(a) Grant. Consistent with the annual County budget, the County Executive shall enter into an economic development program grant agreement with the Anne Arundel County Economic Development Corporation to provide an economic development program for Anne Arundel County.
(b) Contents. The grant agreement:
(1) shall grant to the Corporation for use in the economic development incentive loan program all or part of the funds in the Economic Development Incentive Loan Fund that have been appropriated for that purpose and all or part of the funds in the Small Business Loan Fund that have been appropriated for that purpose and are not required to meet existing obligations under the Small Business Loan Fund Program;
(2) may assign, except as otherwise prohibited by law or contractual obligation, to the Corporation any or all of the County's rights, benefits, entitlements, and obligations under existing small business loans and guarantees;
(3) may not pledge or authorize the Corporation to pledge the full faith or credit of the County;
(4) may not provide for the County to incur any pecuniary liability other than the amount of the grant;
(5) shall require that, in the event of dissolution of the Corporation and after payment of all creditors, the County shall be reimbursed for the County's investment in the Corporation on a pro rata, parity basis with all other grantors other than the County and the method to be used for determining the County's investment in the Corporation;
(6) shall require the Corporation to submit to the County and obtain the County's approval of quarterly financial statements, an annual financial statement audited by an independent certified public accountant, other financial information requested by the Controller or County Auditor, and an annual budget;
(7) shall authorize the Controller and the County Auditor to audit, individually or together, all corporate records;
(8) shall require the Corporation to submit to the County Executive and the County Council an annual report concerning its activities;
(9) may provide for the Corporation to lease, at a nominal rate, office space in a County-owned building; and
(10) may contain any other provision not inconsistent with those required by this section or any other law.
(1985 Code, Art. 2, § 9-103) (Bill No. 41-93; Bill No. 15-99; Bill No. 17-00; Bill No. 23-04)