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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
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TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
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SUBTITLE 4. MARYLAND TECHNOLOGY DEVELOPMENT CORPORATION |
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PART V. MARYLAND INNOVATION INITIATIVE. |
§ 10-457. Maryland Innovation Initiative Fund
Latest version.
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(a) Established. -- There is a Maryland Innovation Initiative Fund.
(b) Purpose. -- The purpose of the Fund is to provide funding for the purposes described in § 10-456 of this part.
(c) Administration. -- The Corporation shall administer the Fund.
(d) Composition. -- The Fund consists of:
(1) appropriations as provided in the State budget;
(2) contributions by the qualifying universities under § 10-455 of this part;
(3) grants or funds from federal laboratories located in Maryland;
(4) interest or other income earned on the investment of money in the Fund; and
(5) any other money accepted for the benefit of the Initiative.
(e) Use of monies. -- Money in the Fund may be used only to:
(1) award grants to promote the commercialization of research in accordance with the terms of this part; and
(2) pay the costs necessary to administer the Initiative.
(f) Nature; accounting; investment; earnings. --
(1) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(3) The State Treasurer shall invest the money in the Fund in the same manner as other State money may be invested.
(4) Any investment earnings of the Fund shall be credited to the Fund.