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1653
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HARRY HUGHES, Governor
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designated an enterprise zone pursuant to § 266KK-2 of this
Article. Not more than 50 percent of the cumulative total of
appropriations and payments to the fund may be made available as
grants or loans to all of the designated enterprise zones in the
State.
(2) As determined by the Secretary, the principal of
a loan:
(i) May be repayable, in whole or in part, from
specified revenues or on a contingency;
(ii) May be noninterest bearing or bear
interest at a rate of not more than 1/8 of 1 percent plus the
interest cost of the:
1. Most recent State general obligation
bond issue preceding approval by the Secretary of the application
for the loan for a loan made from sources other than State
general obligation bond proceeds; or
2. State general obligation bond issue
out of which the loan is made for a loan made from the proceeds
of a State general obligation bond issue;
(iii) To the extent that it is to be repaid,
may be repayable in accordance with any schedule, with maturity
of up to 15 years; and
(iv) To the extent that it is to be repaid, is
a general obligation secured by the assets and revenues of the
political subdivisions that will assure repayment. HOWEVER,
NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A LOAN UNDER THIS
SUBTITLE IS NOT A DEBT OR OBLIGATION OF THE POLITICAL SUBDIVISION
WITHIN THE MEANING OF ITS CHARTER OR ANY APPLICABLE PUBLIC LOCAL
OR PUBLIC GENERAL LAW, INCLUDING WITHOUT LIMITATION ANY PROVISION
RELATING TO A LIMITATION UPON THE BORROWING OF MONEYS OR THE
INCURRING OF DEBT HOWEVER, NOTWITHSTANDING ANY OTHER PROVISION OF
LAW, A LOAN TO BALTIMORE CITY, BALTIMORE COUNTY, OR PRINCE
GEORGE'S COUNTY, UNDER THIS SUBTITLE MAY BE UNDERTAKEN OR ENTERED
INTO BY THE COUNTIES OR BALTIMORE CITY PURSUANT TO AND WITHIN THE
LIMITATIONS OF THIS SUBTITLE WITHOUT REGARD TO ANY LIMITATIONS
SET FORTH IN ITS CHARTER OR OTHER APPLICABLE PUBLIC LOCAL OR
PUBLIC GENERAL LAW THAT WOULD OTHERWISE APPLY, AND WITHOUT
COMPLYING WITH ANY PROCEDURES SET FORTH IN ITS CHARTER OR OTHER
APPLICABLE PUBLIC LOCAL OR PUBLIC GENERAL LAW THAT WOULD
OTHERWISE BE REQUIRED.
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SECTION 2. AND BE IT FURTHER ENACTED, That if any provision
of this Act or the application thereof to any person or
circumstance is held invalid for any reason, the invalidity shall
not affect the other provisions or any other application of this
Act which can be given effect without the invalid provisions or
application, and to this end all the provisions of this Act are
declared to be severable.
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