 | |
| 60 | - | SOFTWARE MANUFACTURI NG TECHNOLOGIES . 6 | |
| 108 | + | (2) THE COMPANY HAS BUSI NESS OPERATIONS IN MARYLAND; AND 10 | |
| 61 | 109 | ||
| 62 | - | ( | |
| 110 | + | (3) THE COMPANY HAS BEEN IN EXISTENCE FOR OVE R 1 YEAR. 11 | |
| 63 | 111 | ||
| 64 | - | (I) ADVANCED SENSOR INTE GRATION; 8 | |
| 112 | + | (E) (1) IN AWARDING GRANTS UN DER THE PROGRAM, THE PROGRAM 12 | |
| 113 | + | ADMINISTRATOR SHALL AWARD GRANTS ON A CO MPETITIVE BASIS BASE D ON: 13 | |
| 65 | 114 | ||
| 66 | - | (II) EMBEDDED SOFTWARE SY STEM APPLICATIONS ; 9 | |
| 115 | + | (I) THE PROPOSED PROJECT ’S ALIGNMENT WITH ADO PTION OF 14 | |
| 116 | + | INDUSTRY 4.0 TECHNOLOGIES ; 15 | |
| 67 | 117 | ||
| 68 | - | ( | |
| 69 | - | ||
| 118 | + | (II) THE APPLICANT ’S DEMONSTRATED OVERA LL COMMITMENT 16 | |
| 119 | + | TO, OR STRATEGY FOR , INDUSTRY 4.0 TECHNOLOGY ADOPTION ; 17 | |
| 70 | 120 | ||
| 71 | - | (IV) ENTERPRISE RESOURCE PLANNING (ERP) AND DATA 12 | |
| 72 | - | ANALYTICS SOFTWARE ; 13 | |
| 121 | + | (III) THE DEMONSTRATED POS ITIVE IMPACT OF THE INDUSTRY 18 | |
| 122 | + | 4.0 TECHNOLOGY ON THE AP PLICANT’S BUSINESS OPERATION S AND 19 | |
| 123 | + | COMPETITIVENESS ; AND 20 | |
| 73 | 124 | ||
| 74 | - | (V) CLOUD COMP UTING AND CYBERSECURITY SO LUTIONS; 14 | |
| 125 | + | (IV) ANY OTHER INFORMATIO N REQUESTED BY THE PROGRAM 21 | |
| 126 | + | ADMINISTRATOR . 22 | |
| 75 | 127 | ||
| 76 | - | (VI) ARTIFICIAL INTELLIGE NCE (AI) FOR CONTINUOUS 15 | |
| 77 | - | IMPROVEMENT OF EFFIC IENCY AND PRODUCTIVI TY; AND 16 | |
| 128 | + | (2) SUBJECT TO PARAGRAPH (3) OF THIS SUBSECTION , THE 23 | |
| 129 | + | DEPARTMENT SHALL AWAR D TO AN ELIGIBLE SME MANUFACTURER A GRANT OF AT 24 | |
| 130 | + | LEAST $25,000, BUT NOT EXCEEDING $500,000. 25 | |
| 78 | 131 | ||
| 79 | - | (VII) INFRASTRUCTURE REQUI RED TO IMPLEMENT A 17 | |
| 80 | - | QUALIFYING TECHNOLOG Y. 18 | |
| 132 | + | (3) (I) AN SME MANUFACTURER THAT RE CEIVES A GRANT UNDER 26 | |
| 133 | + | THIS SUBSECTION SHAL L PROVIDE MATCHING F UNDS IN THE AMOUNTS SPECIFIED 27 | |
| 134 | + | UNDER THIS PARAGRAPH . 28 | |
| 81 | 135 | ||
| 82 | - | (D) “PROGRAM” MEANS THE INDUSTRY 4.0 TECHNOLOGY GRANT 19 | |
| 83 | - | PROGRAM. 20 | |
| 84 | - | ||
| 85 | - | (E) “PROGRAM ADMINISTRATOR ” MEANS THE ENTITY THA T HAS 21 | |
| 86 | - | AUTHORITY TO ADMINIS TER THE PROGRAM. 22 | |
| 87 | - | ||
| 88 | - | (F) “SME MANUFACTURER ” MEANS A SMALL OR MED IUM–SIZED 23 | |
| 89 | - | ENTERPRISE MANUFACTU RER. 24 | |
| 90 | - | ||
| 91 | - | 5–2302. 25 | |
| 92 | - | ||
| 93 | - | (A) THERE IS AN INDUSTRY 4.0 TECHNOLOGY GRANT PROGRAM IN THE 26 | |
| 94 | - | DEPARTMENT . 27 | |
| 95 | - | SENATE BILL 906 3 | |
| 136 | + | (II) THE DEPARTMENT SHALL ESTA BLISH A SLIDING SCAL E 29 | |
| 137 | + | FORMULA FOR THE MATC HING FUNDS REQUIRED BY AN SME MANUFACTURER TO 30 4 SENATE BILL 906 | |
| 96 | 138 | ||
| 97 | 139 | ||
| 98 | - | (B) THE DEPARTMENT MAY ENTER INTO A MEMORANDUM OF 1 | |
