| Old | New | Differences | |
|---|---|---|---|
| 1 | - | WES MOORE, Governor Ch. 123 | |
| 2 | 1 | ||
| 3 | - | – 1 – | |
| 4 | - | Chapter 123 | |
| 5 | - | (House Bill 599) | |
| 6 | 2 | ||
| 7 | - | AN ACT concerning | |
| 3 | + | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTING 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 | + | *hb0599* | |
| 8 | 9 | ||
| 9 | - | Maryland Community Investment Corporation – Establishment | |
| 10 | - | (Housing and Community Development Financing Act of 2024) | |
| 10 | + | HOUSE BILL 599 | |
| 11 | + | C8, C9 4lr4521 | |
| 12 | + | CF SB 483 | |
| 13 | + | By: The Speaker (By Request – Administration) and Delegates Allen, Amprey, | |
| 14 | + | Anderton, Bagnall, Bhandari, Bouchat , Buckel, Charkoudian, Conaway, | |
| 15 | + | Crutchfield, Davis, Ebersole, Edelson, Fennell, Foley, Grossman, Guyton, | |
| 16 | + | Guzzone, Henson, Hill, Holmes, Hornberger, Jackson, A. Johnson, | |
| 17 | + | S. Johnson, D. Jones, Kaiser, Kaufman, J. Long, McCaskill, Moon, | |
| 18 | + | Palakovich Carr, Pasteur, Patterson, Phillips, Pruski, Qi, Roberts, Ruff, | |
| 19 | + | Ruth, Simmons, Simpson, Solomon, Spiegel, Taveras, Toles, Turner, | |
| 20 | + | Valderrama, Watson, White Holland, and Williams Williams, Boyce, Healey, | |
| 21 | + | Lehman, Stein, Terrasa | |
| 22 | + | Introduced and read first time: January 24, 2024 | |
| 23 | + | Assigned to: Environment and Transportation and Ways and Means | |
| 24 | + | Committee Report: Favorable with amendments | |
| 25 | + | House action: Adopted | |
| 26 | + | Read second time: March 2, 2024 | |
| 11 | 27 | ||
| 12 | - | FOR the purpose of establishing the Maryland Community Investment Corporation as an | |
| 13 | - | independent unit to make investments in certain low –income communities; | |
| 14 | - | authorizing the Board of Directors of the Corporation to establish a certain advisory | |
| 15 | - | committee and requiring the Corporation to establish an investment committee; | |
| 16 | - | requiring the Corporation to apply for an allocation of federal new markets tax | |
| 17 | - | credits; establishing eligible uses of money of the Corporation; expanding the eligible | |
| 18 | - | uses of the Strategic Demolition and Smart Growth Impact Fund to include grants | |
| 19 | - | and loans for debt payments and for credit enhancement for certain projects; and | |
| 20 | - | generally relating to community investment, the Maryland Community Investment | |
| 21 | - | Corporation, and the Strategic Demolition and Smart Growth Impact Fund. | |
| 28 | + | CHAPTER ______ | |
| 22 | 29 | ||
| 23 | - | BY repealing and reenacting, without amendments, | |
| 24 | - | Article – Economic Development | |
| 25 | - | Section 9–101(a), (c), and (e) | |
| 26 | - | Annotated Code of Maryland | |
| 27 | - | (2018 Replacement Volume and 2023 Supplement) | |
| 30 | + | AN ACT concerning 1 | |
| 28 | 31 | ||
| 29 | - | BY adding to | |
| 30 | - | Article – Economic Development | |
| 31 | - | Section 10–1101 through 10–1123 to be under the new subtitle “Subtitle 11. | |
| 32 | - | Maryland Community Investment Corporation” | |
| 33 | - | Annotated Code of Maryland | |
| 34 | - | (2018 Replacement Volume and 2023 Supplement) | |
| 32 | + | Maryland Community Investment Corporation – Establishment 2 | |
| 33 | + | (Housing and Community Development Financing Act of 2024) 3 | |
| 35 | 34 | ||
| 36 | - | BY repealing and reenacting, with amendments, | |
| 37 | - | Article – Housing and Community Development | |
| 38 | - | Section 4–508 | |
| 39 | - | Annotated Code of Maryland | |
| 40 | - | (2019 Replacement Volume and 2023 Supplement) | |
| 35 | + | FOR the purpose of establishing the Maryland Community Investment Corporation as an 4 | |
| 36 | + | independent unit to make investments in certain low –income communities; 5 | |
| 37 | + | authorizing the Board of Directors of the Corporation to establish a certain advisory 6 | |
| 38 | + | committee and requiring the Corporation to establish an investment committee; 7 | |
| 39 | + | requiring the Corporation to apply for an allocation of federal new markets tax 8 | |
| 40 | + | credits; establishing eligible uses of money of the Corporation; expanding the eligible 9 | |
| 41 | + | uses of the Strategic Demolition and Smart Growth Impact Fund to include grants 10 | |
| 42 | + | and loans for debt payments and for credit enhancement for certain projects; and 11 | |
| 43 | + | generally relating to community investment, the Maryland Community Investment 12 | |
| 44 | + | Corporation, and the Strategic Demolition and Smart Growth Impact Fund. 13 | |
| 41 | 45 | ||
| 42 | - | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, | |
| 43 | - | That the Laws of Maryland read as follows: | |
| 46 | + | BY repealing and reenacting, without amendments, 14 | |
| 47 | + | Article – Economic Development 15 | |
| 48 | + | Section 9–101(a), (c), and (e) 16 2 HOUSE BILL 599 | |
| 44 | 49 | ||
| 45 | - | Article – Economic Development | |
| 46 | 50 | ||
| 47 | - | 9–101. | |
| 51 | + | Annotated Code of Maryland 1 | |
| 52 | + | (2018 Replacement Volume and 2023 Supplement) 2 | |
| 48 | 53 | ||
| 49 | - | (a) In this division the following words have the meanings indicated. Ch. 123 2024 LAWS OF MARYLAND | |
| 54 | + | BY adding to 3 | |
| 55 | + | Article – Economic Development 4 | |
| 56 | + | Section 10–1101 through 10–1123 to be under the new subtitle “Subtitle 11. 5 | |
| 57 | + | Maryland Community Investment Corporation” 6 | |
| 58 | + | Annotated Code of Maryland 7 | |
| 59 | + | (2018 Replacement Volume and 2023 Supplement) 8 | |
| 50 | 60 | ||
| 51 | - | – 2 – | |
| 61 | + | BY repealing and reenacting, with amendments, 9 | |
| 62 | + | Article – Housing and Community Development 10 | |
| 63 | + | Section 4–508 11 | |
| 64 | + | Annotated Code of Maryland 12 | |
| 65 | + | (2019 Replacement Volume and 2023 Supplement) 13 | |
| 52 | 66 | ||
| 53 | - | (c) “Department” means the Department of Commerce. | |
| 67 | + | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 14 | |
| 68 | + | That the Laws of Maryland read as follows: 15 | |
| 54 | 69 | ||
| 55 | - | ||
| 70 | + | Article – Economic Development 16 | |
| 56 | 71 | ||
| 57 | - | ||
| 72 | + | 9–101. 17 | |
| 58 | 73 | ||
| 59 | - | ||
| 74 | + | (a) In this division the following words have the meanings indicated. 18 | |
| 60 | 75 | ||
| 61 | - | (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS | |
| 62 | - | INDICATED. | |
| 76 | + | (c) “Department” means the Department of Commerce. 19 | |
| 63 | 77 | ||
| 64 | - | ( | |
| 78 | + | (e) “Secretary” means the Secretary of Commerce. 20 | |
| 65 | 79 | ||
| 66 | - | (C) “CORPORATION ” MEANS THE MARYLAND COMMUNITY INVESTMENT | |
| 67 | - | CORPORATION . | |
| 80 | + | SUBTITLE 11. MARYLAND COMMUNITY INVESTMENT CORPORATION . 21 | |
| 68 | 81 | ||
| 69 | - | (D) “INVESTMENT COMMITTEE ” MEANS A CO MMITTEE APPOINTED BY THE | |
| 70 | - | BOARD TO ADVISE ON AN D APPROVE INVESTMENT S AS REQUIRED UNDER THIS | |
| 71 | - | SUBTITLE. | |
| 82 | + | 10–1101. 22 | |
| 72 | 83 | ||
| 73 | - | (E) “LOW–INCOME COMMUNITY ” MEANS A COMMUNITY IN THE STATE THAT | |
| 74 | - | MEETS THE DEFINITION OF A LOW–INCOME COMMUNITY UND ER 26 U.S.C. § | |
| 75 | - | 45D(E)(1). | |
| 84 | + | (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS 23 | |
| 85 | + | INDICATED. 24 | |
| 76 | 86 | ||
| 77 | - | (F) “NEW MAR KETS TAX CREDIT ” MEANS THE FEDERAL TA X CREDITS | |
| 78 | - | ALLOCATED UNDER 26 U.S.C. § 45D. | |
| 87 | + | (B) “BOARD” MEANS THE BOARD OF DIRECTORS OF THE CORPORATION . 25 | |
| 79 | 88 | ||
| 80 | - | (G) “QUALIFIED COMMUNITY D EVELOPMENT ENTITY ” MEANS AN ENTITY | |
| 81 | - | THAT MEETS THE DEFIN ITION OF A QUALIFIED COMMUNITY DEVELOPMEN T ENTITY | |
| 82 | - | UNDER 26 U.S.C. § 45D(C)(1). | |
| 89 | + | (C) “CORPORATION ” MEANS THE MARYLAND COMMUNITY INVESTMENT 26 | |
| 90 | + | CORPORATION . 27 | |
| 83 | 91 | ||
| 84 | - | (H) “QUALIFIED EQUITY INVE STMENT” MEANS AN INVESTMENT THAT | |
| 85 | - | MEETS THE DEFINITION OF A QUALIFIED EQUIT Y INVESTMENT UNDER 26 U.S.C. § | |
| 86 | - | 45D(B)(1). | |
