HARRY HUGHES, Governor                                     3479

(D) THE CITY SHALL DETERMINE IN ACCORDANCE WITH SOUND
FINANCIAL PRINCIPLES THE RESERVES THAT SHALL BE MAINTAINED IN THE
FUND TO ENSURE FULL AND PROMPT PAYMENT WHEN DUE OF ANY AMOUNTS
PAYABLE AS A RESULT OF ANY DEFAULT ON A LOAN GUARANTEED PURSUANT
TO THIS SECTION, AND FOR PURPOSES OF PARAGRAPH (2) OF SECTION
27-5(E) SUCH RESERVES SHALL BE DEEMED OBLIGATED IN THE FISCAL
YEAR IN WHICH THE LOAN TO WHICH SUCH RESERVES APPLY IS
GUARANTEED.

(E) THE CITY MAY GUARANTEE A LOAN MADE BY A PRIVATE LENDER
TO AN ENTERPRISE OR PROCURE A THIRD PARTY TO GUARANTEE A LOAN TO
AN ENTERPRISE PURSUANT TO THIS SECTION OR MAY MAKE AN EQUITY
INVESTMENT IN OR A LOAN TO AN ENTERPRISE PURSUANT TO SECTION 27-6
IN ANY COMBINATION WHICH THE CITY, IN ITS SOLE AND ABSOLUTE
DISCRETION, DEEMS APPROPRIATE.

27-8.

(A) THE CITY, IN ITS . SOLE AND ABSOLUTE DISCRETION, MAY
TERMINATE THE PROGRAM AND CEASE TO MAKE EQUITY INVESTMENTS AND
LOANS AND TO GUARANTEE LOANS PURSUANT TO THIS SUBTITLE.

(B) PRIOR TO THE TERMINATION OF THE PROGRAM, ALL
OUTSTANDING EQUITY INVESTMENTS SHALL BE LIQUIDATED ON TERMS MOST
FAVORABLE TO THE CITY AND THE NET PROCEEDS THEREOF SHALL BE
DEPOSITED IN THE FUND.

(C) FOLLOWING TERMINATION OF THE PROGRAM, THE CITY SHALL
CONTINUE:

(1) TO SERVICE FROM THE FUND ALL OUTSTANDING LOANS
AND LOAN GUARANTIES MADE BY THE CITY PURSUANT TO THIS SUBTITLE
PRIOR TO THE TERMINATION OF THE PROGRAM IN ACCORDANCE WITH THEIR
RESPECTIVE TERMS;

(2) TO DEPOSIT IN THE FUND ALL REPAYMENTS OF
PRINCIPAL OF AN INTEREST ON ALL OUTSTANDING LOANS MADE BY THE
CITY PURSUANT TO THIS SUBTITLE PRIOR TO THE TERMINATION OF THE
PROGRAM AND ANY PROCEEDS FROM THE SALE, LEASE, RENTAL OR OTHER
DISPOSAL OF PROPERTY, GOODS OR OTHER COLLATERAL HELP OR ACQUIRED
BY THE CITY TO SECURE THE REPAYMENT OF A LOAN MADE OR GUARANTEED
BY THE CITY PURSUANT TO THIS SUBTITLE PRIOR TO THE TERMINATION OF
THE PROGRAM;

(3) TO PAY FROM THE FUND, AS AND WHEN DUE, ANY
OBLIGATIONS ENTERED INTO BY THE CITY WITH RESPECT TO ANY LOAN
GUARANTY MADE BY THE CITY PURSUANT TO THIS SUBTITLE PRIOR TO THE
TERMINATION OF THE PROGRAM; AND

(4) TO PAY FROM THE FUND ALL EXPENSES INCURRED BY THE
CITY IN ADMINISTERING THE FUND.

(D) AT SUCH TIME AS ALL LOANS MADE, AND ALL OBLIGATIONS
ENTERED INTO, BY THE CITY PURSUANT TO THIS SUBTITLE PRIOR TO THE
TERMINATION OF THE PROGRAM HAVE BEEN PAID, SATISFIED OR OTHERWISE