MARVIN MANDEL, Governor

403

the subdivision of any obligation incurred under any loan
agreement executed pursuant to this subtitle.

SECTION 2. AND BE IT FURTHER ENACTED, 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)    (1) IN THIS SECTION, THE FOLLOWING WORDS
HAVE THE MEANINGS INDICATED.

(2) "POLITICAL SUBDIVISION" MEANS ANY
COUNTY, INCLUDING BALTIMORE CITY.

(3) "PROJECT COSTS" MAY INCLUDE PLANNING AND
ENGINEERING STUDIES, LAND ACQUISITION, SITE PREPARATION,
AND ALL CONSTRUCTION COSTS.

(4) "SHELL BUILDING" MEANS A BASIC STRUCTURE
OF FLEXIBLE DESIGN, ERECTED ON LAND OWNED OR CONTROLLED
BY THE POLITICAL SUBDIVISION, FOR EVENTUAL SALE OR LEASE
TO A PURCHASER OR TENANT REQUIRING FACILITIES FOR
MANUFACTURING, ASSEMBLING, FABRICATING, PROCESSING,
WAREHOUSING, RESEARCH AND DEVELOPMENT, OR OFFICE USE.

(B)    ANY POLITICAL SUBDIVISION MAY APPLY TO THE
SECRETARY FOR A LOAN TO FINANCE PROJECT COSTS OF A SHELL
BUILDING PROJECT. THE APPLICATION SHALL DESCRIBE THE
PROJECT IN THE MANNER AND DETAIL REQUIRED BY THE
SECRETARY AND SHALL INCLUDE THE INFORMATION SET FORTH IN
§440(A) OF THIS SUBHEADING AS IT RELATES TO THE SHELL
BUILDING PROJECT, AND A COMPLETE BREAKDOWN OF THE
ANTICIPATED COST OF THE PROJECT.

(C)    IN DETERMINING WHETHER OR NOT TO APPROVE A
LOAN AND THE AMOUNT OF THE LOAN, THE SECRETARY SHALL
CONSIDER THOSE FACTORS SET FORTH IN §440 (E) AS THEY
RELATE TO THE SHELL BUILDING PROJECT. AFTER THE
INVESTIGATION HE CONSIDERS NECESSARY, THE SECRETARY MAY
APPROVE A LOAN OF ALL OR ANY PART OF THE PROJECT COSTS,
NOT TO EXCEED [[$750,000]] $1,500,000. OF WHICH NOT MORE
THAN [[$375,000]] $750,000 MAY BE LOANED FOR PROJECT
COSTS INCURRED BEFORE OBTAINING A TENANT FOR THE SHELL
BUILDING AND NOT MORE THAN [[$375,000]] $750,000 MAY BE
LOANED FOR COSTS OF FINISHING THE BUILDING FOR AN
IDENTIFIED TENANT.

(D)   ON APPROVAL OF A LOAN, THE SECRETARY SHALL
ENTER INTO A LOAN AGREEMENT WITH THE BORROWING POLITICAL
SUBDIVISION PROVIDING FOR PAYMENT OF INTEREST ONLY, AT A
RATE DETERMINED BY THE SECRETARY IN ACCORDANCE WITH
§440(C)(3) OF THIS SUBHEADING, BEGINNING ON THE DATE OF