| 99 | - | UNDERSTANDING WITH A STATE–CHARTERED CORPORATIO N UNDER TITLE 10 OF 2 | |
| 100 | - | THIS ARTICLE TO AUTH ORIZE THE STATE–CHARTERED CORPORATIO N TO 3 | |
| 101 | - | ADMINISTER THE PROGRAM IN ACCORDANCE WITH THIS SUBTITLE . 4 | |
| 140 | + | BE PROVIDED A GRANT UNDER THIS SECTION , WITH SME MANUFACTURERS WITH 1 | |
| 141 | + | FEWER EMPLOYEES REQU IRING A LESSER PERCENTAGE AND SME 2 | |
| 142 | + | MANUFACTURERS WITH M ORE EMPLOYEES REQUIR ING A HIGHER PERCENT AGE. 3 | |
| 102 | 143 | ||
| 103 | - | (C) THE PURPOSE OF THE PROGRAM IS TO ASSIST SME MANUFACTURERS 5 | |
| 104 | - | IN THE PURCHASE , IMPLEMENTATION , AND RELATED EMPLOYEE TRAINING OF 6 | |
| 105 | - | INDUSTRY 4.0 TECHNOLOGY AND RELAT ED INFRASTRUCTURE IN ORDER TO 7 | |
| 106 | - | INCREASE PRODUCTIVIT Y, EFFICIENCY, AND COMPETITIVENESS IN THE STATE AND 8 | |
| 107 | - | NATIONAL MANUFA CTURING ENVIRONMENT . 9 | |
| 144 | + | (F) (1) A GRANT AWARDED UNDER THE PROGRAM MAY BE USED F OR 4 | |
| 145 | + | PROJECTS THAT DIRECT LY AFFECT MANUFACTUR ING PROCESSES AND FO CUS ON 5 | |
| 146 | + | INVESTMENTS IN INDUSTRY 4.0 TECHNOLOGY COMMER CIAL–READY EQUIPMENT 6 | |
| 147 | + | THROUGH ESTABLISHED VENDORS OR RELATED I NFRASTRUCTURE . 7 | |
| 108 | 148 | ||
| 109 | - | ( | |
| 110 | - | MANUFACTURER SHALL S UBMIT TO THE | |
| 111 | - | ||
| 149 | + | (2) WITHIN 1 YEAR AFTER RECEIVING A GRANT UNDER THE 8 | |
| 150 | + | PROGRAM, AN SME MANUFACTURER SHALL S UBMIT TO THE DEPARTMENT A 9 | |
| 151 | + | LETTER THAT: 10 | |
| 112 | 152 | ||
| 113 | - | ( | |
| 153 | + | (I) DESCRIBES HOW THE GR ANT FUNDING WAS USED ; AND 11 | |
| 114 | 154 | ||
| 115 | - | (2) THE COMPANY HAS BUSI NESS OPERATIONS IN MARYLAND; AND 14 | |
| 155 | + | (II) INCLUDES ANY INVOICE S RELATED TO THE 12 | |
| 156 | + | IMPLEMENTATION OF TH E INDUSTRY 4.0 TECHNOLOGY OR RELATE D 13 | |
| 157 | + | INFRASTRUCTURE . 14 | |
| 116 | 158 | ||
| 117 | - | (3) THE COMPANY HAS BEEN IN EXISTENCE FOR OVE R 1 YEAR. 15 | |
| 159 | + | (3) THE DEPARTMENT MAY REQUIR E A GRANT RECIPIENT THAT 15 | |
| 160 | + | FAILS TO FULFILL THE REQUIREMENTS OF THE GRANT TO RETURN ALL OR PART OF 16 | |
| 161 | + | THE GRANT TO THE PROGRAM. 17 | |
| 118 | 162 | ||
| 119 | - | (E) (1) IN AWARDING GRANTS UN DER THE PROGRAM, THE PROGRAM 16 | |
| 120 | - | ADMINISTRATOR SHALL AWARD GRANTS ON A CO MPETITIVE BASIS BASE D ON: 17 | |
| 163 | + | 5–2303. 18 | |
| 121 | 164 | ||
| 122 | - | (I) THE PROPOSED PROJECT ’S ALIGNMENT WITH ADOPTION OF 18 | |
| 123 | - | INDUSTRY 4.0 TECHNOLOGIES ; 19 | |
| 165 | + | (A) (1) THERE IS AN INDUSTRY 4.0 TECHNOLOGY GRANT FUND. 19 | |
| 124 | 166 | ||
| 125 | - | (II) THE APPLICANT ’S DEMONSTRATED OVERA LL COMMITMENT 20 | |
| 126 | - | TO, OR STRATEGY FOR , INDUSTRY 4.0 TECHNOLOGY ADOPTION ; 21 | |
| 167 | + | (2) THE SECRETARY SHALL ADMIN ISTER THE FUND. 20 | |
| 127 | 168 | ||
| 128 | - | (III) THE DEMONSTRATED POS ITIVE IMPACT OF THE INDUSTRY 22 | |
| 129 | - | 4.0 TECHNOLOGY ON THE AP PLICANT’S BUSINESS OPERATIONS AND 23 | |
| 130 | - | COMPETITIVENESS ; AND 24 | |
| 169 | + | (3) (I) THE FUND IS A SPECIAL, NONLAPSING FUND THAT IS NOT 21 | |
| 170 | + | SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 22 | |
| 131 | 171 | ||
| 132 | - | ( | |
| 133 | - | ||
| 172 | + | (II) THE STATE TREASURER SHALL HOLD THE FUND 23 | |
| 173 | + | SEPARATELY, AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 24 | |
| 134 | 174 | ||
| 135 | - | (2) SUBJECT TO PARAGRAPH (3) OF THIS SUBSECTION , THE 27 | |
| 136 | - | DEPARTMENT SHALL AWAR D TO AN ELIGIBLE SME MANUFACTURER A GRANT OF AT 28 | |
| 137 | - | LEAST $25,000, BUT NOT EXCEEDING $500,000. 29 | |
| 175 | + | (B) THE FUND CONSISTS OF : 25 | |
| 138 | 176 | ||
| 139 | - | (3) (I) AN SME MANUFACTURER THAT RE CEIVES A GRANT UNDER 30 | |
| 140 | - | THIS SUBSECTION SHAL L PROVIDE MATCHING F UNDS IN THE AMOUNTS SPECIFIED 31 | |
| 141 | - | UNDER THIS PARAGRAPH . 32 4 SENATE BILL 906 | |
| 177 | + | (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; AND 26 | |
| 142 | 178 | ||
| 143 | - | ||
| 144 | - | ||
| 145 | - | (II) THE DEPARTMENT SHALL ESTA BLISH A SLIDING SCAL E 1 | |
| 146 | - | FORMULA FOR THE MATC HING FUNDS REQUIRED BY AN SME MANUFACTURER TO 2 | |
| 147 | - | BE PROVIDED A GRANT UNDER THIS SECTION , WITH SME MANUFACTURERS WITH 3 | |
| 148 | - | FEWER EMPLOYEES REQU IRING A LESSER PERCE NTAGE AND SME 4 | |
| 149 | - | MANUFACTURERS WITH M ORE EMPLOYEES REQUIR ING A HIGHER PERCENT AGE. 5 | |
| 150 | - | ||
| 151 | - | (4) (I) THE DEPARTMENT SHALL RESERVE AT LEAST 20% OF THE 6 | |
| 152 | - | FUNDS AVAILABLE DURI NG EACH FISCAL YEAR FOR AWARDING GRANTS UNDER THIS 7 | |
| 153 | - | SUBSECTION TO SME MANUFACTURERS THAT E MPLOY 50 OR FEWER EMPLOYEES . 8 | |
| 154 | - | ||
| 155 | - | (II) IF THE TOTAL AMOUNT O F GRANTS APPLIED FOR BY SME 9 | |
| 156 | - | MANUFACTURERS THAT E MPLOY 50 OR FEWER EMPLOYEES IS L ESS THAN THE 10 | |
| 157 | - | AMOUNT OF FUNDS RESE RVED UNDER SUBPARAGR APH (I) OF THIS PARAGRAPH 11 | |
| 158 | - | DURING A FISCAL YEAR , THE DEPARTMENT MAY UTILIZ E THE BALANCE OF THE 12 | |
| 159 | - | RESERVED FUNDS FOR A WARDING GRANTS UNDER THIS SUBSECTION TO SME 13 | |
| 160 | - | MANUFACTURERS THAT E MPLOY MORE THAN 50 EMPLOYEES. 14 | |
| 161 | - | ||
| 162 | - | (F) (1) A GRANT AWARDED UNDER THE PROGRAM MAY BE USED F OR 15 | |
| 163 | - | PROJECTS THAT DIRECT LY AFFECT MANUFACTUR ING PROCESSES AND FO CUS ON 16 | |
| 164 | - | INVESTMENTS IN INDUSTRY 4.0 TECHNOLOGY COMMERCIA L–READY EQUIPMENT 17 | |
| 165 | - | THROUGH ESTABLISHED VENDORS OR RELATE D INFRASTRUCTURE . 18 | |
| 166 | - | ||
| 167 | - | (2) WITHIN 1 YEAR AFTER RECEIVING A GRANT UNDER THE 19 | |
| 168 | - | PROGRAM, AN SME MANUFACTURER SHALL S UBMIT TO THE DEPARTMENT A 20 | |
| 169 | - | LETTER THAT: 21 | |
| 170 | - | ||
| 171 | - | (I) DESCRIBES HOW THE GR ANT FUNDING WAS USED ; AND 22 | |
| 172 | - | ||
