WILLIAM DONALD SCHAEFER, Governor Ch. 187

(C) IN THE CASE OF A PROJECT TO BE OPERATED BY A
STATE-OWNED INSTITUTION OR FACILITY, STATE FINANCIAL
ASSISTANCE SHALL EQUAL THE TOTAL COST OF THE PROJECT LESS THE
AMOUNT OF ANY FEDERAL GRANT MADE THEREFOR.

9-422.

(A) (1) BEFORE ANY LOAN IS MADE, THE APPLICANT SHALL
EXECUTE AN AGREEMENT SPECIFYING THE PURPOSE, AMOUNT, AND
MANNER OF REPAYMENT OF THE LOAN.

(2) THE AGREEMENT SHALL BE SIGNED ON BEHALF OF THE
STATE BY THE DEPARTMENT OF THE ENVIRONMENT AND SHALL BE
APPROVED BY THE BOARD OF PUBLIC WORKS.

(3) TO THE EXTENT NOT INCONSISTENT WITH THIS PART II OF
SUBTITLE 4, A GRANT, LOAN, OR LOAN GUARANTEE AGREEMENT SHALL
CONTAIN THOSE CONDITIONS THAT THE SECRETARY REQUIRES BY
REGULATION AND THAT THE BOARD OF PUBLIC WORKS REQUIRES ON A
SPECIFIC APPLICATION FOR FINANCIAL ASSISTANCE.

(B) A STATE LOAN EXTENDED UNDER THIS SUBTITLE:

(1) MAY NOT EXCEED $500,000 PRINCIPAL AMOUNT FOR EACH
PROJECT OR PART OF A PROJECT IN ANY CALENDAR YEAR EXCEPT AS
PROVIDED IN SUBSECTION (C) OF THIS SECTION;

(2) MAY NOT EXCEED THE ELIGIBLE COST OF THE PROJECT
LESS THE TOTAL OF FEDERAL AND STATE GRANTS AND FEDERAL
LOANS;

(3) SHALL BEAR AT LEAST THE SAME RATE OF INTEREST AS
THE MOST RECENT STATE GENERAL OBLIGATION BOND SALE
PRECEDING THE DATE OF APPROVAL BY THE BOARD OF PUBLIC WORKS;

AND

(4) SHALL BE REPAID WITHIN 30 YEARS.

(C) THE AGGREGATE PRINCIPAL AMOUNT OF ALL LOANS FOR
EACH PROJECT OR PART OF A PROJECT IN ANY CALENDAR YEAR MAY
NOT EXCEED $500,000 UNLESS THE BOARD OF PUBLIC WORKS
DETERMINES THAT EXTRAORDINARY CIRCUMSTANCES EXIST.

9-423.

(A) WITH THE APPROVAL OF THE BOARD OF PUBLIC WORKS, THE
SECRETARY SHALL ADOPT REGULATIONS THAT ESTABLISH
APPLICATION PROCEDURES AND CRITERIA FOR THE AWARD OF
FINANCIAL ASSISTANCE UNDER THIS PART II OF SUBTITLE 4. THE
CRITERIA SHALL PROVIDE THE BASIS FOR PROJECT PRIORITY
RANKINGS AND SHALL INCLUDE, AS APPROPRIATE:

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