Maryland Department of Business and Economic Development Section 5-503

      (a)      (1)      The Department may use the Fund for the following purposes:

                  (i)      To make grants or loans, at a rate of interest to be determined by the Department;

                  (ii)      To provide equity investment financing for a business enterprise;

                  (iii)      To provide guarantees of loans, equity, investment, or other private financings to expand the capital resources of a business enterprise;

                  (iv)      To purchase advisory services and technical assistance to enable the Department to better support economic development; and

                  (v)      To pay expenses for administrative, legal and actuarial services for the Department.

            (2)      Unless otherwise determined by the Secretary, moneys in the Fund that have been generated by a particular division within the Department shall be allocated for the use of that division.

      (b)      (1)      The State Treasurer shall hold and the State Comptroller shall account for the Fund.

            (2)      Any investment earnings of the Fund shall be paid into the Fund.

      (c)      Section 10-305 of the State Finance and Procurement Article does not apply to any sale, lease, transfer, exchange, or other disposition of any real or personal property acquired by the Department in any transaction authorized under this subtitle, including shares of stock in a business entity. The Department shall consult with the Office of the Treasurer in connection with any proposed disposition of property acquired by the Department under this subtitle.

      (d)      (1)      Except as provided in paragraph (2) of this subsection, Division II of the State Finance and Procurement Article does not apply to the Department for services related to the investment, management, analysis, purchase, or sale of assets of the Department in any transaction authorized under this subtitle, including commissions related to the transfer of shares of stock in a business entity.

            (2)      The Department is subject to Title 12, Subtitle 4 of the State Finance and Procurement Article for services related to the investment, management, analysis, purchase, or sale of assets of the Department in any transaction authorized under this subtitle, including commissions related to the transfer of shares of stock in a business entity.