| 92 | + | (D) “INVESTMENT COMMITTEE ” MEANS A COMMITTEE AP POINTED BY THE 28 | |
| 93 | + | BOARD TO ADVISE ON AN D APPROVE INVESTMENT S AS REQUIRED UNDER THIS 29 | |
| 94 | + | SUBTITLE. 30 | |
| 95 | + | HOUSE BILL 599 3 | |
| 87 | 96 | ||
| 88 | - | 10–1102. | |
| 89 | 97 | ||
| 90 | - | THIS SUBTITLE SHALL B E LIBERALLY CONSTRUE D TO CARRY OUT THE | |
| 91 | - | PURPOSES OF THIS SUB TITLE. | |
| 98 | + | (E) “LOW–INCOME COMMUNITY ” MEANS A COMMUNITY IN THE STATE THAT 1 | |
| 99 | + | MEETS THE DEFINITION OF A LOW –INCOME COMMUNITY UND ER 26 U.S.C. § 2 | |
| 100 | + | 45D(E)(1). 3 | |
| 92 | 101 | ||
| 93 | - | 10–1103. | |
| 102 | + | (F) “NEW MARKETS TAX CREDI T” MEANS THE FEDERAL TA X CREDITS 4 | |
| 103 | + | ALLOCATED UNDER 26 U.S.C. § 45D. 5 | |
| 94 | 104 | ||
| 95 | - | (A) THERE IS A MARYLAND COMMUNITY INVESTMENT CORPORATION . WES MOORE, Governor Ch. 123 | |
| 105 | + | (G) “QUALIFIED COMMUNITY D EVELOPMENT ENTITY ” MEANS AN ENTITY 6 | |
| 106 | + | THAT MEETS THE DEFIN ITION OF A QUALIFIED COMMUNITY DE VELOPMENT ENTITY 7 | |
| 107 | + | UNDER 26 U.S.C. § 45D(C)(1). 8 | |
| 96 | 108 | ||
| 97 | - | – 3 – | |
| 109 | + | (H) “QUALIFIED EQUITY INVE STMENT” MEANS AN INVESTMENT THAT 9 | |
| 110 | + | MEETS THE DEFINITION OF A QUALIFIED EQUIT Y INVESTMENT UNDER 26 U.S.C. § 10 | |
| 111 | + | 45D(B)(1). 11 | |
| 98 | 112 | ||
| 99 | - | (B) THE CORPORATION IS A BODY POLITIC AND CORPORAT E AND IS AN | |
| 100 | - | INSTRUMENTALITY OF T HE STATE. | |
| 113 | + | 10–1102. 12 | |
| 101 | 114 | ||
| 102 | - | 10–1104. | |
| 115 | + | THIS SUBTITLE SHALL B E LIBERALLY C ONSTRUED TO CARRY OU T THE 13 | |
| 116 | + | PURPOSES OF THIS SUB TITLE. 14 | |
| 103 | 117 | ||
| 104 | - | ||
| 118 | + | 10–1103. 15 | |
| 105 | 119 | ||
| 106 | - | (1) DO ALL THINGS NECESS ARY TO QUALIFY AS A QUALIFIED | |
| 107 | - | COMMUNITY DEVELOPMEN T ENTITY; | |
| 120 | + | (A) THERE IS A MARYLAND COMMUNITY INVESTMENT CORPORATION . 16 | |
| 108 | 121 | ||
| 109 | - | ( | |
| 110 | - | ||
| 122 | + | (B) THE CORPORATION IS A BODY POLITIC AND CORPORAT E AND IS AN 17 | |
| 123 | + | INSTRUMENTALITY OF T HE STATE. 18 | |
| 111 | 124 | ||
| 112 | - | (3) APPLY TO THE U.S. DEPARTMENT OF THE TREASURY FOR AN | |
| 113 | - | ALLOCATION OF NEW MA RKETS TAX CREDITS ; | |
| 125 | + | 10–1104. 19 | |
| 114 | 126 | ||
| 115 | - | (4) RECEIVE, MAKE, AND FACILITATE QUALI FIED EQUITY | |
| 116 | - | INVESTMENTS AND FINA NCIAL ASSISTANCE AVA ILABLE IN LOW –INCOME | |
| 117 | - | COMMUNITIES IN THE STATE; | |
| 127 | + | THE PURPOSES OF THE CORPORATION ARE TO: 20 | |
| 118 | 128 | ||
| 119 | - | ( | |
| 120 | - | ||
| 129 | + | (1) DO ALL THINGS NECESS ARY TO QUALIFY AS A QUALIFIED 21 | |
| 130 | + | COMMUNITY DEVELOPMEN T ENTITY; 22 | |
| 121 | 131 | ||
| 122 | - | (6) COORDINATE WITH OTHE R QUALIFIED COMMUNIT Y | |
| 123 | - | DEVELOPMENT ENTITIES IN TH E STATE TO HELP ENSURE THAT LOW–INCOME | |
| 124 | - | COMMUNITIES ARE RECE IVING THE MAXIMUM BE NEFIT OF QUALIFIED E QUITY | |
| 125 | - | INVESTMENTS IN THE STATE; | |
| 132 | + | (2) APPLY TO THE U.S. DEPARTMENT OF THE TREASURY TO BE 23 | |
| 133 | + | DESIGNATED AS A QUAL IFIED COMMUNITY DEVE LOPMENT ENTITY ; 24 | |
| 126 | 134 | ||
| 127 | - | (7) MAKE INVESTMENTS AND FINANCIAL ASSISTANCE AVAILABLE TO | |
| 128 | - | LOW–INCOME COMMUNITIES IN THE STATE FROM THE CORPORATION ’S MONEY OR | |
| 129 | - | FROM ANY OTHER SOURC E; | |
| 135 | + | (3) APPLY TO THE U.S. DEPARTMENT OF THE TREASURY FOR AN 25 | |
| 136 | + | ALLOCATION OF NEW MA RKETS TAX CREDITS ; 26 | |
| 130 | 137 | ||
| 131 | - | (8) BUILD A LONG –TERM FINANCIAL CAPAC ITY AND SUSTAINED | |
| 132 | - | INVESTMENT IN LOW –INCOME COMMUNITIES I N THE STATE; | |
| 138 | + | (4) RECEIVE, MAKE, AND FACILITATE QUALI FIED EQUITY 27 | |
| 139 | + | INVESTMENTS AND FINA NCIAL ASSISTANCE AVA ILABLE IN LOW –INCOME 28 | |
| 140 | + | COMMUNITIES IN THE STATE; 29 | |
| 141 | + | 4 HOUSE BILL 599 | |
| 133 | 142 | ||
| 134 | - | (9) COORDINATE AND CREAT E PATHWAYS TO FOLLOW –ON FINANCING | |
| 135 | - | IN THE STATE; AND | |
| 136 | 143 | ||
| 137 | - | (10) FOSTER INCLUSIVE AND DIVERS E ENTREPRENEURSHIP A ND | |
| 138 | - | INNOVATION THROUGHOU T THE STATE, WHICH MAY INCLUDE IN ITIATIVES TO RAISE | |
| 139 | - | AWARENESS OF PROGRAM S TO ASSIST LOW–INCOME COMMUNITIES . | |
| 144 | + | (5) ALLOCATE ANY NEW MAR KETS TAX CREDITS REC EIVED BY THE 1 | |
| 145 | + | CORPORATION ; 2 | |
| 140 | 146 | ||
| 141 | - | 10–1105. Ch. 123 2024 LAWS OF MARYLAND | |
| 147 | + | (6) COORDINATE WITH OTHE R QUALIFIED COMMUNIT Y 3 | |
| 148 | + | DEVELOPMENT ENTITIES IN THE STATE TO HELP ENSURE THAT LOW–INCOME 4 | |
| 149 | + | COMMUNITIES ARE RECE IVING THE MAXIMUM BE NEFIT OF QUALIFIED E QUITY 5 | |
| 150 | + | INVESTMENTS IN THE STATE; 6 | |
| 142 | 151 | ||
| 143 | - | – 4 – | |
| 152 | + | (7) MAKE INVESTMENTS AND FINANCIAL ASSISTANCE AVAILABLE TO 7 | |
| 153 | + | LOW–INCOME COMMUNITIES IN THE STATE FROM THE CORPORATION ’S MONEY OR 8 | |
| 154 | + | FROM ANY OTHER SOURC E; 9 | |
| 144 | 155 | ||
| 145 | - | ( | |
| 146 | - | ||
| 156 | + | (8) BUILD A LONG –TERM FINANCIAL CAPAC ITY AND SUSTAINED 10 | |
| 157 | + | INVESTMENT IN LOW –INCOME COMMUNITIES I N THE STATE; 11 | |
| 147 | 158 | ||
| 148 | - | (B) THE BOARD CONSISTS OF THE FOLLOWING MEMBERS : | |
| 159 | + | (9) COORDINATE AND CREAT E PATHWAYS TO FOLLOW –ON FINANCING 12 | |
| 160 | + | IN THE STATE; AND 13 | |
| 149 | 161 | ||
| 150 | - | (1) THE COMPTROLLER OR THE COMPTROLLER ’S DESIGNEE; | |
| 162 | + | (10) FOSTER INCLUSIVE AND DIVERSE ENTREPRENEUR SHIP AND 14 | |
| 163 | + | INNOVATION THROUGHOU T THE STATE, WHICH MAY INCLUDE IN ITIATIVES TO RAISE 15 | |
| 164 | + | AWARENESS OF PROGRAM S TO ASSIST LOW–INCOME COMMU NITIES. 16 | |
| 151 | 165 | ||
| 152 | - | ||
| 166 | + | 10–1105. 17 | |
| 153 | 167 | ||
| 154 | - | ( | |
| 155 | - | ||
| 168 | + | (A) A BOARD OF DIRECTORS SHALL MANAG E THE CORPORATION AND ITS 18 | |
| 169 | + | UNITS AND EXERCISE I TS CORPORATE POWERS . 19 | |
| 156 | 170 | ||
| 157 | - | ( | |
| 171 | + | (B) THE BOARD CONSISTS OF THE FOLLOWING MEMBERS : 20 | |
| 158 | 172 | ||
| 159 | - | (5) THE SECRETARY OF GENERAL SERVICES OR THE SECRETARY’S | |
| 160 | - | DESIGNEE; AND | |
| 173 | + | (1) THE COMPTROLLER OR THE COMPTROLLER ’S DESIGNEE; 21 | |
| 161 | 174 | ||
| 162 | - | (6) THE FOLLOWING MEMBER S APPOINTED BY THE GOVERNOR WITH | |
| 163 | - | THE ADVICE AND CONSE NT OF THE SENATE: | |
| 175 | + | (2) THE SECRETARY OR THE SECRETARY’S DESIGNEE; 22 | |
| 164 | 176 | ||
| 165 | - | ( | |
| 166 | - | ||
| 177 | + | (3) THE SECRETARY OF HOUSING AND COMMUNITY DEVELOPMENT 23 | |
| 178 | + | OR THE SECRETARY’S DESIGNEE; 24 | |
| 167 | 179 | ||
| 168 | - | ( | |
| 180 | + | (4) THE SECRETARY OF PLANNING OR THE SECRETARY’S DESIGNEE; 25 | |
| 169 | 181 | ||
| 170 | - | (C) A MEMBER OF THE BOARD SHALL RESIDE IN THE STATE. | |
| 182 | + | (5) THE SECRETARY OF GENERAL SERVICES OR THE SECRETARY’S 26 | |
| 183 | + | DESIGNEE; AND 27 | |
| 171 | 184 | ||
| 172 | - | (D) IN MAKING APPOINTMENT S TO THE BOARD, THE GOVERNOR SHALL | |
| 173 | - | CONSIDER: | |
| 185 | + | (6) THE FOLLOWING MEMBERS AP POINTED BY THE GOVERNOR WITH 28 | |
| 186 | + | THE ADVICE AND CONSE NT OF THE SENATE: 29 | |
| 187 | + | HOUSE BILL 599 5 | |
| 174 | 188 | ||
| 175 | - | (1) DIVERSITY; AND | |
| 176 | 189 | ||
| 177 | - | (2) ALL GEOGRAPHIC REGIO NS OF THE STATE. | |
| 190 | + | (I) ONE REPRESENTATIVE O F NONPROFIT ENTITIES IN THE 1 | |
| 191 | + | STATE; AND 2 | |
| 178 | 192 | ||
| 179 | - | ( | |
| 193 | + | (II) ONE REPRESENTATIVE O F LOW–INCOME COMMUNITIES . 3 | |
| 180 | 194 | ||
| 181 | - | (1) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE BOARD; | |
| 182 | - | BUT | |
| 195 | + | (C) A MEMBER OF THE BOARD SHALL RESIDE IN THE STATE. 4 | |
| 183 | 196 | ||
| 184 | - | ( | |
| 185 | - | ||
| 197 | + | (D) IN MAKING APPOINTMENT S TO THE BOARD, THE GOVERNOR SHALL 5 | |
| 198 | + | CONSIDER: 6 | |
| 186 | 199 | ||
| 187 | - | ||
| 200 | + | (1) DIVERSITY; AND 7 | |
| 188 | 201 | ||
| 189 | - | ||
| 202 | + | (2) ALL GEOGRAPHIC REGIO NS OF THE STATE. 8 | |
| 190 | 203 | ||
| 191 | - | (2) THE TERMS OF THE APPO INTED MEMBERS ARE ST AGGERED AS | |
| 192 | - | REQUIRED BY THE TERM S PROVIDED FOR MEMBE RS ON OCTOBER 1, 2024. | |
| 204 | + | (E) A MEMBER OF THE BOARD: 9 | |
| 193 | 205 | ||
| 194 | - | ( | |
| 195 | - | ||
| 206 | + | (1) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE BOARD; 10 | |
| 207 | + | BUT 11 | |
| 196 | 208 | ||
| 197 | - | (4) A MEMBER WHO IS APPOIN TED AFTER A TERM HAS BEGUN SERVES | |
| 198 | - | ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINT ED AND | |
| 199 | - | QUALIFIES. | |
| 209 | + | (2) IS ENTITLED TO REIMBURS EMENT FOR EXPENSES U NDER THE 12 | |
| 210 | + | STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE BUDGET . 13 | |
| 200 | 211 | ||
| 201 | - | (G) (1) THIS SUBSECTION APPLI ES TO A MEMBER WHO I S APPOINTED BY | |
| 202 | - | THE GOVERNOR UNDER SUBSEC TION (B)(6) OF THIS SECTION. | |
| 212 | + | (F) (1) THE TERM OF AN APPOIN TED MEMBER IS 4 YEARS. 14 | |
| 203 | 213 | ||
| 204 | - | (2) THE GOVERNOR MAY REMOVE A N APPOINTED MEMBER F OR | |
| 205 | - | INCOMPETENCE , MISCONDUCT , OR FAILURE TO PERFOR M THE DUTIES OF THE | |
| 206 | - | POSITION. | |
| 214 | + | (2) THE TERMS OF THE APPO INTED MEMBERS ARE ST AGGERED AS 15 | |
| 215 | + | REQUIRED BY THE TERM S PROVIDED FOR MEMBERS ON OCTOBER 1, 2024. 16 | |
| 207 | 216 | ||
| 208 | - | 10–1106. | |
| 217 | + | (3) AT THE END OF A TERM , AN APPOINTED MEMBER CONTINUES TO 17 | |
| 218 | + | SERVE UNTIL A SUCCES SOR IS APPOINTED AND QUALIFIES. 18 | |
| 209 | 219 | ||
| 210 | - | THE BOARD SHALL ELECT A C HAIR FROM AMONG ITS MEMBERS. | |
| 220 | + | (4) A MEMBER WHO IS APPOIN TED AFTER A TERM HAS BEGUN SERVES 19 | |
| 221 | + | ONLY FOR THE REST OF THE TERM AND UNTIL A SUCCESSOR IS APPOINT ED AND 20 | |
| 222 | + | QUALIFIES. 21 | |
| 211 | 223 | ||
| 212 | - | 10–1107. | |
| 224 | + | (G) (1) THIS SUBSECTION APPLI ES TO A MEMBER WHO I S APPOINTED BY 22 | |
| 225 | + | THE GOVERNOR UNDER SUBSEC TION (B)(6) OF THIS SECTION. 23 | |
| 213 | 226 | ||
| 214 | - | (A) FOUR MEMBERS OF THE BOARD ARE A QUORUM . | |
| 227 | + | (2) THE GOVERNOR MAY REMOVE A N APPOINTED MEMBER F OR 24 | |
| 228 | + | INCOMPETENCE , MISCONDUCT , OR FAILURE TO PER FORM THE DUTIES OF T HE 25 | |
| 229 | + | POSITION. 26 | |
| 215 | 230 | ||
| 216 | - | (B) A MAJORITY VOTE OF THE MEMBERS PRESENT AT A MEETING HAVING A | |
| 217 | - | QUORUM IS NEEDED FOR THE CORPORATION TO ACT . | |
| 231 | + | 10–1106. 27 | |
| 218 | 232 | ||
| 219 | - | 10–1108. | |
| 233 | + | THE BOARD SHALL ELECT A C HAIR FROM AMONG ITS MEMBERS. 28 | |
| 234 | + | 6 HOUSE BILL 599 | |
| 220 | 235 | ||
| 221 | - | (A) THE BOARD SHALL APPOINT M EMBERS OF AN ADVISOR Y COMMITTEE . | |
| 222 | 236 | ||
| 223 | - | (B) THE MEMBERSHIP OF THE ADVISORY COMMITTEE S HALL BE COMPOSED | |
| 224 | - | OF MEMBERS WHO ARE: | |
| 237 | + | 10–1107. 1 | |
| 225 | 238 | ||
| 226 | - | (1) REQUIRED FOR THE CORPORATION TO QUALIF Y AS A QUALIFIED | |
| 227 | - | COMMUNITY DEVELOPMEN T ENTITY UNDER 26 U.S.C. § 45D(C)(1); | |
| 239 | + | (A) FOUR MEMBERS OF THE BOARD ARE A QUORUM . 2 | |
| 228 | 240 | ||
| 229 | - | (2) RESIDENTS OF THE STATE; AND | |
| 241 | + | (B) A MAJORITY VOTE OF THE MEMBERS PRESENT AT A MEETING HAVING A 3 | |
| 242 | + | QUORUM IS NEEDED FOR THE CORPORATION TO ACT. 4 | |
| 230 | 243 | ||
| 231 | - | (3) GEOGRAPHICALL Y REPRESENTATIVE OF THE LOCATIONS OF | |
| 232 | - | LOW–INCOME COMMUNITIES I N THE STATE. | |
| 233 | - | Ch. 123 2024 LAWS OF MARYLAND | |
| 244 | + | 10–1108. 5 | |
| 234 | 245 | ||
| 235 | - | – 6 – | |
| 236 | - | (C) THE BOARD SHALL ADOPT POL ICIES ESTABLISHING T HE | |
| 237 | - | RESPONSIBILITIES OF THE ADVISORY COMMITT EE. | |
| 246 | + | (A) THE BOARD SHALL APPOINT M EMBERS OF AN ADVISOR Y COMMITTEE . 6 | |
| 238 | 247 | ||
| 239 | - | (D) THE ADVISORY COMMITTE E SHALL PRIORITIZE P ROJECTS OWNED OR | |
| 240 | - | OPERATED BY ENTITIES THAT HAVE THEIR PRIN CIPAL PLACE OF BUSIN ESS IN THE | |
| 241 | - | STATE WHEN ADVISING O N INVESTMENTS MADE I N LOW–INCOME COMMUNITIES I N | |
| 242 | - | THE STATE. | |
| 248 | + | (B) THE MEMBERSHIP OF THE ADVISORY COMMITTEE S HALL BE COMPOSED 7 | |
| 249 | + | OF MEMBERS WHO ARE: 8 | |
| 243 | 250 | ||
| 244 | - | 10–1109. | |
| 251 | + | (1) REQUIRED FOR THE CORPORATION TO QUALIF Y AS A QUALIFIED 9 | |
| 252 | + | COMMUNITY DEVELOPMEN T ENTITY UNDER 26 U.S.C. § 45D(C)(1); 10 | |
| 245 | 253 | ||
| 246 | - | ( | |
| 254 | + | (2) RESIDENTS OF THE STATE; AND 11 | |
| 247 | 255 | ||
| 248 | - | (B) THE CORPORATION SHALL ADO PT REGULATIONS ESTABLISHING : | |
| 256 | + | (3) GEOGRAPHICALLY REPRE SENTATIVE OF THE LOC ATIONS OF 12 | |
| 257 | + | LOW–INCOME COMMUNITIES I N THE STATE. 13 | |
| 249 | 258 | ||
| 250 | - | (1) THE RESPONSIBILITIES OF THE INVESTMENT CO MMITTEE; AND | |
| 259 | + | (C) THE BOARD SHALL ADOPT POL ICIES ESTABLISHING T HE 14 | |
| 260 | + | RESPONSIBILITIES OF THE ADVISORY COMMITTEE . 15 | |
| 251 | 261 | ||
| 252 | - | (2) THE PROCEDURES FOR T HE APPOINTMENT OF IN VESTMENT | |
| 253 | - | COMMITTEE MEMBERS . | |
| 262 | + | (D) THE ADVISORY COMMITTE E SHALL PRIORITIZE P ROJECTS OWNED OR 16 | |
| 263 | + | OPERATED BY ENTITIES THAT HAVE THEIR PRIN CIPAL PLACE OF BUSIN ESS IN THE 17 | |
| 264 | + | STATE WHEN ADVISING O N INVESTMENTS MADE I N LOW–INCOME COMMUNITIES I N 18 | |
| 265 | + | THE STATE. 19 | |
| 254 | 266 | ||
| 255 | - | (C) MEMBERS OF THE INVEST MENT COMMITTEE SHALL BE | |
| 256 | - | GEOGRAPHICALLY REPRE SENTATIVE OF THE LOC ATIONS OF LOW –INCOME | |
| 257 | - | COMMUNITIES IN THE STATE. | |
| 267 | + | 10–1109. 20 | |
| 258 | 268 | ||
| 259 | - | (D) THE INVESTMENT COMMIT TEE SHALL PRIORITIZE PROJECTS THAT ARE | |
| 260 | - | OWNED OR OPERATED BY ENTITIES THAT HAVE T HEIR PRINCIPAL PLACE OF | |
| 261 | - | BUSINESS IN THE STATE. | |
| 269 | + | (A) THE CORPORAT ION SHALL ESTABLISH AN INVESTMENT COMMIT TEE. 21 | |
| 262 | 270 | ||
| 263 | - | ||
| 271 | + | (B) THE CORPORATION SHALL ADO PT REGULATIONS ESTAB LISHING: 22 | |
| 264 | 272 | ||
| 265 | - | ( | |
| 273 | + | (1) THE RESPONSIBILITIES OF THE INVESTMENT CO MMITTEE; AND 23 | |
| 266 | 274 | ||
| 267 | - | (B) THE CHIEF EXECUTIVE OFFICER SHALL HAVE EX PERIENCE WITH AND | |
| 268 | - | POSSESS QUALIFICATIO NS RELEVANT TO THE A CTIVITIES AND PURPOS ES OF THE | |
| 269 | - | CORPORATION . | |
| 275 | + | (2) THE PROCEDURES FOR T HE APPOINTMENT OF IN VESTMENT 24 | |
| 276 | + | COMMITTEE MEMBERS . 25 | |
| 270 | 277 | ||
| 271 | - | (C) THE CHIEF EXECUTIVE OFFICER MAY NOT BE A MEMBER OF THE | |
| 272 | - | BOARD. | |
| 278 | + | (C) MEMBERS O F THE INVESTMENT COM MITTEE SHALL BE 26 | |
| 279 | + | GEOGRAPHICALLY REPRE SENTATIVE OF THE LOC ATIONS OF LOW –INCOME 27 | |
| 280 | + | COMMUNITIES IN THE STATE. 28 | |
| 281 | + | HOUSE BILL 599 7 | |
| 273 | 282 | ||
| 274 | - | 10–1111. | |
| 275 | 283 | ||
| 276 | - | ( | |
| 277 | - | ||
| 278 | - | ||
| 284 | + | (D) THE INVESTMENT COMMIT TEE SHALL PRIORITIZE PROJECTS THAT ARE 1 | |
| 285 | + | OWNED OR OPERATED BY ENTITIES THAT HAVE T HEIR PRINCIPAL PLACE OF 2 | |
| 286 | + | BUSINESS IN THE STATE. 3 | |
| 279 | 287 | ||
| 280 | - | – 7 – | |
| 281 | - | (B) (1) THE ATTORNEY GENERAL SHALL ASSIGN TO THE CORPORATION | |
| 282 | - | ASSISTANT ATTORNEYS GENERAL. | |
| 288 | + | 10–1110. 4 | |
| 283 | 289 | ||
| 284 | - | (2) THE ATTORNEY GENERAL SHALL DESIGNA TE ONE ASSISTANT | |
| 285 | - | ATTORNEY GENERAL AS GENERAL CO UNSEL TO THE CORPORATION . | |
| 290 | + | (A) THE CORPORATION SHALL EMP LOY A CHIEF EXECUTIVE OFFICER. 5 | |
| 286 | 291 | ||
| 287 | - | (3) (I) THE GENERAL COUNSEL T O THE CORPORATION SHALL : | |
| 292 | + | (B) THE CHIEF EXECUTIVE OFFICER SHALL HAVE EX PERIENCE WITH AND 6 | |
| 293 | + | POSSESS QUALIFICATIO NS RELEVANT TO THE A CTIVITIES AND PURPOS ES OF THE 7 | |
| 294 | + | CORPORATION . 8 | |
| 288 | 295 | ||
| 289 | - | 1. ADVISE THE CHIEF EXECUTIVE OFFICER, THE | |
| 290 | - | BOARD, AND ANY OTHER OFFICI AL OF THE CORPORATION AS REQUES TED BY THE | |
| 291 | - | CORPORATION ; | |
| 296 | + | (C) THE CHIEF EXECUTIVE OFFICER MAY NOT BE A MEMBER OF THE 9 | |
| 297 | + | BOARD. 10 | |
| 292 | 298 | ||
| 293 | - | 2. SUPERVISE THE OTHER ASSISTANT ATTORNEYS | |
| 294 | - | GENERAL ASSIGNED TO T HE CORPORATION; AND | |
| 299 | + | 10–1111. 11 | |
| 295 | 300 | ||
| 296 | - | | |
| 297 | - | ||
| 301 | + | (A) THE ATTORNEY GENERAL IS THE LEGAL ADVISOR TO THE 12 | |
| 302 | + | CORPORATION . 13 | |
| 298 | 303 | ||
| 299 | - | ( | |
| 300 | - | ||
| 304 | + | (B) (1) THE ATTORNEY GENERAL SHALL ASSIGN TO THE CORPORATION 14 | |
| 305 | + | ASSISTANT ATTORNEYS GENERAL. 15 | |
| 301 | 306 | ||
| 302 | - | ( | |
| 303 | - | ||
| 307 | + | (2) THE ATTORNEY GENERAL SHALL DESIGNATE ONE ASSISTANT 16 | |
| 308 | + | ATTORNEY GENERAL AS GENERAL CO UNSEL TO THE CORPORATION . 17 | |
| 304 | 309 | ||
| 305 | - | ||
| 310 | + | (3) (I) THE GENERAL COUNSEL T O THE CORPORATION SHALL : 18 | |
| 306 | 311 | ||
| 307 | - | | |
| 308 | - | ||
| 309 | - | ||
| 312 | + | 1. ADVISE THE CHIEF EXECUTIVE OFFICER, THE 19 | |
| 313 | + | BOARD, AND ANY OTHER OFFICI AL OF THE CORPORATION AS REQUES TED BY THE 20 | |
| 314 | + | CORPORATION ; 21 | |
| 310 | 315 | ||
| 311 | - | | |
| 312 | - | ||
| 316 | + | 2. SUPERVISE THE OTHER ASSISTANT ATTORNEYS 22 | |
| 317 | + | GENERAL ASSIGNED TO T HE CORPORATION ; AND 23 | |
| 313 | 318 | ||
| 314 | - | 10–1113. | |
| 319 | + | 3. PERFORM FOR THE CORPORATION OTHER DUT IES 24 | |
| 320 | + | THE ATTORNEY GENERAL ASSIGNS . 25 | |
| 315 | 321 | ||
| 316 | - | (A) EXCEPT AS PROVIDED IN SUBSECTIONS (B), (C), AND (E) OF THIS | |
| 317 | - | SECTION, THE CORPORATION IS EXEMPT FROM TITLE 10 AND DIVISION II OF THE | |
| 318 | - | STATE FINANCE AND PROCUREME NT ARTICLE. | |
| 322 | + | (II) THE GENERAL COUNSEL M AY NOT PROVIDE ANY O THER 26 | |
| 323 | + | ASSISTANCE NOT S PECIFIED IN SUBPARAG RAPH (I) OF THIS PARAGRAPH . 27 | |
| 319 | 324 | ||
| 320 | - | (B) THE CORPORATION IS SUBJEC T TO THE PUBLIC INFORMATION ACT. | |
| 325 | + | (C) WITH THE APPROVAL OF THE ATTORNEY GENERAL, THE CORPORATION 28 | |
| 326 | + | MAY RETAIN ANY ADDIT IONAL NECESSARY ATTO RNEYS. 29 | |
| 327 | + | 8 HOUSE BILL 599 | |
| 321 | 328 | ||
| 322 | - | (C) THE BOARD, THE OFFICERS AND EMP LOYEES OF THE CORPORATION , | |
| 323 | - | MEMBERS OF THE INVES TMENT COMMITTEE , AND MEMBERS OF ANY A DVISORY | |
| 324 | - | COMMITTEE APPOINTED ARE SUBJECT TO THE PUBLIC ETHICS LAW. Ch. 123 2024 LAWS OF MARYLAND | |
| 325 | 329 | ||
| 326 | - | – | |
| 330 | + | 10–1112. 1 | |
| 327 | 331 | ||
| 328 | - | ( | |
| 329 | - | ||
| 330 | - | ||
| 332 | + | (A) THE DEPARTMENT AND THE DEPARTMENT OF HOUSING AND 2 | |
| 333 | + | COMMUNITY DEVELOPMENT MAY PROVIDE STAFF TO THE CORPORATION AS 3 | |
| 334 | + | PROVIDED IN THE STATE BUDGET . 4 | |
| 331 | 335 | ||
| 332 | - | (E) (1) THE CORPORATION , THE BOARD, AND EMPLOYEES OF THE | |
| 333 | - | CORPORATION ARE SUBJE CT TO TITLE 12, SUBTITLE 4 OF THE STATE FINANCE AND | |
| 334 | - | PROCUREMENT ARTICLE. | |
| 336 | + | (B) THE CORPORATION MAY RETAI N ANY NECESSARY ACCO UNTANTS, 5 | |
| 337 | + | ENGINEERS, FINANCIAL ADVISORS , OR OTHER CONSULTANTS . 6 | |
| 335 | 338 | ||
| 336 | - | (2) THE BOARD, THE OFFICERS AND EMP LOYEES OF THE | |
| 337 | - | CORPORATION , THE MEMBERS OF THE I NVESTMENT COMMITTEE , AND THE | |
| 338 | - | MEMBERS OF ANY ADVIS ORY COMMITTEE APPOIN TED SHALL DISCLOSE TO TH E | |
| 339 | - | STATE ETHICS COMMISSION WHETHER TH EY ARE EMPLOYED BY O R HAVE A | |
| 340 | - | FINANCIAL INTEREST I N AN ENTITY THAT CUR RENTLY HAS OR WILL A PPLY FOR | |
| 341 | - | FUNDS OR AN INVESTME NT IN A PROGRAM ADMI NISTERED BY THE CORPORATION . | |
| 339 | + | 10–1113. 7 | |
| 342 | 340 | ||
| 343 | - | ( | |
| 344 | - | ||
| 345 | - | ||
| 341 | + | (A) EXCEPT AS PROVIDED IN SUBSECTIONS (B), (C), AND (E) OF THIS 8 | |
| 342 | + | SECTION, THE CORPORATION IS EXEMPT FROM TITLE 10 AND DIVISION II OF THE 9 | |
| 343 | + | STATE FINANCE AND PROCUREMENT ARTICLE. 10 | |
| 346 | 344 | ||
| 347 | - | ||
| 345 | + | (B) THE CORPORATION IS SUBJEC T TO THE PUBLIC INFORMATION ACT. 11 | |
| 348 | 346 | ||
| 349 | - | (A) THE CORPORATION SHALL EST ABLISH A SYSTEM OF F INANCIAL | |
| 350 | - | ACCOUNTING , CONTROLS, AUDITS, AND REPORTS . | |
| 347 | + | (C) THE BOARD, THE OFFICERS AND EMP LOYEES OF THE CORPORATION , 12 | |
| 348 | + | MEMBERS OF THE INVESTMENT COMMITTEE , AND MEMBERS OF ANY A DVISORY 13 | |
| 349 | + | COMMITTEE APPOINTED ARE SUBJECT TO THE PUBLIC ETHICS LAW. 14 | |
| 351 | 350 | ||
| 352 | - | (B) THE FISCAL YEAR OF TH E CORPORATION BEGINS ON JULY 1 AND ENDS | |
| 353 | - | ON THE FOLLOWING JUNE 30. | |
| 351 | + | (D) THE OFFICERS AND EMPL OYEES OF THE CORPORATION ARE NOT 15 | |
| 352 | + | SUBJECT TO THE PROVI SIONS OF DIVISION I OF THE STATE PERSONNEL AND 16 | |
| 353 | + | PENSIONS ARTICLE THAT GOVERN THE STATE PERSONNEL MANAGEMENT SYSTEM. 17 | |
| 354 | 354 | ||
| 355 | - | 10–1115. | |
| 355 | + | (E) (1) THE CORPORATION , THE BOARD, AND EMPLOYEES OF THE 18 | |
| 356 | + | CORPORATION ARE SUBJE CT TO TITLE 12, SUBTITLE 4 OF THE STATE FINANCE AND 19 | |
| 357 | + | PROCUREMENT ARTICLE. 20 | |
| 356 | 358 | ||
| 357 | - | (A) THE CORPORATION MAY CREAT E AND ADMINISTER THE ACCOUNTS | |
| 358 | - | THAT IT REQUIRES . | |
| 359 | + | (2) THE BOARD, THE OFFICERS AND EMP LOYEES OF THE 21 | |
| 360 | + | CORPORATION, THE MEMBERS OF THE I NVESTMENT COMMITTEE , AND THE 22 | |
| 361 | + | MEMBERS OF ANY ADVIS ORY COMMITTEE APPOIN TED SHALL DISCLOSE T O THE 23 | |
| 362 | + | STATE ETHICS COMMISSION WHETHER TH EY ARE EMPLOYED BY O R HAVE A 24 | |
| 363 | + | FINANCIAL INTEREST I N AN ENTITY THAT CUR RENTLY HAS OR WILL A PPLY FOR 25 | |
| 364 | + | FUNDS OR AN INVESTME NT IN A PROGRAM ADMI NISTERED BY THE CORPORATION . 26 | |
| 359 | 365 | ||
| 360 | - | ( | |
| 361 | - | ||
| 362 | - | ||
| 366 | + | (F) FOR PURPOSES OF THE OPEN MEETINGS ACT, A PROJECT SITE VISIT OR 27 | |
| 367 | + | EDUCATIONAL FIELD TO UR MAY NOT BE CONSID ERED A MEETING OF TH E 28 | |
| 368 | + | CORPORATION IF NO ORG ANIZATIONAL BUSINESS IS CONDUCTED . 29 | |
| 363 | 369 | ||
| 364 | - | (C) THE CORPORATION MAY DESIG NATE THE TRUST DEPAR TMENT OF A | |
| 365 | - | STATE BANK , NATIONAL BANK , OR SAVINGS AND LOAN ASSOCIATION AS A | |
| 366 | - | DEPOSITORY TO RECEIVE SECU RITIES THAT THE CORPORATION OWNS OR | |
| 367 | - | ACQUIRES. | |
| 368 | - | WES MOORE, Governor Ch. 123 | |
| 370 | + | 10–1114. 30 | |
| 369 | 371 | ||
| 370 | - | – 9 – | |
| 371 | - | (D) UNLESS AN AGREEMENT O R COVENANT BETWEEN T HE CORPORATION | |
| 372 | - | AND THE HOLDERS OF I TS OBLIGATIONS LIMIT S CLASSES OF INVESTM ENTS, THE | |
| 373 | - | CORPORATION MAY INVES T ITS MONEY IN BONDS OR OTHER OBLIGAT IONS OF, OR | |
| 374 | - | GUARANTEED AS TO PRI NCIPAL AND INTEREST BY, THE UNITED STATES, THE | |
| 375 | - | STATE, OR A GOVERNMENTAL UN IT. | |
| 372 | + | (A) THE CORPORATION SHALL EST ABLISH A SYSTEM OF F INANCIAL 31 | |
| 373 | + | ACCOUNTING , CONTROLS, AUDITS, AND REPORTS . 32 HOUSE BILL 599 9 | |
| 376 | 374 | ||
| 377 | - | (E) ANY INCOME FROM THE I NVESTMENT OF MONEY O F THE CORPORATION , | |
| 378 | - | INCLUDING INVESTMENT PROCEEDS AND EARNING S, SHALL BE CREDITED TO THE | |
| 379 | - | CORPORATION . | |
| 380 | 375 | ||
| 381 | - | 10–1116. | |
| 382 | 376 | ||
| 383 | - | THE CORPORATION MAY : | |
| 377 | + | (B) THE FISCAL YEAR OF TH E CORPORATION BEGINS ON JULY 1 AND ENDS 1 | |
| 378 | + | ON THE FOLLOWING JUNE 30. 2 | |
| 384 | 379 | ||
| 385 | - | ||
| 380 | + | 10–1115. 3 | |
| 386 | 381 | ||
| 387 | - | (2) ADOPT A SEAL; | |
| 382 | + | (A) THE CORPORATION MAY CREAT E AND ADMINISTER THE ACCOU NTS 4 | |
| 383 | + | THAT IT REQUIRES . 5 | |
| 388 | 384 | ||
| 389 | - | (3) MAINTAIN OFFICES AT A PLACE IT DESIGNATE S IN THE STATE; | |
| 385 | + | (B) THE CORPORATION SHALL DEP OSIT ITS MONEY INTO A STATE OR 6 | |
| 386 | + | NATIONAL BANK OR A F EDERALLY INSURED SAV INGS AND LOAN ASSOCI ATION THAT 7 | |
| 387 | + | HAS A TOTAL PAID–IN CAPITAL OF AT LEA ST $1,000,000. 8 | |
| 390 | 388 | ||
| 391 | - | (4) ACCEPT LOANS , GRANTS, INVESTMENTS , OR ASSISTANCE OF ANY | |
| 392 | - | KIND FROM THE FEDERA L OR STATE GOVERNMENT , A LOCAL GOVERNMENT , A | |
| 393 | - | COLLEGE OR UNIVERSIT Y, OR A PRIVATE SOURCE ; | |
| 389 | + | (C) THE CORPORATION MAY DES IGNATE THE TRUST DEP ARTMENT OF A 9 | |
| 390 | + | STATE BANK , NATIONAL BANK , OR SAVINGS AND LOAN ASSOCIATION AS A 10 | |
| 391 | + | DEPOSITORY TO RECEIV E SECURITIES THAT TH E CORPORATION OWNS OR 11 | |
