HARRY HUGHES, Governor

3477

(1) TO PAY ALL EXPENSES INCURRED PURSUANT TO THIS
SUBTITLE, INCLUDING EXPENSES FOR ADMINISTRATIVE, LEGAL, ACTUARIAL
AND OTHER SERVICES;

(2) TO MAKE EQUITY INVESTMENTS OR LOANS PURSUANT TO
SECTION 27-6;

(3) TO MAKE ANY PAYMENT REQUIRED IN CONNECTION WITH A
LOAN GUARANTEED PURSUANT TO SECTION 27-7; AND

(4) TO MAKE ANY PAYMENT ON BEHALF OF AN ENTERPRISE TO
ANY THIRD PARTY PURSUANT TO SECTION 27-7(C) FOR THE EXTENSION OF
CREDIT OR FOR A LOAN GUARANTY BY THAT THIRD PARTY.

(G) ANY OBLIGATION INCURRED BY THE CITY PURSUANT TO THIS
SUBTITLE SHALL BE A LIMITED OBLIGATION OF THE CITY PAYABLE
EXCLUSIVELY FROM MONEYS ON DEPOSIT IN THE FUND. IN NO EVENT
SHALL THE CITY BE HELD LIABLE FOR ANY DEBTS OR OBLIGATIONS OF AN
ENTERPRISE FINANCIALLY ASSISTED PURSUANT TO THIS SUBTITLE.

(H) THE UNOBLIGATED BALANCE IN THE FUND AS OF THE BEGINNING
OF ANY FISCAL YEAR MAY NOT EXCEED $3,000,000.

27-6.

(A) TO IMPLEMENT THE PROGRAM, THE CITY MAY MAKE AN EQUITY
INVESTMENT IN OR A LOAN TO AN ENTERPRISE, PROVIDED THAT THE CITY
IN ITS SOLE AND ABSOLUTE DISCRETION DETERMINES THAT SUCH EQUITY
INVESTMENT OR LOAN WILL:

(1) PROVIDE WORKING CAPITAL TO THE ENTERPRISE OR BE
USED BY THE ENTERPRISE TO PURCHASE MACHINERY OR EQUIPMENT; AND

(2) ASSIST IN THE ESTABLISHMENT OR GROWTH OF AN
ENTERPRISE AND LIKELY RESULT IN THE ESTABLISHMENT OR EXPANSION OF
MANUFACTURING, OFFICE, RESEARCH OR RELATED ACTIVITIES IN THE
CITY.

(B) AT ANY ONE TIME THE CITY MAY NOT COMMIT MORE THAN
$3,000,000 IN TOTAL EQUITY INVESTMENTS OR LOANS THROUGH THE FUND.

(C)(B) ANY EQUITY INVESTMENT OR LOAN MADE PURSUANT TO
PARAGRAPH (A):

(1) SHALL BE MADE ONLY TO AND FOR THE BENEFIT OF AN
ENTERPRISE; AND

(2) SHALL BE UPON THE TERMS AND CONDITIONS AS THE
CITY IN ITS SOLE AND ABSOLUTE DISCRETION MAY PRESCRIBE, PROVIDED
THAT:

(I) A LOAN MAY NOT BEAR INTEREST AT A RATE
EXCEEDING 1/8 OF 1 PERCENT PLUS THE INTEREST COST OF THE: