20.61.06.05

.05 Contribution to Maryland Offshore Wind Business Development Fund.

A. Within 60 days after the Commission approves the application of a proposed offshore wind project, the qualified offshore wind project shall deposit $2,000,000 into the Maryland Offshore Wind Business Development Fund.

B. Within 1 year after the initial deposit under §A of this regulation, the qualified offshore wind project shall deposit an additional $2,000,000 into the Maryland Offshore Wind Business Development Fund.

C. Within 2 years after the initial deposit under §A of this regulation, the qualified offshore wind project shall deposit an additional $2,000,000 into the Maryland Offshore Wind Business Development Fund.

D. The qualified offshore wind project shall notify the Commission within 30 calendar days after each deposit due date whether timely and full payment has been made or not, and if not, an explanation for failure to make the payment.

E. Failure to make any of the payments required by §§A through C of this regulation shall be deemed a violation of the OREC order, entitling the Commission to take actions as it deems appropriate.