5229
HOWARD COUNTY

accordance with federal guidelines; and providing
for the preparation of this revolving loan fund by
the Director of Public Works and providing for the
public hearing on said regulations and procedures
before the Public Works Board.

WHEREAS, Funds in the amount of $100,000 have been
appropriated as Capital Project No. D—5—1035 in the
Howard County Budget for fiscal year 1974—75, entitled
County—wide Revolving Loan Account, for the establishment
of a County-wide Revolving Loan Account, for the
establishment of a County—wide Revolving Loan Fund for
flood proofing dwelling units in accordance with Federal
Government guidelines; and

WHEREAS, It is therefore necessary to formally
establish said fund and delineate the terms, conditions
and procedures to be utilized by the County for the
administration of said fund.

SECTION 1. BE IT ENACTED BY THE COUNTY COUNCIL OF
HOWARD COUNTY, MARYLAND, that a new Subtitle 5 of Title
20 of the Howard County Code, entitled "County—wide
Revolving Loan Fund," is hereby created, to read as
follows:

SECTION 20.500 - PURPOSE

A COUNTY-WIDE REVOLVING LOAN FUND IS ESTABLISHED FOR
THE PURPOSE OF MAKING AVAILABLE CERTAIN FUNDS TO OWNERS
OF IMPROVED REAL PROPERTY WITHIN HOWARD COUNTY WHICH
IMPROVEMENTS ARE LOCATED WITHIN THE 100-YEAR ULTIMATE
DEVELOPMENT FLOOD PLAIN, PLUS TWO (2) FEET AS DEFINED BY
COUNTY COUNCIL RESOLUTION 88-197 2.

SECTION 20.501 - APPLICATION

THE LOANS SHALL BE AVAILABLE TO PROPERTY OWNERS
HAVING A MINIMUM OF $25,000.00 OF FLOOD INSURANCE. THE
LOAN ARRANGEMENT MAY PROVIDE A LOAN , NOT TO EXCEED THE
AMOUNT OF $6,000.00 PER IMPROVED PROPERTY, THE LOAN TO BE
AMORTIZED BY THE PROPERTY OWNER FOR A PERIOD NOT TO
EXCEED TWENTY (20) YEARS. THE INTEREST RATE ON A LOAN
SHALL BE ONE PERCENT (1%) HIGHER THE THE AVERAGE INTEREST
RATE OBTAINED AT THE MOST RECENT SALE OF HOWARD COUNTY
GOVERNMENT OBLIGATION BONDS PRECEDING THE GRANT OF SAID
LOAN. LOANS MADE AVAILABLE THROUGH THE FUND CREATED MUST
BE UTILIZED SOLELY FOR THE PURPOSE OF FLOOD PROOFING
DWELLING UNITS IN ACCORDANCE WITH FEDERAL, STATE AND
HOWARD COUNTY STANDARDS.

SECTION 20.502 - AUTHORIZATION AND PROCEDURE

THE HOWARD COUNTY DEPARTMENT OF PUBLIC WORKS IS