Maryland Code, Economic Development § 10-905

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this section, “Fund” means the Economic Development Marketing Fund.

(b) There is an Economic Development Marketing Fund.

(d)(1) The Fund is a special, nonlapsing revolving fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.

(2) The Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

(e) The Fund consists of:

(1) money appropriated in the State budget to the Fund;

(2) money made available to the Fund through federal programs or private contributions;

(3) money derived by the Corporation from the sale of advertising, publications, sponsorships, or other promotional or marketing opportunities; or

(4) any other money made available to the Corporation for the Fund.

(f)(1) The Fund may be used only to market the State as a location for businesses to locate, retain, or expand their operations through any of the following means:

(i) website management;

(ii) media content creation;

(iii) social media outreach;

(iv) electronic mail marketing to promote events and opportunities for businesses;

(v) collateral and display development;

(vi) event management; and

(vii) any other approaches the Corporation determines to be appropriate.

(2) The Corporation may conduct these activities directly or through contract providers.

(g)(1) The Treasurer shall invest money in the Fund in the same manner as other State money may be invested.

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

(h) Nothing in this section may be construed to prevent the Department from expending funds appropriated in the State budget to the Department directly for marketing purposes.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-905 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-905/

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