Maryland Department of Business and Economic Development Section 5-914

      (a)      There is an Industrial Development Fund which replaces the Authority's Bond Insurance Fund, the Authority's Authorized Purpose Insurance Fund, the Department's Day Care Facilities Loan Guarantee Fund, and the Maryland Enterprise Incentive Deposit Fund. Moneys on deposit in the Authority's Bond Insurance Fund, the Authority's Authorized Purpose Insurance Fund, the Department's Day Care Facilities Loan Guarantee Fund, and the Maryland Enterprise Incentive Deposit Fund shall be transferred to the Industrial Development Fund on July 1, 2000.

      (b)      The Industrial Development Fund is a continuing, nonlapsing, revolving fund that consists of:

            (1)      Moneys appropriated by the State to the Industrial Development Fund;

            (2)      Premiums, fees, and any other amounts received by the Authority with respect to financial assistance provided by the Authority from the Industrial Development Fund;

            (3)      Proceeds as designated by the Authority from the sale, lease, or other disposition of property held or acquired by the Authority;

            (4)      Interest received from linked deposits made from the Linked Deposit Fund;

            (5)      Income from investments that the State Treasurer, on instruction of the Authority, makes from moneys in the Industrial Development Fund; and

            (6)      Any other moneys made available under this subtitle.

      (c)      The Industrial Development Fund shall be used:

            (1)      For the purposes described in §§ 5-916, 5-918, 5-927, and 5-928 of this subtitle; and

            (2)      To pay any and all expenses of the Authority, including, by way of example:

                  (i)      Any and all expenses for administrative, legal, actuarial, and other services;

                  (ii)      All costs, charges, fees, and expenses of the Authority related to the authorizing, preparing, printing, selling, issuing, and insuring of bonds and authorized purpose obligations (including, by way of example, bonds or authorized purpose obligations, the proceeds of which are used to refinance or refund outstanding bonds or authorized purpose obligations), and the funding of reserves; and

                  (iii)      All costs of providing any other financial assistance authorized under this subtitle.

      (d)      Moneys in the Industrial Development Fund, to the extent that such moneys exceed the amount that the Authority considers necessary to meet its current expenses and obligations, shall be deposited with the State Treasurer and invested and reinvested in the same manner as other State funds, and any investment earnings shall be paid into the Industrial Development Fund. Any net earnings of the Industrial Development Fund, beyond those necessary to further or implement the purposes of this subtitle, may not inure to the benefit of any person other than the State.

      (e)      If the Authority and the Secretary find that more money is needed to keep the reserves of the Industrial Development Fund at an adequate level, the Authority, with the consent of the Secretary, shall send a written request to the Board of Public Works for additional money. The Board of Public Works may pay the requested amount from its emergency fund.

      (f)      If at any time the amount of money credited to the Industrial Development Fund exceeds the amount that the Authority considers necessary to meet its obligations under this subtitle, and to meet the requirements of this subtitle, the Authority may determine, with the consent of the Secretary, to pay the excess moneys to the State Treasurer.