2402                                        LAWS OF MARYLAND                     [Ch. 451

CHAPTER 451
(House Bill 842)

AN ACT concerning

Industrial Parks — State Loans

FOR the purpose of increasing the loan authority of the
Secretary of Economic and Community Development for
certain industrial park project costs.

BY repealing and re—enacting, with amendments,

Article 41 — Governor—Executive and

Administrative Departments
Section 441 (c)
Annotated Code of Maryland
(1971 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 441(c) of Article 41 -
Governor—Executive and Administrative Departments, of the
Annotated Code of Maryland (1971 Replacement Volume and
1974 Supplement) be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

Article 41 — Governor—Executive and
Administrative Departments

441.

(c) The Secretary, upon receipt of an application
and after such investigation as he deems advisable, may
approve a loan of up to fifty percent of the anticipated
project cost, as determined by the Secretary, but not
exceeding ($750,000] $1,000,000 for any one project. In
judging whether or not to approve a loan and the amount
of a loan, the Secretary shall consider and determine in
addition to those factors set forth in § 440 (b) , (i)
whether the subdivision has available and committed
toward the project sufficient funds to finance its share
of the anticipated project costs; provided, however, that
the Secretary may consider in lieu of funds on hand
official and noncontingent commitments of funds from
federal agencies, financial institutions, or other
reliable sources; and provided further that the Secretary
may grant a conditional approval for a period not
exceeding two years in any case where application for all
or part of balance of the required funds has been made to
a federal agency, financial institution, or other