§ 26.301. Nonreverting special revenue funds established.

(a)

If the County establishes an issuer fee under section 26.300 of this subtitle, there is established a nonreverting special revenue fund known as the economic development incentive fund.

(b)

The economic development incentive fund consists of:

(1)

Issuer fees established under section 26.300 of this subtitle; and

(2)

Other money appropriated to the fund through the County's budgetary process.

(c)

The economic development incentive fund may be used:

(1)

To retain, expand, or relocate existing businesses in the County;

(2)

To encourage and support the creation of new businesses in the County; and

(3)

For purposes consistent with items (1) and (2) of this subsection, as part of a matching requirement to obtain funding or financing from a State agency or entity affiliated with State government or to enhance State Government grants.

(d)

Howard County may enact a local law to administer the use of money from the economic development incentive fund.

(1996, Ch. 640; 2000, Ch. 193)

Note— See the editor's note following § 26.300.