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2005 LAWS OF MARYLAND
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Ch. 228
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(ii) Equipment needed to perform the contract, the cost of which
can be repaid from contract proceeds, if the Authority has entered into an agreement
with the applicant necessary to secure the loan or guaranty.
5-1024.
(a) The Authority may utilize the 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 [$500,000] $1,000,000;
(3) The loan is to be used to perform a contract, the majority of funding
for which is provided by the federal government or a state government, a local
government, or a utility regulated by the Public Service Commission; and
(4) The loan is to be used for:
(i) Working capital; or
(ii) Equipment needed to perform the contract, the cost of which
can be repaid from contract proceeds, if the Authority has entered into an agreement
with the applicant necessary to secure the loan.
5-1035.
(a) Subject to the restrictions of this Part VI, the Authority, on application,
may guarantee any surety up to the lesser of 90 percent or [$900,000] $1,350,000 of its
losses incurred under a bid bond, a payment bond, or a performance bond on any
contract, the majority of the funding for which is provided by the federal government
or a state government, a local government or a utility regulated by the Public Service
Commission.
(d) (1) The Authority may execute and perform bid, performance, and
payment bonds as a surety for the benefit of a principal in connection with any
contract, the majority of the funding for which is provided by the federal government
or a state government, a local government, or a utility regulated by the Public Service
Commission.
(2) The bonds:
(i) May not exceed [$750,000] $1,000,000 each; and
(ii) Shall be subject to the approval of the Authority, based on the
bond worthiness of the principal as determined by the Authority on review of an
application.
(3) The monetary limit in this subsection does not apply if the sources of
funding for the bonds are grants.
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- 1226 -
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