| 392 | + | ACQUIRES. 12 | |
| 394 | 393 | ||
| 395 | - | (5) ENTER INTO CONTRACTS AND OTHER LEGAL INST RUMENTS; | |
| 394 | + | (D) UNLESS AN AGREEMENT O R COVENANT BETWEEN T HE CORPORATION 13 | |
| 395 | + | AND THE HOLDERS OF I TS OBLIGATIONS LIMITS CLA SSES OF INVESTMENTS , THE 14 | |
| 396 | + | CORPORATION MAY INVES T ITS MONEY IN BONDS OR OTHER OBLIGATIONS OF, OR 15 | |
| 397 | + | GUARANTEED AS TO PRI NCIPAL AND INTEREST BY, THE UNITED STATES, THE 16 | |
| 398 | + | STATE, OR A GOVERNMENTAL UN IT. 17 | |
| 396 | 399 | ||
| 397 | - | (6) SUE OR BE SUED; | |
| 400 | + | (E) ANY INCOME FROM THE I NVESTMENT OF MON EY OF THE CORPORATION , 18 | |
| 401 | + | INCLUDING INVESTMENT PROCEEDS AND EARNING S, SHALL BE CREDITED TO THE 19 | |
| 402 | + | CORPORATION . 20 | |
| 398 | 403 | ||
| 399 | - | ||
| 404 | + | 10–1116. 21 | |
| 400 | 405 | ||
| 401 | - | | |
| 406 | + | THE CORPORATION MAY : 22 | |
| 402 | 407 | ||
| 403 | - | (II) ANY REAL, PERSONAL, MIXED, TANGIBLE, OR INTANGIBLE | |
| 404 | - | PROPERTY; OR | |
| 408 | + | (1) ADOPT BYLAWS FOR THE CONDUCT OF ITS BUSIN ESS; 23 | |
| 405 | 409 | ||
| 406 | - | ( | |
| 410 | + | (2) ADOPT A SEAL; 24 | |
| 407 | 411 | ||
| 408 | - | (8) SELL, LEASE AS LESSOR , TRANSFER, LICENSE, ASSIGN, OR | |
| 409 | - | DISPOSE OF PROPERTY OR A PROPERTY INTERE ST THAT IT ACQUIRES; | |
| 412 | + | (3) MAINTAIN OFFICES AT A PLACE IT DESIGNATES IN THE STATE; 25 | |
| 410 | 413 | ||
| 411 | - | ( | |
| 412 | - | ||
| 413 | - | ||
| 414 | + | (4) ACCEPT LOANS , GRANTS, INVESTMENTS , OR ASSISTANCE OF ANY 26 | |
| 415 | + | KIND FROM THE FEDERA L OR STATE GOVERNMENT , A LOCAL GOVERNMENT , A 27 | |
| 416 | + | COLLEGE OR UNIVERSIT Y, OR A PRIVATE SOURCE ; 28 | |
| 414 | 417 | ||
| 415 | - | – 10 – | |
| 416 | - | (10) CREATE, OWN, CONTROL, OR BE A MEMBER OF A CORPORATION , | |
| 417 | - | LIMITED LIABILITY CO MPANY, PARTNERSHIP , OR OTHER ENTITY , WHETHER | |
| 418 | - | OPERATED FOR PROFIT OR NOT FOR PROFIT ; | |
| 418 | + | (5) ENTER INTO CONTRACTS AND OTHER LEGAL INST RUMENTS; 29 | |
| 419 | + | 10 HOUSE BILL 599 | |
| 419 | 420 | ||
| 420 | - | (11) EXERCISE POWER USUAL LY POSSESSED BY A PR IVATE | |
| 421 | - | CORPORATION IN PERFO RMING SIMILAR FUNCTI ONS UNLESS TO DO SO WOULD | |
| 422 | - | CONFLICT WITH STATE LAW; AND | |
| 423 | 421 | ||
| 424 | - | (12) DO ALL THINGS NECESS ARY OR CONVENIENT TO CARRY OUT T HIS | |
| 425 | - | SUBTITLE. | |
| 422 | + | (6) SUE OR BE SUED; 1 | |
| 426 | 423 | ||
| 427 | - | ||
| 424 | + | (7) ACQUIRE, PURCHASE, HOLD, LEASE AS LESSEE , AND USE: 2 | |
| 428 | 425 | ||
| 429 | - | | |
| 426 | + | (I) A FRANCHISE, PATENT, OR LICENSE; 3 | |
| 430 | 427 | ||
| 431 | - | ( | |
| 432 | - | ||
| 428 | + | (II) ANY REAL, PERSONAL, MIXED, TANGIBLE, OR INTANGIBLE 4 | |
| 429 | + | PROPERTY; OR 5 | |
| 433 | 430 | ||
| 434 | - | ( | |
| 431 | + | (III) AN INTEREST IN THE P ROPERTY LISTED IN TH IS ITEM; 6 | |
| 435 | 432 | ||
| 436 | - | (II) A MISSION STATEMENT AND CORE VALUES ; | |
| 433 | + | (8) SELL, LEASE AS LESSOR , TRANSFER, LICENSE, ASSIGN, OR 7 | |
| 434 | + | DISPOSE OF PROPERTY OR A PROPERTY INTERE ST THAT IT ACQUIRES ; 8 | |
| 437 | 435 | ||
| 438 | - | ( | |
| 439 | - | ||
| 436 | + | (9) FIX AND COLLECT RATE S, RENTALS, FEES, ROYALTIES, AND 9 | |
| 437 | + | CHARGES FOR SERVICES AND RESOURCES IT PRO VIDES OR MAKES AVAIL ABLE; 10 | |
| 440 | 438 | ||
| 441 | - | (IV) ACTION PLANS; AND | |
| 439 | + | (10) CREATE, OWN, CONTROL, OR BE A MEMBER OF A CORPORATION , 11 | |
| 440 | + | LIMITED LIABILITY CO MPANY, PARTNERSHIP , OR OTHER ENTITY , WHETHER 12 | |
| 441 | + | OPERATED FOR PROFIT OR NOT FOR PROFIT ; 13 | |
| 442 | 442 | ||
| 443 | - | (V) YEARLY AND LONG –TERM GOALS AND OBJEC TIVES; | |
| 443 | + | (11) EXERCISE POWER USUAL LY POSSESSED BY A PR IVATE 14 | |
| 444 | + | CORPORATION IN PERFO RMING SIMILAR FUNCTI ONS UNLESS TO DO SO WOULD 15 | |
| 445 | + | CONFLICT WITH STATE LAW; AND 16 | |
| 444 | 446 | ||
| 445 | - | ( | |
| 446 | - | ||
| 447 | + | (12) DO ALL THINGS NECESS ARY OR CONVENIENT TO CARRY OUT THIS 17 | |
| 448 | + | SUBTITLE. 18 | |
| 447 | 449 | ||
| 448 | - | (3) APPROVE COMPENSATION PLANS FOR THE CHIEF EXECUTIVE | |
| 449 | - | OFFICER AND EMPLOYEE S OF THE CORPORATION ; | |
| 450 | + | 10–1117. 19 | |
| 450 | 451 | ||
| 451 | - | (4) DESIGNATE A PERSON T O REVIEW AND APPROVE EXPENSE | |
| 452 | - | REIMBURSEMENTS OF TH E CHIEF EXECUTIVE OFFICER AND EMPLOYEES OF THE | |
| 453 | - | CORPORATION IN ACCORD ANCE WITH STANDARDS ESTABLISHED BY THE BOARD; | |
| 452 | + | THE BOARD SHALL: 20 | |
| 454 | 453 | ||
| 455 | - | (5) DESIGNATE A PERSON T O RECEIVE ETHICS COMPLAINTS AND ANY | |
| 456 | - | COMPLAINTS INVOLVING THE BOARD, THE CHIEF EXECUTIVE OFFICER, AND | |
| 457 | - | EMPLOYEES OF THE CORPORATION ; | |
| 454 | + | (1) DEVELOP A PUBLIC AND INTERNAL STRATEGIC P LAN THAT 21 | |
| 455 | + | INCLUDES: 22 | |
| 458 | 456 | ||
| 459 | - | ( | |
| 457 | + | (I) PERFORMANCE GOALS AN D MEASURES; 23 | |
| 460 | 458 | ||
| 461 | - | ||
| 459 | + | (II) A MISSION STATEMENT AND CORE VALUES ; 24 | |
| 462 | 460 | ||
| 463 | - | ( | |
| 464 | - | ||
| 461 | + | (III) AN ANALYSIS OF STREN GTHS, WEAKNESSES , 25 | |
| 462 | + | OPPORTUNITIES , AND THREATS ; 26 | |
| 465 | 463 | ||
| 466 | - | ( | |
| 464 | + | (IV) ACTION PLANS; AND 27 | |
| 467 | 465 | ||
| 468 | - | (III) ELIGIBLE EXPENSE REI MBURSEMENT REQUIREME NTS | |
| 469 | - | THAT INCLUDE : | |
| 466 | + | (V) YEARLY AND LONG –TERM GOALS AND OBJEC TIVES; 28 HOUSE BILL 599 11 | |
| 470 | 467 | ||
| 471 | - | 1. THE TYPES OF EXPENSE S THAT ARE CONSIDERE D | |
| 472 | - | PART OF CORPORATION FUNCTIONS ; | |
| 473 | 468 | ||
| 474 | - | 2. LIMITS ON REIMBURSEM ENTS AND TIME FRAMES FOR | |
| 475 | - | SUBMISSION; AND | |
| 476 | 469 | ||
| 477 | - | | |
| 478 | - | ||
| 470 | + | (2) REVIEW STRATEGIC PLA NS AND UPDATE THE PLANS ANNUALLY 1 | |
| 471 | + | TO MEASURE PERFORMAN CE; 2 | |
| 479 | 472 | ||
| 480 | - | (IV) THE USE OF ALL CORPORATION EQUIPMENT , PERSONAL | |
| 481 | - | PROPERTY, AND REAL PROPERTY AN D WHETHER ANY PROPER TY MAY BE | |
| 482 | - | TRANSFERRED TO A DEP ARTING EMPLOYEE ; AND | |
| 473 | + | (3) APPROVE COMPENSATION PLANS FOR THE CHIEF EXECUTIVE 3 | |
| 474 | + | OFFICER AND EMPLOYEES OF THE CORPORATION ; 4 | |
| 483 | 475 | ||
| 484 | - | (V) WHISTLEBLOWER COMPLA INTS AND PROTECTIONS FOR | |
| 485 | - | THOSE FILING COMPLAI NTS; AND | |
| 476 | + | (4) DESIGNATE A PERSON T O REVIEW AND APPROVE EXPENSE 5 | |
| 477 | + | REIMBURSEMENTS OF TH E CHIEF EXECUTIVE OFFICER AND EMPLOYEES OF THE 6 | |
| 478 | + | CORPORATION IN ACCORD ANCE WITH STANDARDS ESTABLISHED BY THE BOARD; 7 | |
| 486 | 479 | ||
| 487 | - | (7) CONDUCT AN ANNUAL PE RFORMANCE REVIEW OF THE CHIEF | |
| 488 | - | OPERATING OFFICER. | |
| 480 | + | (5) DESIGNATE A PERSON T O RECEIVE ETHICS COM PLAINTS AND ANY 8 | |
| 481 | + | COMPLAINTS INVOLVING THE BOARD, THE CHIEF EXECUTIVE OFFICER, AND 9 | |
| 482 | + | EMPLOYEES OF THE CORPORATION ; 10 | |
| 489 | 483 | ||
| 490 | - | ||
| 484 | + | (6) ESTABLISH POLICIES THAT GOVERN : 11 | |
| 491 | 485 | ||
| 492 | - | (A) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION , THE | |
| 493 | - | CORPORATION MAY MAKE QUALIFIED EQUITY INV ESTMENTS AND OTHER FINANCIAL | |
| 494 | - | ASSISTANCE AVAILABLE TO PROJECTS IN LOW –INCOME COMMUNITIES I F THE | |
| 495 | - | INVESTMENTS ARE MADE ON REVIEW AND APPROV AL OF A WRITTEN APPL ICATION | |
| 496 | - | THAT CONTAINS : | |
| 486 | + | (I) SEVERANCE PACKAGES F OR EMPLOYEES THAT 12 | |
| 487 | + | INVOLUNTARILY LEAVE EMPLOYMENT ; 13 | |
| 497 | 488 | ||
| 498 | - | (1) SUFFICIENT INFORMATI ON TO VERIFY THAT TH E PROJECT IS IN | |
| 499 | - | THE STATE; AND | |
| 489 | + | (II) TUITION REIMBURSEMEN T AND LIMITS FOR EMP LOYEES; 14 | |
| 500 | 490 | ||
| 501 | - | (2) A CERTIFICATION OF THE VERACITY OF THE INFO RMATION BY AN | |
| 502 | - | AUTHORIZED SIGNATORY OF THE APPLICANT . | |
| 503 | - | Ch. 123 2024 LAWS OF MARYLAND | |
| 491 | + | (III) ELIGIBLE EXPENSE REI MBURSEMENT REQUIREME NTS 15 | |
| 492 | + | THAT INCLUDE : 16 | |
| 504 | 493 | ||
| 505 | - | – 12 – | |
| 506 | - | (B) IN REGARD TO ANY AND ALL PROGRAMS OF THE CORPORATION , EXCEPT | |
