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Ch. 527
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1652
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LAWS OF MARYLAND
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 31, 1983.
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CHAPTER 528
(Senate Bill 366)
AN ACT concerning
Maryland Industrial and Commercial Redevelopment Fund - Loans
FOR the purpose of providing that certain loans are not debts or
obligations of certain political subdivisions may be
undertaken or entered into by certain counties or Baltimore
City without regard to certain limitations and without
complying with certain procedures; and providing that the
provisions of this Act are severable.
BY repealing and reenacting, with amendments,
Article 41 - Governor - Executive and Administrative
Departments
Section 462(c)
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
462.
(c) (1) A loan or grant may be for up to 90 percent of the
nonfederal and nonprivate portion of the eligible project cost.
However, a loan that, as to principal, is to be repaid in full
may not exceed $3,000,000. Any other loan or grant may not
exceed $2,000,000. The aggregate cumulative total of grants and
outstanding principal balance of loans, made to or within any one
county or Baltimore City, may not exceed 40% of the aggregate
cumulative total of appropriations and payments to the fund,
except that the aggregate cumulative total of grants and
outstanding principal balance of loans may exceed the 40 percent
limitation by an additional sum not to exceed 25 percent of such
amount, if the additional sum is restricted to loans made to a
political subdivision exclusively for use within an area
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