2628

LAWS OF MARYLAND

Ch. 298

SHALL BE PAID INTO THE FUND. IF MONEYS DERIVED BY
BORROWINGS BY THE STATE ARE DEPOSITED IN THE FUND, THEN SUCH
MONEYS SHALL BE INVESTED AND REINVESTED IN COMPLIANCE WITH
ANY APPLICABLE FEDERAL TREASURY REGULATIONS GOVERNING THE
BORROWINGS OF MONEY BY THE STATE.

(E)  THE FUND SHALL BE USED TO INSURE LOANS APPROVED BY
THE DEPARTMENT UNDER THE PROVISIONS OF THIS ARTICLE.

(F)  THE DEPARTMENT FUND MAY INSURE UPON SUCH TERMS AS
IT THE SECRETARY MAY PRESCRIBE ANY LOAN WHICH IS ELIGIBLE
FOR INSURANCE UNDER THE PROVISIONS OF THIS ARTICLE.
PREMIUMS AND FEES SHALL BE ESTABLISHED BY THE SECRETARY FOR
SAID INSURANCE IN AN AMOUNT CALCULATED TO COVER
ADMINISTRATIVE COSTS FOR THIS PROGRAM AS WELL AS PAYMENTS
MADE WHERE DEFAULTS ON LOANS CAUSE INSURED LOSSES TO THE
LENDERS.

(G)  THE DEPARTMENT SHALL BE ENTITLED TO EXERCISE ANY
POWER NECESSARY OR CONVENIENT TO CARRY OUT THE PURPOSES OF
THIS SECTION, INCLUDING, BY WAY OF EXAMPLE, THE POWER TO:

(1)  CONTRACT FOR AND ACCEPT, FOR USE IN CARRYING
OUT THE PROVISIONS OF THIS SUBTITLE, LOANS AND GRANTS FROM
THE FEDERAL, STATE, OR ANY LOCAL GOVERNMENT AND ANY OF ITS
AGENCIES AND INSTRUMENTALITIES;

(2)  ACQUIRE, MANAGE, OPERATE, AND DISPOSE OF
PROPERTY, TAKE ASSIGNMENTS OF RENTALS AND LEASES, AND MAKE
CONTRACTS, LEASES, AGREEMENTS, AND ARRANGEMENTS THAT ARE
NECESSARY OR INCIDENTAL TO THE PERFORMANCE OF ITS DUTIES;

(3)  ACQUIRE OR TAKE ASSIGNMENTS OF LOAN
DOCUMENTS;

(4)  ACQUIRE, ATTACH, SEIZE, ACCEPT, OR TAKE
TITLE TO ANY INDUSTRIAL OR COMMERCIAL PROPERTY BY CONVEYANCE
OR BY FORECLOSURE, AND IN EITHER EVENT THE DEPARTMENT FUND
MAY COMPLETE, ADMINISTER, DISPOSE OF, OR OTHERWISE DEAL WITH
THAT INDUSTRIAL OR COMMERCIAL PROPERTY IN THE MANNER
NECESSARY OR DESIRABLE TO PROTECT THE INTERESTS OF THE FUND
THEREIN, INCLUDING BY WAY OF EXAMPLE, THE PAYMENT OF
PRINCIPAL OR INTEREST ON ANY OBLIGATIONS INCURRED FOR THAT
INDUSTRIAL OR COMMERCIAL PROPERTY;

(5)  SELL, LEASE, OR RENT AN INDUSTRIAL OR
COMMERCIAL PROPERTY FOR ANY USE;

(6)  ADOPT RULES AND REGULATIONS NECESSARY TO
CARRY OUT THE PURPOSES OF THIS SUBTITLE.

(H) IN DETERMINING WHETHER OR NOT TO INSURE A LOAN AND
THE AMOUNT OF INSURANCE, THE DEPARTMENT SECRETARY SHALL
CONSIDER AND DETERMINE: