Sec. 20-70. Transfer of contributions.

   The Director must transfer the mandatory contributions required by Section 20-68 and any discretionary contributions under Section 20-69 from the General Fund to the Fund at the end of each fiscal year. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)

Sec. 20-71. Interest.

   All interest earned on the Fund must be added to the Fund. (1993 L.M.C , ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)

Sec. 20-72. Use of Fund.

   By an affirmative vote of 7 Councilmembers, the Council, after holding a public hearing, reviewing relevant economic indicators, and seeking the recommendation of the Executive, may transfer any amount from the Fund to the General Fund to support appropriations which have become unfunded. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1; 2022 L.M.C., ch. 40 , § 1.)

Article XIII. Economic Development Fund.

Sec. 20-73. Fund created.

   (a)   The Director of the Department of Finance must create an Economic Development Fund. This Fund is continuing and non-lapsing.

   (b)   The Fund consists of:

      (1)   all funds appropriated to it by the County Council;

      (2)   all payments on any loan from the Fund;

      (3)   all interest earned on funds in the Fund; and

      (4)   all funds received from any other public or private entity. (1995 L.M.C., ch. 29, § 1.)

   Editor’s note—See County Attorney Opinion dated 12/21/99 indicating that the Maryland Economic Development Corporation (MEDCO) may be appointed as the agent of the County Department of Economic Development to carry out a variety of tasks, but loan payments must be made to the Economic Development Fund.