| 173 | - | (II) INCLUDES ANY INVOICE S RELATED TO THE 23 | |
| 174 | - | IMPLEMEN TATION OF THE INDUSTRY 4.0 TECHNOLOGY OR RELATE D 24 | |
| 175 | - | INFRASTRUCTURE . 25 | |
| 176 | - | ||
| 177 | - | (3) THE DEPARTMENT MAY REQUIR E A GRANT RECIPIENT THAT 26 | |
| 178 | - | FAILS TO FULFILL THE REQUIREMENTS OF THE GRANT TO RETURN ALL OR PART OF 27 | |
| 179 | - | THE GRANT TO THE PROGRAM. 28 | |
| 180 | - | ||
| 181 | - | 5–2303. 29 | |
| 182 | - | ||
| 183 | - | (A) (1) THERE IS AN INDUSTRY 4.0 TECHNOLOGY GRANT FUND. 30 | |
| 184 | - | ||
| 185 | - | (2) THE SECRETARY SHALL ADMIN ISTER THE FUND. 31 | |
| 179 | + | (2) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 27 | |
| 180 | + | THE BENEFIT OF THE FUND. 28 | |
| 186 | 181 | SENATE BILL 906 5 | |
| 187 | 182 | ||
| 188 | 183 | ||
| 189 | - | ( | |
| 190 | - | ||
| 184 | + | (C) THE FUND MAY BE USED ONLY FOR PROVIDING GRANTS UNDER THE 1 | |
| 185 | + | PROGRAM TO ELIGIBLE A PPLICANTS. 2 | |
| 191 | 186 | ||
| 192 | - | ( | |
| 193 | - | ||
| 187 | + | (D) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 3 | |
| 188 | + | IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 4 | |
| 194 | 189 | ||
| 195 | - | (B) THE FUND CONSISTS OF : 5 | |
| 190 | + | (2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 5 | |
| 191 | + | THE GENERAL FUND OF THE STATE. 6 | |
| 196 | 192 | ||
| 197 | - | (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; AND 6 | |
| 193 | + | (3) FOR EACH OF FISCAL YE ARS 2024 THROUGH 2028, THE 7 | |
| 194 | + | GOVERNOR SHALL INCLUD E IN THE ANNUAL BUDG ET BILL AN APPROPRIA TION OF 8 | |
| 195 | + | $10,000,000 TO THE FUND. 9 | |
| 198 | 196 | ||
| 199 | - | (2) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 7 | |
| 200 | - | THE BENEFIT OF THE FUND. 8 | |
| 197 | + | 5–2304. 10 | |
| 201 | 198 | ||
| 202 | - | ||
| 203 | - | ||
| 199 | + | THE SECRETARY SHALL ADOPT REGULATIONS NECESSAR Y TO CARRY OUT 11 | |
| 200 | + | THIS SUBTITLE. 12 | |
| 204 | 201 | ||
| 205 | - | (D) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 11 | |
| 206 | - | IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 12 | |
| 207 | - | ||
| 208 | - | (2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO 13 | |
| 209 | - | THE GENERAL FUND OF THE STATE. 14 | |
| 210 | - | ||
| 211 | - | (3) FOR EACH OF FISCAL YE ARS 2024 2025 THROUGH 2028, THE 15 | |
| 212 | - | GOVERNOR SHALL INCLUD E IN THE ANNUAL BUDG ET BILL AN APPROPRIA TION OF 16 | |
| 213 | - | $10,000,000 $1,000,000 TO THE FUND. 17 | |
| 214 | - | ||
| 215 | - | 5–2304. 18 | |
| 216 | - | ||
| 217 | - | THE SECRETARY SHALL ADOPT REGULATIONS NECESSARY TO CARRY O UT 19 | |
| 218 | - | THIS SUBTITLE. 20 | |
| 219 | - | ||
| 220 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 21 | |
| 221 | - | October 1, 2023. 22 | |
| 222 | - | ||
| 223 | - | ||
| 202 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 13 | |
| 203 | + | October 1, 2023. 14 | |
| 224 | 204 |