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Ch. 362
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1170
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LAWS OF MARYLAND
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(1) MOST RECENT SALE OF STATE GENERAL OBLIGATION
BONDS BEFORE THE APPROVAL DATE OF THE LOAN FOR A LOAN MADE FROM
SOURCES OTHER THAN STATE GENERAL OBLIGATION BOND PROCEEDS; OR
(2) SALE OF STATE GENERAL OBLIGATION BONDS OUT OF
WHICH THE LOAN IS MADE FOR A LOAN MADE FROM THE PROCEEDS OF A
STATE GENERAL OBLIGATION BOND ISSUE.
(C) LOANS TO NONPROFIT PRESERVATION FOUNDATIONS OR
ORGANIZATIONS AND POLITICAL SUBDIVISIONS MAY BEAR INTEREST, IF
ANY, AT A RATE OF NOT MORE THAN THE ANNUAL RATE PROVIDED IN
SUBSECTION (B) OF THIS SECTION.
[(b)] (D) The proceeds from the resale of any properties
acquired and restored and funds received from the repayment of
any loans made for that purpose shall be deposited in and
returned to the Capital Revolving Account, to constitute a
continuing revolving fund for the purposes listed above. The
Capital Revolving Fund for Historic Preservation is a special
fund within the meaning of Article 78A, § 15 of this Code, as
amended from time to time.
[(c)] (E) The trust shall submit a report by [December]
JANUARY 1 of each year to the Governor and the Department of
Fiscal Services reporting the financial status of the Fund for
the preceding twelve month period.
181-I-2.
(a) There is a Capital Grant Fund for Historic
Preservation. The Maryland Historical Trust shall administer the
Capital Grant Fund. The Comptroller of the Treasury shall
deposit in the Capital Grant Fund those funds authorized by
statute or budget allocation to implement and encourage
restoration and preservation of historic and cultural properties
and to implement the purposes set forth in the other provisions
of this subtitle. The Maryland Historical Trust may expend the
amounts in the Capital Grant Fund, with the approval of the Board
of Public Works, for the following purposes:
(1) Acquisition of property or partial interests in
property by the Trust for use for its own authorized purposes or
resale subject to appropriate preservation easements;
(2) Preservation, restoration, rehabilitation, or
reconstruction of properties owned by the Trust, for use for its
own authorized purposes or possible resale subject to appropriate
preservation easements; and
(3) Grants to nonprofit foundations[,] OR
organizations, POLITICAL SUBDIVISIONS, BUSINESS ENTITIES or
individuals for the purpose of acquiring, preserving, restoring,
or rehabilitating properties or structures that the Maryland
Historical Trust determines are of historical, architectural, or
cultural significance, if the grant recipient conveys a
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