1200                               Laws of Maryland                        [Ch. 360

of the land, the alternative maximum prices and the minimum
price shall be (i) the current market value of the part sold plus
such part of the interest and direct expenses as may be apportioned
to the part sold in the same proportion which the said current
market value bears to the current market value of all the land
included in the project, and (ii) that part of the principal balance
and accrued interest equal to the proportion which the current
market value of the land sold bears to the current market value of
all the land included in the project. The Secretary may, with the
approval of the Board of Public Works, waive the minimum or
maximum price requirements of this section upon a showing of
good cause by the subdivision.

(3) The full purchase price on any sale shall be payable at time
of closing, and, except for any deposit upon execution of a contract,
not in installments to the subdivision.

(4) Any lease of the land shall provide for annual rental pay-
ments in amounts at least equal to the amortization payments re-
quired to be made by the subdivision. A lease may contain an option
on the part of the lessee to purchase the land, provided that (i) the
option price is not less than the minimum price at which the land
could be sold, as set forth in subsection (d) (2) hereof, excluding
any rental payments made or required under the lease, and (ii) upon
the exercise of any such option and payment of the option price,
the entire principal balance and accrued interest owed by the sub-
division under the loan agreement shall become immediately due
and payable.

(e)   The loan agreement shall be recorded among the Land Records
of the subdivision in which the land is located, and shall constitute
a purchase money first lien upon the land and improvements.

(f)   The Secretary may, upon application, and after investigation,
approve a loan not exceeding $5,000 and on an equal matching basis
with funds of the borrowing subdivision, for the purpose of financing
site engineering and/or planning studies of a potential industrial
site owned by or under option to the borrowing subdivision. Upon
approval of any such loan, the Secretary and the subdivision shall
enter into a loan agreement requiring repayment within seven years
at an interest rate calculated pursuant to subsection (c) (3) hereof,
and in accordance with an amortization schedule approved by the
Secretary.

433. Industrial Park Planning and Development.

(a) Any political subdivision of the State (defined for purposes
of this section as a county or the City of Baltimore) may apply to
the Secretary for a loan to finance, with respect to an industrial
park project described in the application, any one or more of the
following industrial park project costs:

(1)  planning and/or engineering study costs;

(2)  land acquisition;

(3)  water distribution, sewer collection and other utility lines,
unless and except to the extent that any such costs are or will be
borne by a public utility;

(4) access and internal roads;