2126                                     LAWS OF MARYLAND                            Ch. 769

Maryland Industrial Land Act

FOR the purpose of authorizing loans to political
subdivisions under the Maryland Industrial Land Act
for the purpose of acquiring options in certain
sites; and providing for repayment of loans.

BY adding to

Article 41 — Governor — Executive and Administrative

Departments
Section 441A

Annotated Code of Maryland
(1971 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 441A be and it is hereby added
to Article 41 - Governor — Executive and Administrative
Departments, of the Annotated Code of Maryland (1971
Replacement Volume and 1975 Supplement) to read as
follows:

Article 41 — Governor — Executive and Administrative

Departments

441A.

(A) ON APPLICATION AND UPON COMPLYING WITH THE
REQUIREMENTS OF SECTION 440(A) AFTER INVESTIGATION, THE
SECRETARY MAY APPROVE A LOAN, NOT EXCEEDING $50,000 AND
ON AN EQUAL MATCHING BASIS WITH FUNDS OF THE BORROWING
SUBDIVISION, FOR THE PURPOSE OF ACQUIRING OPTIONS TO
PURCHASE PROSPECTIVE INDUSTRIAL LAND SITES OR INDUSTRIAL
PARK SITES.

(B) ON APPROVAL OF A LOAN UNDER THIS SECTION, THE
SECRETARY AND THE BORROWING SUBDIVISION SHALL ENTER INTO
A LOAN AGREEMENT REQUIRING REPAYMENT WITHIN SEVEN YEARS
AT AN INTEREST RATE CALCULATED PURSUANT TO §440(C)(3) OF
THIS SUBHEADING AND IN ACCORDANCE WITH AN AMORTIZATION
SCHEDULE APPROVED BY THE SECRETARY. THE LOAN AGREEMENT
MAY REQUIRE REPAYMENT FROM THE PROCEEDS OF ANY LOAN MADE
UNDER §§440 OR 441 OF THIS SUBHEADING.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 17, 1976.

CHAPTER 770