Montgomery County's Department of Economic Developmentis seeking $2 million from the county's rainy day fund to invest in biotech startups and other venture capital projects.
Maryland law prohibits local governments from making equity investments, but the General Assembly this year allowedMontgomery to do so at the urging of county delegation members.
There was no talk of extra costs when the bill was passed.
"We don't have a funding source at this point," Steve Silverman, director of the economic development department, told The Washington Examiner. "It will require a special appropriation of money that would be likely to come out of reserves."
To read the full, original article click on this link: Montgomery officials eye reserves to buy biotech stocks | Washington Examiner
Author: Hayley Peterson