| 507 | - | AS OTHERWISE PROVIDE D IN THIS SUBTITLE , THE CORPORATION SHALL ADO PT | |
| 508 | - | REGULATIONS TO GOVER N INVESTMENTS UNDER THIS SU BSECTION THAT SPECIF Y: | |
| 494 | + | 1. THE TYPES OF EXPENSE S THAT ARE CONSIDERED 17 | |
| 495 | + | PART OF CORPORATION FUNCTIONS ; 18 | |
| 509 | 496 | ||
| 510 | - | | |
| 511 | - | ||
| 497 | + | 2. LIMITS ON REIMBURSEM ENTS AND TIME FRAMES FOR 19 | |
| 498 | + | SUBMISSION; AND 20 | |
| 512 | 499 | ||
| 513 | - | | |
| 514 | - | ||
| 500 | + | 3. ALLOWABLE TRAVEL EXP ENSES INCLUDING ANY 21 | |
| 501 | + | OUT–OF–STATE TRAVEL; 22 | |
| 515 | 502 | ||
| 516 | - | (3) THE AMOUNT OF MONEY AVAILABLE FOR INVESTMENT; | |
| 503 | + | (IV) THE USE OF ALL CORPORATION EQUIPMENT , PERSONAL 23 | |
| 504 | + | PROPERTY, AND REAL PROPERTY AND WHETHER ANY PROPERTY MAY BE 24 | |
| 505 | + | TRANSFERRED TO A DEP ARTING EMPLOYEE ; AND 25 | |
| 517 | 506 | ||
| 518 | - | (4) THE INVESTMENT POLIC Y STATEMENT OF THE CORPORATION | |
| 519 | - | THAT DESCRIBES THE P ROCEDURES , CRITERIA, INVESTMENT PHILOSOPH Y, AND | |
| 520 | - | GUIDELINES FOR HOW T HE CORPORATION ’S INVESTMENT DECISIO NS WILL BE | |
| 521 | - | MADE; AND | |
| 507 | + | (V) WHISTLEBLOWER COMPLA INTS AND PROTECTIONS FOR 26 | |
| 508 | + | THOSE FILING COMPLAI NTS; AND 27 | |
| 522 | 509 | ||
| 523 | - | ( | |
| 524 | - | ||
| 525 | - | ||
| 510 | + | (7) CONDUCT AN ANNUAL PE RFORMANCE REVIEW OF THE CHIEF 28 | |
| 511 | + | OPERATING OFFICER. 29 | |
| 512 | + | 12 HOUSE BILL 599 | |
| 526 | 513 | ||
| 527 | - | (C) THE CORPORATION MAY MAKE INVESTMENTS UNDER AN AGREEMENT | |
| 528 | - | WITH THE BOARD OF TRUSTEES FOR THE STATE RETIREMENT AND PENSION | |
| 529 | - | SYSTEM UNDER § 21–123.2 OF THE STATE PERSONNEL AND PENSIONS ARTICLE. | |
| 530 | 514 | ||
| 531 | - | 10– | |
| 515 | + | 10–1118. 1 | |
| 532 | 516 | ||
| 533 | - | THE CORPORATION MAY : | |
| 517 | + | (A) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION , THE 2 | |
| 518 | + | CORPORATION MAY MAKE QUALIFIED EQUITY INV ESTMENTS AND OTHER F INANCIAL 3 | |
| 519 | + | ASSISTANCE AVAILABLE TO PROJECTS IN LOW –INCOME COMMUNITIES I F THE 4 | |
| 520 | + | INVESTMENTS ARE MADE ON REVIEW AND APPROV AL OF A WRITTEN APPL ICATION 5 | |
| 521 | + | THAT CONTAINS : 6 | |
| 534 | 522 | ||
| 535 | - | (1) PROVIDE EQUITY INVES TMENT TO A QUALIFIED BUSINESS OR | |
| 536 | - | PROJECT IN THE FORM OF A GRANT, LOAN, TAX CREDIT ALLOCATIO N, OR ANY OTHER | |
| 537 | - | FORM OF FINANCIAL AS SISTANCE TO CARRY OU T ITS PURPOSES; | |
| 523 | + | (1) SUFFICIENT INFORMATI ON TO VERIFY THAT TH E PROJECT IS IN 7 | |
| 524 | + | THE STATE; AND 8 | |
| 538 | 525 | ||
| 539 | - | (2) ACQUIRE, DEVELOP, IMPROVE, MANAGE, MARKET, LICENSE, | |
| 540 | - | SUBLICENSE, MAINTAIN, LEASE AS LESSOR OR L ESSEE, OR OPERATE A PROJECT IN | |
| 541 | - | THE STATE TO CARRY OUT IT S PURPOSES; AND | |
| 526 | + | (2) A CERTIFICATION OF T HE VERACITY OF THE I NFORMATION BY AN 9 | |
| 527 | + | AUTHORIZED SIGNATORY OF THE APPLICANT . 10 | |
| 542 | 528 | ||
| 543 | - | (3) ACQUIRE, DIRECTLY OR INDIRECT LY, FROM A PERSON OR | |
| 544 | - | POLITICAL SUBDIVISIO N, BY PURCHASE , GIFT, OR DEVISE, ANY PROPERTY , | |
| 545 | - | RIGHTS–OF–WAY, FRANCHISES, EASEMENTS, OR OTHER INTERESTS I N LAND, | |
| 546 | - | INCLUDING SUBMERGED LAND AND RIPARIAN RI GHTS: | |
| 547 | - | WES MOORE, Governor Ch. 123 | |
| 529 | + | (B) IN REGARD TO ANY AND ALL PROGRAMS OF THE CORPORATION , EXCEPT 11 | |
| 530 | + | AS OTHERWISE PROVIDE D IN THIS SUBTITLE , THE CORPORATION SHALL ADO PT 12 | |
| 531 | + | REGULATIONS TO GOVER N INVESTMENTS UNDER THIS SUBSECTION THAT SPECIFY: 13 | |
| 548 | 532 | ||
| 549 | - | – 13 – | |
| 550 | - | (I) AS NECESSARY OR CO NVENIENT TO IMPROVE OR OPERATE | |
| 551 | - | A PROJECT TO CARRY O UT ITS PURPOSES ; AND | |
| 533 | + | (1) THE TYPES OF BUSINES SES AND PROJECTS IN WHICH AN 14 | |
| 534 | + | INVESTMENT MAY BE MA DE; 15 | |
| 552 | 535 | ||
| 553 | - | ( | |
| 554 | - | ||
| 536 | + | (2) THE BASIC STANDARDS AN ENTERPRI SE SHALL MEET TO QUA LIFY 16 | |
| 537 | + | FOR AN INVESTMENT ; 17 | |
| 555 | 538 | ||
| 556 | - | ||
| 539 | + | (3) THE AMOUNT OF MONEY AVAILABLE FOR INVEST MENT; 18 | |
| 557 | 540 | ||
| 558 | - | A DEBT, CLAIM, OBLIGATION, OR LIABILITY OF THE CORPORATION OR ANY | |
| 559 | - | SUBSIDIARY IS NOT : | |
| 541 | + | (4) THE INVESTMENT POLIC Y STATEMENT OF THE CORPORATION 19 | |
| 542 | + | THAT DESCRIBES THE P ROCEDURES , CRITERIA, INVESTMENT PHILOSOPH Y, AND 20 | |
| 543 | + | GUIDELINES FOR HOW THE CORPORATION ’S INVESTMENT DECISIO NS WILL BE 21 | |
| 544 | + | MADE; AND 22 | |
| 560 | 545 | ||
| 561 | - | ( | |
| 562 | - | ||
| 563 | - | ||
| 546 | + | (5) A PROCESS FOR CONSID ERING WHETHER INVEST MENTS HELP TO 23 | |
| 547 | + | FOSTER INCLUSIVE AND DIVERSE ENTREPRENEUR SHIP, INCLUDING THE 24 | |
| 548 | + | CORPORATION ’S SUPPORT FOR LOW –INCOME COMMUNITIES . 25 | |
| 564 | 549 | ||
| 565 | - | (2) A PLEDGE OF THE CRED IT OF THE STATE. | |
| 550 | + | (C) THE CORPORATION MAY MAKE INVESTME NTS UNDER AN AGREEME NT 26 | |
| 551 | + | WITH THE BOARD OF TRUSTEES FOR THE STATE RETIREMENT AND PENSION 27 | |
| 552 | + | SYSTEM UNDER § 21–123.2 OF THE STATE PERSONNEL AND PENSIONS ARTICLE. 28 | |
| 566 | 553 | ||
| 567 | - | 10– | |
| 554 | + | 10–1119. 29 | |
| 568 | 555 | ||
| 569 | - | THE CORPORATION IS EXEMPT FROM STATE AND LOCAL TAXES . | |
| 556 | + | THE CORPORATION MAY : 30 | |
| 557 | + | HOUSE BILL 599 13 | |
| 570 | 558 | ||
| 571 | - | 10–1122. | |
| 572 | 559 | ||
| 573 | - | (A) THE BOOKS AND RECORDS OF THE CORPORATION ARE SUBJE CT TO | |
| 574 | - | AUDIT: | |
| 560 | + | (1) PROVIDE EQUITY INVES TMENT TO A QUALIFIED BUSINESS OR 1 | |
| 561 | + | PROJECT IN THE FORM OF A GRANT, LOAN, TAX CREDIT ALLOCATIO N, OR ANY OTHER 2 | |
| 562 | + | FORM OF FINANCIAL AS SISTANCE TO CARRY OU T ITS PURPOSES; 3 | |
| 575 | 563 | ||
| 576 | - | (1) AT ANY TIME BY THE STATE; AND | |
| 564 | + | (2) ACQUIRE, DEVELOP, IMPROVE, MANAGE, MARKET, LICENSE, 4 | |
| 565 | + | SUBLICENSE, MAINTAIN, LEASE AS LESSOR OR L ESSEE, OR OPERATE A PROJECT IN 5 | |
| 566 | + | THE STATE TO CARRY OUT IT S PURPOSES; AND 6 | |
| 577 | 567 | ||
| 578 | - | (2) EACH YEAR BY AN INDE PENDENT AUDITOR , INCLUDING AN | |
| 579 | - | ANNUAL FINANCIAL STA TEMENT UNDER GENERAL LY ACCEPTED ACCOUNTI NG | |
| 580 | - | PRINCIPLES. | |
| 568 | + | (3) ACQUIRE, DIRECTLY OR INDIRECT LY, FROM A PERSON OR 7 | |
| 569 | + | POLITICAL SUBDIVISIO N, BY PURCHASE , GIFT, OR DEVISE, ANY PROPERTY , 8 | |
| 570 | + | RIGHTS–OF–WAY, FRANCHISES, EASEMENTS, OR OTHER INTERESTS I N LAND, 9 | |
| 571 | + | INCLUDING SUBMERGED LAND AND RIPARIAN RIGHTS : 10 | |
| 581 | 572 | ||
| 582 | - | ( | |
| 583 | - | ||
| 573 | + | (I) AS NECESSARY OR CONV ENIENT TO IMPROVE OR OPERATE 11 | |
| 574 | + | A PROJECT TO CARRY O UT ITS PURPOSES ; AND 12 | |
| 584 | 575 | ||
| 585 | - | 10–1123. | |
| 576 | + | (II) ON THE TERMS AND AT THE PRICES THAT THE 13 | |
| 577 | + | CORPORATION CONSIDERS REASONABLE . 14 | |
| 586 | 578 | ||
| 587 | - | (A) (1) ON OR BEFORE OCTOBER 1 EACH YEAR, THE CORPORATION | |
| 588 | - | SHALL REPORT TO THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE | |
| 589 | - | STATE GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY. | |
| 579 | + | 10–1120. 15 | |
| 590 | 580 | ||
| 591 | - | (2) THE REPORT REQUIRED U NDER THIS SUBSECTION SHALL | |
| 592 | - | INCLUDE: | |
| 593 | - | Ch. 123 2024 LAWS OF MARYLAND | |
| 581 | + | A DEBT, CLAIM, OBLIGATION, OR LIABILITY OF THE CORPORATION OR ANY 16 | |
| 582 | + | SUBSIDIARY IS NOT : 17 | |
| 594 | 583 | ||
| 595 | - | ||
| 596 | - | ||
| 597 | - | ||
| 584 | + | (1) A DEBT, CLAIM, OBLIGATION, OR LIABILITY OF THE STATE, A UNIT 18 | |
| 585 | + | OR INSTRUMENTALITY O F THE STATE, OR OF A STATE OFFICER OR STATE 19 | |
| 586 | + | EMPLOYEE; OR 20 | |
| 598 | 587 | ||
| 599 | - | (II) A SUMMARY OF THE CORPORATION ’S ACTIVITIES DURING | |
| 600 | - | THE PRECEDI NG FISCAL YEAR; | |
| 588 | + | (2) A PLEDGE OF THE CRED IT OF THE STATE. 21 | |
| 601 | 589 | ||
| 602 | - | (III) INFORMATION ON ALL S ALARIES AND ANY INCE NTIVES | |
| 603 | - | APPROVED BY THE BOARD FOR CORPORATION EMPLOYEES ; | |
