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HARRY HUGHES, Governor
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1169
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BY repealing and reenacting, with amendments,
Article 41 - Governor - Executive and Administrative
Departments
Section 181-I-1 and 181-I-2 (a) and (b)
Annotated Code of Maryland
(1982 Replacement Volume)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 41 - Governor - Executive and Administrative
Departments
181-I-1.
(a) A Capital Revolving Fund for Historic Preservation is
created, into which the Comptroller of the Treasury shall place
to the account of the Maryland Historical Trust, funds authorized
by statute or budget allocation or otherwise and intended to
implement and encourage restoration and preservation of historic
properties and the purposes set forth in the other provisions of
this subtitle. No loan shall be made under this [act] SECTION
unless the property has been [designated as historical by the
National Trust for Historic Preservation or the Maryland
Historical Trust] LISTED IN THE NATIONAL REGISTER OF HISTORIC
PLACES OR THE MARYLAND INVENTORY OF HISTORIC SITES. The funds may
be expended by the Maryland Historical Trust, with the approval
of the Board of Public Works, for the following purposes:
(1) Purchase, or other acquisition or restoration,
for resale, subject to appropriate covenants, of properties
intended for preservation.
(2) Loans to nonprofit preservation foundations[,] OR
organizations, POLITICAL SUBDIVISIONS, BUSINESS ENTITIES and
individuals for the purpose of acquiring or restoring properties
worthy of perpetuation. [Loans to individuals under this act will
be considered only after the Board of Public Works has determined
that private financing cannot be otherwise obtained. The loans to
individuals shall bear interest at an annual rate equal to 2
percent plus the rate received on the last State and facilities
loan completed prior to the fiscal year in which the loan is to
be made.]
(B) LOANS TO INDIVIDUALS AND BUSINESS ENTITIES UNDER THIS
SECTION WILL BE CONSIDERED ONLY AFTER THE BOARD OF PUBLIC WORKS
HAS DETERMINED THAT PRIVATE FINANCING CANNOT BE OTHERWISE
OBTAINED. THE LOANS TO INDIVIDUALS AND BUSINESS ENTITIES SHALL
BEAR INTEREST AT AN ANNUAL RATE EQUAL TO 1/8 OF 1 PERCENT PLUS
THE INTEREST COST OF THE:
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