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613
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HARRY HUGHES, Governor
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(ii) $150,000; and
(3) The equity investment to be guaranteed is to be
used primarily for working capital to perform a contract for a
project that a federal, State, or local government finances.
13-230.
(a) The Authority may utilize the [general] CONTRACT
FINANCING fund to lend money to an applicant only if:
(1) The applicant meets the requirements of this
subtitle;
(2) The loan does not exceed $150,000; and
(3) The loan is to be used primarily for working
capital to perform a contract for a project that a federal,
State, or local government finances.
13-232.
(a) To apply for financial assistance from the [general]
CONTRACT FINANCING fund pursuant to § § 13-227 through 13-230 of
this subtitle, an applicant shall submit to the Authority an
application on the form that the Authority provides.
(c) After receipt of an application for assistance from the
[general] CONTRACT FINANCING fund, the Authority may determine by
resolution that an applicant shall provide an audited balance
sheet before the Authority makes its decision on the application.
13-233.
(b) (1) If the Authority decides to lend money from the
[general] CONTRACT FINANCING fund to an applicant, the Authority
shall prepare loan documents which shall include:
(i) The rate of interest on the loan, which
shall equal the market rate for a conventional loan of comparable
risk unless the Authority finds that a lower rate better carries
out the purposes of this subtitle;
(ii) A payment schedule that provides money to
the applicant in the amounts and at the times that the applicant
needs the money to perform the government contract;
(iii) A requirement that, before each advance
of money is released to the applicant, the applicant and the
Authority cosign the request for the money; and
(iv) Provisions for repayment of the loan.
(2) The loan documents may include any other
provision that the Authority determines is necessary to secure
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