| 590 | + | 10–1121. 22 | |
| 604 | 591 | ||
| 605 | - | (IV) INFORMATION ON OUTRE ACH, TRAINING, MENTORSHIP , | |
| 606 | - | SUPPORT, AND INVESTMENT IN MI NORITY– AND WOMEN –OWNED QUALIFIED | |
| 607 | - | BUSINESSES, INCLUDING SUPPORT FOR M ARKETING BY THE MARYLAND SMALL | |
| 608 | - | BUSINESS DEVELOPMENT FINANCING AUTHORITY; | |
| 592 | + | THE CORPORATION IS EXEMPT FROM STATE AND LOCAL TAXES . 23 | |
| 609 | 593 | ||
| 610 | - | (V) INFORMATION ON ENTIT IES THAT HAVE CURREN T | |
| 611 | - | INVESTMENTS AND ENTI TIES THAT RECEIVED F UNDING OR INVESTMENT S IN THE | |
| 612 | - | CURRENT YEAR ON : | |
| 594 | + | 10–1122. 24 | |
| 613 | 595 | ||
| 614 | - | 1. THE PRINCIPAL BUSIN ESS OPERATIONS ; | |
| 596 | + | (A) THE BOOKS AND RECORDS OF THE CORPORATION ARE SUBJE CT TO 25 | |
| 597 | + | AUDIT: 26 | |
| 615 | 598 | ||
| 616 | - | 2. THE NUMBER OF EMPLOY EES IN THE STATE AND THE | |
| 617 | - | NUMBER OF EMPLOYEES OUTSIDE THE STATE; | |
| 599 | + | (1) AT ANY TIME BY THE STATE; AND 27 | |
| 618 | 600 | ||
| 619 | - | 3. THE CAPITAL OR OTHER INVESTMENTS MADE IN THE | |
| 620 | - | STATE; AND | |
| 601 | + | (2) EACH YEAR BY AN INDE PENDENT AUDITOR , INCLUDING AN 28 | |
| 602 | + | ANNUAL FINANCIAL S TATEMENT UNDER GENER ALLY ACCEPTED ACCOUN TING 29 | |
| 603 | + | PRINCIPLES. 30 14 HOUSE BILL 599 | |
| 621 | 604 | ||
| 622 | - | 4. THE PROPOSED AND ACT UAL JOB CREATION OR | |
| 623 | - | CAPITAL INVESTMENT I N THE STATE AS A RESULT OF THE INVEST MENT OR | |
| 624 | - | SUPPORT; | |
| 625 | 605 | ||
| 626 | - | (VI) INFORMATION ON THE C REATION OF AND APPOI NTMENTS | |
| 627 | - | MADE TO AN ADVISORY COMMITTEE AND THE RE SPONSIBILITIES OF TH E ADVISORY | |
| 628 | - | COMMITTEE AND MEMBER S OF THE COMMITTEE ; AND | |
| 629 | 606 | ||
| 630 | - | ( | |
| 631 | - | ||
| 607 | + | (B) THE CORPORATION SHALL CON DUCT AN INDEPENDENT ASSESSMENT 1 | |
| 608 | + | OF THE BOARD AND THE CORPORATION EVERY 5 YEARS. 2 | |
| 632 | 609 | ||
| 633 | - | (B) (1) ON A QUARTERLY BASIS , THE CORPORATION SHALL REP ORT TO | |
| 634 | - | THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT | |
| 635 | - | ARTICLE, THE JOINT AUDIT AND EVALUATION COMMITTEE AND THE GENERAL | |
| 636 | - | ASSEMBLY. | |
| 637 | - | WES MOORE, Governor Ch. 123 | |
| 610 | + | 10–1123. 3 | |
| 638 | 611 | ||
| 639 | - | – 15 – | |
| 640 | - | (2) THE REPOR T REQUIRED UNDER THI S SUBSECTION SHALL | |
| 641 | - | INCLUDE A LIST OF TH E BUSINESSES AND PRO JECTS RECEIVING SUPP ORT THROUGH | |
| 642 | - | PROGRAMS ADMINISTERE D BY THE CORPORATION , INCLUDING THOSE RECE IVING | |
| 643 | - | INVESTMENTS MADE UND ER § 21–123.2 OF THE STATE PERSONNEL AND PENSIONS | |
| 644 | - | ARTICLE. | |
| 612 | + | (A) (1) ON OR BEFORE OCTOBER 1 EACH YEAR, THE CORPORATION 4 | |
| 613 | + | SHALL REPORT TO THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE 5 | |
| 614 | + | STATE GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY. 6 | |
| 645 | 615 | ||
| 646 | - | ( | |
| 647 | - | ||
| 616 | + | (2) THE REPORT REQUIRED U NDER THIS SUBSECTION SHALL 7 | |
| 617 | + | INCLUDE: 8 | |
| 648 | 618 | ||
| 649 | - | (I) THE NUMBER OF EMPLOY EES IN THE STATE; | |
| 619 | + | (I) A COMPLETE OPERATING AND FINANCIAL STATEM ENT 9 | |
| 620 | + | COVERING THE CORPORATION ’S OPERATIONS; 10 | |
| 650 | 621 | ||
| 651 | - | (II) THE NUMBER OF EMPLOY EES OUTSIDE THE STATE; | |
| 622 | + | (II) A SUMMARY OF THE CORPORATION ’S ACTIVITIES DURING 11 | |
| 623 | + | THE PRECEDING FISCAL YEAR; 12 | |
| 652 | 624 | ||
| 653 | - | (III) | |
| 654 | - | ||
| 625 | + | (III) INFORMATION ON ALL S ALARIES AND ANY INCE NTIVES 13 | |
| 626 | + | APPROVED BY THE BOARD FOR CORPORATION EMPLOYEES ; 14 | |
| 655 | 627 | ||
| 656 | - | (IV) PROPOSED JOB CREATIO N OR CAPITAL INVESTM ENT IN THE | |
| 657 | - | STATE AS A RESULT OF THE INVESTMENT OR SU PPORT. | |
| 628 | + | (IV) INFORMATION ON OUTRE ACH, TRAINING, MENTORSHIP , 15 | |
| 629 | + | SUPPORT, AND INVESTMENT IN MI NORITY– AND WOMEN –OWNED QUALIFIED 16 | |
| 630 | + | BUSINESSES, INCLUDING SUPPORT FO R MARKETING BY THE MARYLAND SMALL 17 | |
| 631 | + | BUSINESS DEVELOPMENT FINANCING AUTHORITY; 18 | |
| 658 | 632 | ||
| 659 | - | (C) THE CORPORATION SHALL PUB LISH ANNUAL FINANCIA L STATEMENTS , | |
| 660 | - | AUDIT REPORTS , AND POLICIES OF THE BOARD VISIBLY ON ITS WEBSITE. | |
| 633 | + | (V) INFORMATION ON ENTIT IES THAT HAVE CURREN T 19 | |
| 634 | + | INVESTMENTS AND ENTI TIES THAT RECEIVED F UNDING OR INVESTMENTS IN THE 20 | |
| 635 | + | CURRENT YEAR ON : 21 | |
| 661 | 636 | ||
| 662 | - | ||
| 637 | + | 1. THE PRINCIPAL BUSINE SS OPERATIONS ; 22 | |
| 663 | 638 | ||
| 664 | - | 4–508. | |
| 639 | + | 2. THE NUMBER OF EMPLOY EES IN THE STATE AND THE 23 | |
| 640 | + | NUMBER OF EMPLOYEES OUTSIDE THE STATE; 24 | |
| 665 | 641 | ||
| 666 | - | | |
| 667 | - | ||
| 642 | + | 3. THE CAPITAL OR OTHER INVESTMENTS MADE IN THE 25 | |
| 643 | + | STATE; AND 26 | |
| 668 | 644 | ||
| 669 | - | (b) There is a Strategic Demolition and Smart Growth Impact Fund. | |
| 645 | + | 4. THE PRO POSED AND ACTUAL JOB CREATION OR 27 | |
| 646 | + | CAPITAL INVESTMENT I N THE STATE AS A RESULT OF THE INVESTMENT OR 28 | |
| 647 | + | SUPPORT; 29 | |
| 648 | + | HOUSE BILL 599 15 | |
| 670 | 649 | ||
| 671 | - | (c) The purpose of the Fund is to provide grants and loans to assist in | |
| 672 | - | predevelopment activities, including interior and exterior demolition, land assembly, | |
| 673 | - | architecture and engineering, [and] site development, DEBT PAYMENTS , AND CREDIT | |
| 674 | - | ENHANCEMENT for revitalization projects in designated areas of the State. | |
| 675 | 650 | ||
| 676 | - | (d) The Department shall administer the Fund. | |
| 651 | + | (VI) INFORMATION ON THE C REATION OF AND APPOI NTMENTS 1 | |
| 652 | + | MADE TO AN ADVISORY COMMITTEE AND THE RE SPONSIBILITIES OF TH E ADVISORY 2 | |
| 653 | + | COMMITTEE AND MEMBER S OF THE COMMITTEE ; AND 3 | |
| 677 | 654 | ||
| 678 | - | ( | |
| 679 | - | ||
| 655 | + | (VII) THE POLICIES OF THE BOARD AND ANY CHANGES TO 4 | |
| 656 | + | EXISTING POLICIES . 5 | |
| 680 | 657 | ||
| 681 | - | (2) The State Treasurer shall hold the Fund separately, and the | |
| 682 | - | Comptroller shall account for the Fund. | |
| 658 | + | (B) (1) ON A QUARTERLY BASIS , THE CORPORATION SHALL REP ORT TO 6 | |
| 659 | + | THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 7 | |
| 660 | + | ARTICLE, THE JOINT AUDIT AND EVALUATION COMMITTEE AND THE GENERAL 8 | |
| 661 | + | ASSEMBLY. 9 | |
| 683 | 662 | ||
| 684 | - | (f) The Fund consists of: Ch. 123 2024 LAWS OF MARYLAND | |
| 663 | + | (2) THE REPORT REQUIRED U NDER THIS SUBSECTION SHALL 10 | |
| 664 | + | INCLUDE A LIST OF TH E BUSINESSES AND PRO JECTS RECEIVING SUPP ORT THROUGH 11 | |
| 665 | + | PROGRAMS ADMINISTERE D BY THE CORPORATION , INCLUDING THOSE RECE IVING 12 | |
| 666 | + | INVESTMENT S MADE UNDER § 21–123.2 OF THE STATE PERSONNEL AND PENSIONS 13 | |
| 667 | + | ARTICLE. 14 | |
| 685 | 668 | ||
| 686 | - | – 16 – | |
| 669 | + | (3) THE LIST OF BUSINESSE S AND PROJECTS RECEI VING SUPPORT 15 | |
| 670 | + | SHALL INCLUDE FOR EA CH: 16 | |
| 687 | 671 | ||
| 688 | - | ( | |
| 672 | + | (I) THE NUMBER OF EMPLOY EES IN THE STATE; 17 | |
| 689 | 673 | ||
| 690 | - | ( | |
| 674 | + | (II) THE NUMBER OF EMPLOY EES OUTSIDE THE STATE; 18 | |
| 691 | 675 | ||
| 692 | - | (3) interest earnings of the Fund; and | |
| 676 | + | (III) THE CAPITAL OR OTHER INVESTMENTS MADE IN THE STATE; 19 | |
| 677 | + | AND 20 | |
| 693 | 678 | ||
| 694 | - | ( | |
| 695 | - | ||
| 679 | + | (IV) PROPOSED JOB CREATIO N OR CAPITAL INVESTM ENT IN THE 21 | |
| 680 | + | STATE AS A RESULT OF THE INVESTMENT OR SU PPORT. 22 | |
| 696 | 681 | ||
| 697 | - | (g) (1) The Fund may be used only to provide grants and loans to government | |
| 698 | - | agencies and community development organizations for interior and exterior demolition, | |
| 699 | - | land assembly, architecture and engineering, [and] site development, DEBT PAYMENTS , | |
| 700 | - | AND CREDIT ENHANCEME NT for revitalization projects in an area designated as: | |
| 682 | + | (C) THE CORPORATION SHALL PUB LISH ANNUAL FINANCIA L STATEMENTS , 23 | |
