HARRY HUGHES, Governor

3819

(III) THE NUMBER OF NEW JOBS THAT WILL BE
CREATED BY THE LOAN; AND

(IV) ANY OTHER FACTOR THAT THE AUTHORITY
CONSIDERS RELEVANT.

(D) IN ADDITION TO THE GRANTING OF A LOAN GUARANTEE,
THE AUTHORITY MAY FOR THE BENEFIT OF AN APPLICANT PROVIDE AN
INTEREST SUBSIDY WHICH MAY BE FOR THE LIFE OF THE LOAN, NOT
TO EXCEED 4 PERCENT, TO A FINANCIAL INSTITUTION ISSUING A
LOAN GUARANTEED BY THE AUTHORITY PURSUANT TO THIS SECTION
WHICH:

(1)  IS PAYABLE QUARTERLY;

(2)  SHALL NOT EXCEED THE DIFFERENCE BETWEEN THE
RATE OF INTEREST REQUESTED BY THE FINANCIAL INSTITUTION TO
MAKE THE LOAN, WHICH RATE SHALL NOT EXCEED THE RATE OF
INTEREST DETERMINED BY THE AUTHORITY TO BE THE MONTHLY
WEIGHTED AVERAGE OF THE PRIME LENDING RATE, PLUS 1 PERCENT,
PREVAILING FROM TIME TO TIME IN THE CITY OF BALTIMORE ON
UNSECURED COMMERCIAL LOANS, AND THE DISCOUNT RATE OF
INTEREST EMPLOYED BY THE FEDERAL RESERVE BANK OF THE UNITED
STATES, THE DIFFERENCE TO BE DETERMINED BY THE AUTHORITY AS
OF THE DATE OF CLOSING OF THE LOAN FOR WHICH THE GUARANTEE
IS GIVEN; AND

(3)  IS PAYABLE DURING THE TERM OF THE LOAN,
EXCLUDING ANY PERIOD IN WHICH THE AUTHORITY DETERMINES THAT
THE LOAN IS IN DEFAULT.

13-233.3.

(A)  TO APPLY FOR FINANCIAL ASSISTANCE FROM THE SPECIAL
FUND, A FINANCIAL INSTITUTION SHALL SUBMIT TO THE AUTHORITY
AN APPLICATION ON THE FORM THAT THE AUTHORITY REQUIRES.

(B)  THE APPLICATION SHALL INCLUDE:

(1)  A DETAILED DESCRIPTION OF THE PROPOSED USE
OR USES OF THE PROCEEDS OF THE LOAN INCLUDING PROJECTED CASH
FLOW ANALYSES, MARKETING PLANS OR DESCRIPTIONS AND
APPRAISALS;

(2)  A DETAILED DESCRIPTION OF THE FUNDS
AVAILABLE TO THE APPLICANT;

(3)  A DETAILED DESCRIPTION OF THE PROPOSED LOAN
DOCUMENTS TO BE EXECUTED BY THE FINANCIAL INSTITUTION AND
THE APPLICANT;

(4)  A DETAILED DESCRIPTION OF THE PROPERTY
PROPOSED AS COLLATERAL FOR THE LOAN TOGETHER WITH THE
FINANCIAL INSTITUTION'S CERTIFICATION AS TO VALUE;