3774

LAWS OF MARYLAND

Ch. 795

(VI)  PLANNING REQUIREMENTS;

(VII)  PROVISIONS FOR MONITORING AND REVIEW; AND

(VIII)  MEASURES TO ASSURE ACCOUNTABILITY FOR
ALL FUNDS AWARDED UNDER THIS SUBTITLE.

(2) A PROJECT PRIORITY SYSTEM SYSTEMS SHALL BE
ESTABLISHED. PRIOR TO ADOPTING RULES AND REGULATIONS AND
ESTABLISHING PROJECT PRIORITY RANKINGS UNDER THIS SECTION, THE
SECRETARY SHALL CONSULT WITH THE SECRETARIES OF STATE PLANNING,
NATURAL RESOURCES, AGRICULTURE, AND ECONOMIC AND COMMUNITY
DEVELOPMENT.

9-346.

(A)  TO THE EXTENT NOT INCONSISTENT WITH THIS SUBTITLE, A
GRANT, LOAN, OR LOAN GUARANTEE AGREEMENT SHALL CONTAIN THOSE
CONDITIONS THAT THE SECRETARY REQUIRES BY REGULATION AND THAT THE
BOARD OF PUBLIC WORKS REQUIRES ON A SPECIFIC APPLICATION FOR
FINANCIAL ASSISTANCE IN ORDER TO ACHIEVE THE GOALS OF THIS
SUBTITLE AND TO OTHERWISE PROTECT THE INTERESTS OF THE STATE.

(B) (1) A STATE LOAN EXTENDED UNDER THIS SUBTITLE:

(I)  MAY NOT EXCEED $500,000 IN PRINCIPAL
AMOUNT;

(II)  SHALL BEAR AT LEAST THE SAME RATE OF
INTEREST AS THE MOST RECENT STATE GENERAL OBLIGATION BOND SALE
PRECEDING THE DATE OF APPROVAL BY THE BOARD OF PUBLIC WORKS; AND

(III)  SHALL BE REPAID WITHIN 30 YEARS.

(2) THE AGGREGATE PRINCIPAL AMOUNT OF ALL LOANS TO A
SINGLE APPLICANT IN ANY CALENDAR YEAR MAY NOT EXCEED $500,000
UNLESS THE BOARD OF PUBLIC WORKS DETERMINES THAT EXTRAORDINARY
CIRCUMSTANCES EXIST.

(C)  A LOAN GUARANTEE OF THE PRINCIPAL OF OR INTEREST ON ANY
COMMERCIAL LOAN OR OBLIGATION TO FINANCE THE ELIGIBLE COST OF A
PROJECT UNDER THIS SUBTITLE MAY ONLY BE' MADE IF THE APPLICANT
CERTIFIES THAT IT IS UNABLE TO OBTAIN ON REASONABLE TERMS
SUFFICIENT CREDIT TO FINANCE ITS ACTUAL NEEDS WITHOUT THE
GUARANTEE AND IF THE BOARD OF PUBLIC WORKS DETERMINES THAT THERE
IS A REASONABLE ASSURANCE OR REPAYMENT OF THE LOAN OBLIGATION.. A
LOAN GUARANTEE MAY NOT EXCEED $500,000 TO A SINGLE APPLICANT
UNLESS THE BOARD OF PUBLIC WORKS DETERMINES THAT EXTRAORDINARY
CIRCUMSTANCES EXIST.

(D)  THE ELIGIBLE COST OF A PROJECT FOR STATE FINANCIAL
ASSISTANCE UNDER THIS SUBTITLE SHALL MAY INCLUDE THE COSTS OF
REPORTS, PLANS, SPECIFICATIONS, LEGAL AND ADMINISTRATIVE
SERVICES, EQUIPMENT, CONSTRUCTION, REHABILITATION OR IMPROVEMENT,
AND MAY INCLUDE LAND, EASEMENTS, AND RIGHTS-OF-WAY. HOWEVER, THE