| 683 | + | AUDIT REPORTS , AND POLICIES OF THE BOARD VISIBLY ON ITS WEBSITE. 24 | |
| 701 | 684 | ||
| 702 | - | ||
| 685 | + | Article – Housing and Community Development 25 | |
| 703 | 686 | ||
| 704 | - | (ii) a qualified opportunity zone designated under § 1400Z–1 of the | |
| 705 | - | Internal Revenue Code in Allegany County, Garrett County, Somerset County, or Wicomico | |
| 706 | - | County. | |
| 687 | + | 4–508. 26 | |
| 707 | 688 | ||
| 708 | - | (2) (i) For fiscal years 2017 through 2019, to be eligible for a grant or | |
| 709 | - | loan from the Fund, a government agency or community development organization shall | |
| 710 | - | provide evidence of a matching fund that is equal to $1 for every $4 in State funding that | |
| 711 | - | the agency or organization is applying for from the Fund. | |
| 689 | + | (a) In this section, “Fund” means the Strategic Demolition and Smart Growth 27 | |
| 690 | + | Impact Fund. 28 | |
| 712 | 691 | ||
| 713 | - | (ii) The matching fund required under subparagraph (i) of this | |
| 714 | - | paragraph may include: | |
| 692 | + | (b) There is a Strategic Demolition and Smart Growth Impact Fund. 29 | |
| 715 | 693 | ||
| 716 | - | | |
| 717 | - | ||
| 694 | + | (c) The purpose of the Fund is to provide grants and loans to assist in 30 | |
| 695 | + | predevelopment activities, including interior and exterior demolition, land assembly, 31 16 HOUSE BILL 599 | |
| 718 | 696 | ||
| 719 | - | 2. real property; | |
| 720 | 697 | ||
| 721 | - | 3. in–kind contributions; and | |
| 698 | + | architecture and engineering, [and] site development, DEBT PAYMENTS , AND CREDIT 1 | |
| 699 | + | ENHANCEMENT for revitalization projects in designated areas of the State. 2 | |
| 722 | 700 | ||
| 723 | - | 4. funds expended before the date the grant or loan is | |
| 724 | - | awarded. | |
| 701 | + | (d) The Department shall administer the Fund. 3 | |
| 725 | 702 | ||
| 726 | - | (3) For fiscal year 2020 and each fiscal year thereafter, to be eligible for a | |
| 727 | - | grant or loan from the Fund, a government agency or community development organization | |
| 728 | - | is not required to provide evidence of a matching fund. | |
| 703 | + | (e) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of 4 | |
| 704 | + | the State Finance and Procurement Article. 5 | |
| 729 | 705 | ||
| 730 | - | (4) The Department shall award grants and loans from the Fund on a | |
| 731 | - | competitive basis. | |
| 732 | - | WES MOORE, Governor Ch. 123 | |
| 706 | + | (2) The State Treasurer shall hold the Fund separately, and the 6 | |
| 707 | + | Comptroller shall account for the Fund. 7 | |
| 733 | 708 | ||
| 734 | - | – 17 – | |
| 735 | - | (h) (1) The State Treasurer shall invest the money of the Fund in the same | |
| 736 | - | manner as other State money may be invested. | |
| 709 | + | (f) The Fund consists of: 8 | |
| 737 | 710 | ||
| 738 | - | ( | |
| 711 | + | (1) money appropriated in the State budget to the Fund; 9 | |
| 739 | 712 | ||
| 740 | - | (i) Expenditures from the Fund may be made only in accordance with the State | |
| 741 | - | budget. | |
| 713 | + | (2) repayments of loans made from the Fund; 10 | |
| 742 | 714 | ||
| 743 | - | (j) (1) For fiscal year 2018, the Governor shall include in the annual budget | |
| 744 | - | bill or capital budget bill an appropriation of $25,625,000 from general funds or the | |
| 745 | - | proceeds from the sale of State general obligation bonds to the Fund, which shall be | |
| 746 | - | allocated as follows: | |
| 715 | + | (3) interest earnings of the Fund; and 11 | |
| 747 | 716 | ||
| 748 | - | (i) $22,125,000 for projects in Baltimore City; and | |
| 717 | + | (4) any other money from any other source accepted for the benefit of the 12 | |
| 718 | + | Fund. 13 | |
| 749 | 719 | ||
| 750 | - | (ii) $3,500,000 for projects throughout the State. | |
| 720 | + | (g) (1) The Fund may be used only to provide grants and loans to government 14 | |
| 721 | + | agencies and community development organizations for interior and exterior demolition, 15 | |
| 722 | + | land assembly, architecture and engineering, [and] site development, DEBT PAYMENTS , 16 | |
| 723 | + | AND CREDIT ENHANCEME NT for revitalization projects in an area designated as: 17 | |
| 751 | 724 | ||
| 752 | - | (2) For fiscal year 2019, the Governor shall include in the annual budget | |
| 753 | - | bill or capital budget bill an appropriation of $28,500,000 from general funds or the | |
| 754 | - | proceeds from the sale of State general obligation bonds to the Fund, which shall be | |
| 755 | - | allocated as follows: | |
| 725 | + | (i) a Sustainable Community; or 18 | |
| 756 | 726 | ||
| 757 | - | (i) $25,000,000 for projects in Baltimore City; and | |
| 727 | + | (ii) a qualified opportunity zone designated under § 1400Z–1 of the 19 | |
| 728 | + | Internal Revenue Code in Allegany County, Garrett County, Somerset County, or Wicomico 20 | |
| 729 | + | County. 21 | |
| 758 | 730 | ||
| 759 | - | (ii) $3,500,000 for projects throughout the State. | |
| 731 | + | (2) (i) For fiscal years 2017 through 2019, to be eligible for a grant or 22 | |
| 732 | + | loan from the Fund, a government agency or community development organization shall 23 | |
| 733 | + | provide evidence of a matching fund that is equal to $1 for every $4 in State funding that 24 | |
| 734 | + | the agency or organization is applying for from the Fund. 25 | |
| 760 | 735 | ||
| 761 | - | | |
| 762 | - | ||
| 736 | + | (ii) The matching fund required under subparagraph (i) of this 26 | |
| 737 | + | paragraph may include: 27 | |
| 763 | 738 | ||
| 764 | - | Approved by the Governor, April 25, 2024. | |
| 739 | + | 1. money from the federal government, local government, or 28 | |
| 740 | + | any other public or private source; 29 | |
| 741 | + | ||
| 742 | + | 2. real property; 30 | |
| 743 | + | ||
| 744 | + | 3. in–kind contributions; and 31 HOUSE BILL 599 17 | |
| 745 | + | ||
| 746 | + | ||
| 747 | + | ||
| 748 | + | 4. funds expended before the date the grant or loan is 1 | |
| 749 | + | awarded. 2 | |
| 750 | + | ||
| 751 | + | (3) For fiscal year 2020 and each fiscal year thereafter, to be eligible for a 3 | |
| 752 | + | grant or loan from the Fund, a government agency or community development organization 4 | |
| 753 | + | is not required to provide evidence of a matching fund. 5 | |
| 754 | + | ||
| 755 | + | (4) The Department shall award grants and loans from the Fund on a 6 | |
| 756 | + | competitive basis. 7 | |
| 757 | + | ||
| 758 | + | (h) (1) The State Treasurer shall invest the money of the Fund in the same 8 | |
| 759 | + | manner as other State money may be invested. 9 | |
| 760 | + | ||
| 761 | + | (2) Any interest earnings of the Fund shall be credited to the Fund. 10 | |
| 762 | + | ||
| 763 | + | (i) Expenditures from the Fund may be made only in accordance with the State 11 | |
| 764 | + | budget. 12 | |
| 765 | + | ||
| 766 | + | (j) (1) For fiscal year 2018, the Governor shall include in the annual budget 13 | |
| 767 | + | bill or capital budget bill an appropriation of $25,625,000 from general funds or the 14 | |
| 768 | + | proceeds from the sale of State general obligation bonds to the Fund, which shall be 15 | |
| 769 | + | allocated as follows: 16 | |
| 770 | + | ||
| 771 | + | (i) $22,125,000 for projects in Baltimore City; and 17 | |
| 772 | + | ||
| 773 | + | (ii) $3,500,000 for projects throughout the State. 18 | |
| 774 | + | ||
| 775 | + | (2) For fiscal year 2019, the Governor shall include in the annual budget 19 | |
| 776 | + | bill or capital budget bill an appropriation of $28,500,000 from general funds or the 20 | |
| 777 | + | proceeds from the sale of State general obligation bonds to the Fund, which shall be 21 | |
| 778 | + | allocated as follows: 22 | |
| 779 | + | ||
| 780 | + | (i) $25,000,000 for projects in Baltimore City; and 23 | |
| 781 | + | ||
| 782 | + | (ii) $3,500,000 for projects throughout the State. 24 | |
| 783 | + | ||
| 784 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 25 | |
| 785 | + | 1, 2024. 26 | |
| 786 | + | ||
| 787 | + | ||
| 788 | + |