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1941
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HARRY HUGHES, Governor
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GUARANTEE FUND, THE SECRETARY DETERMINES THAT THE BUSINESS ENTITY
WILL CREATE NEW OR ADDITIONAL JOBS.
(C) Any business entity located within an enterprise zone
before the date on which the enterprise zone is designated
pursuant to § 266KK-2 may not benefit from the incentives and
initiatives set forth in this section except with respect to any
capital investment or any expansion of its labor force occurring
after the date on which the enterprise zone is designated.
[(c)] (D) Except as provided in Sections 12G-11 and 291A of
Article 81, the incentives and initiatives set forth in this
section shall be available for a period of 10 years following the
date on which the area is designated an enterprise zone pursuant
to § 266KK-2. No law hereinafter enacted that eliminates or
reduces the benefits available to business entities under this
section shall be applicable to any business entity located in an
enterprise zone prior to the effective date of such law.
266KK-5.
(e) The Fund shall be used to insure loans approved by the
Department under the provisions of this [article] SUBTITLE.
(f) The Fund may insure upon such terms as the Secretary
may prescribe any loan which is eligible for insurance under the
provisions of this [article] SUBTITLE. Premiums and fees shall
be established by the Secretary for [said] THE insurance in an
amount calculated to cover administrative costs for this program
as well as payments made where defaults on loans cause insured
losses to the lenders.
441D.
Notwithstanding any other provision of this subtitle, the
Secretary may approve loans in the following amounts for projects
within an enterprise zone designated under § 266KK-2 of this
article -.
(1) For any loan to acquire land under § 440, up to
100 percent of the current market value of the land, as
determined by him, but not exceeding $1,000,000 for any one
project;
(2) For any loan to finance industrial park project
costs under § 441, up to 50 percent of the anticipated project
[cost] COSTS, as determined by the Secretary, but not exceeding
$2,000,000 for any one project;
(3) For any loan to finance project costs of a shell
building project under § 441A, all or any part of the project
costs, not to exceed $2,000,000;
(4) For any loan for the purpose of acquiring options
to purchase prospective industrial land sites or industrial park
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