Section 13-104 - Small Business Development Center Network Fund. - Maryland Statutes

§ 13-104. Small Business Development Center Network Fund.
 

(a)  "Fund" defined.- In this section, "Fund" means the Small Business Development Center Network Fund. 

(b)  Established.- There is a Small Business Development Center Network Fund. 

(c)  Purpose.- The purpose of the Fund is to provide matching funds for federal grant funds and to support the operations of the Small Business Development Center Network in the University of Maryland. 

(d)  Status.- The Fund is a special, continuous, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article. 

(e)  Separate accounting.- The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund. 

(f)  Investment.- The proceeds of the Fund shall be invested and reinvested. 

(g)  Use of earnings.- Any investment earnings of the Fund shall be credited to the General Fund of the State. 

(h)  Contents.- The Fund consists of: 

(1) Any money appropriated to the Fund; 

(2) Any federal grant funds; and 

(3) Any other money from any other source accepted for the benefit of the Fund. 

(i)  Allowable expenditures.- Money in the Fund may only be expended to support the operations of the Small Business Development Center Network. 

(j)  Annual appropriations.- For the fiscal year beginning July 1, 2006 and each fiscal year thereafter, the Governor shall include in the annual budget bill a General Fund appropriation of at least $750,000 to the Fund. 
 

[2005, chs. 336, 337.]