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Ch. 597
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1942
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LAWS OF MARYLAND
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sites under § 441B, a loan not exceeding $100,000 and on an equal
matching basis with funds of the borrowing subdivision.
462.
(a) The Department may make a loan or grant to a political
subdivision to cover part of the eligible project costs of an
industrial or commercial redevelopment project. Proceeds of a
loan or grant may be:
(1) Expended directly by the political subdivision;
(2) Loaned or granted by the political subdivision;
or
(3) Used by the political subdivision to guarantee
loans, to a private entity which has made a firm commitment to
carry out part or all of an industrial or commercial
redevelopment project.
(b) The Department shall make the loan or grant from the
fund or from other sources of money authorized by law.
(c) (1) A loan or grant may be for up to 90 percent of the
nonfederal and nonprivate portion of the eligible project [cost]
COSTS. 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
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
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