HARRY HUGHES, Governor

2581

(B)  THE TRUST MAY NOT SELL, CONVEY, ASSIGN, OR LEASE ANY
PROPERTY HELD BY IT SOLELY FOR THE PURPOSE OF INVESTMENT.

(C) BEFORE SELLING OR CONVEYING ANY REAL OR PERSONAL
PROPERTY LISTED IN OR ELIGIBLE FOR THE MARYLAND REGISTER OF
HISTORIC PROPERTIES, THE TRUST SHALL:

(1) ENSURE THAT THE PROPOSED DISPOSITION PROVIDES FOR
THE PRESERVATION OR ENHANCEMENT OF THE PROPERTY; AND

(2) GIVE PREFERENCE TO ACQUISITION PROPOSALS MADE BY
LOCAL GOVERNMENTS OR CAPABLE PRIVATE NONPROFIT ORGANIZATIONS
QUALIFYING UNDER § 501(C)(3) OF THE INTERNAL REVENUE CODE THAT
PROVIDE FOR:

(I) THE USE MOST SYMPATHETIC TO COMPATIBLE WITH
THE HISTORIC OR ARCHITECTURAL VALUE OF THE PROPERTY; AND

(II) USES WHICH HAVE GREATEST OPPORTUNITY FOR
PUBLIC INVOLVEMENT, PARTICIPATION, EDUCATION, AND ENJOYMENT; AND

(3) PROVIDE A 6-MONTH OPTION TO PURCHASE TO ENTITIES
THAT MEET THE REQUIREMENTS OF PARAGRAPH (2) OF THIS SUBSECTION,
AND THAT PROPOSE TO PURCHASE AT THE STATE-ESTABLISHED APPRAISED
FAIR MARKET VALUE.

(C) (D) UNLESS EXPRESSLY PROVIDED FOR, A LEASE MADE BY THE
TRUST MAY NOT BE SUBJECT TO REDEMPTION AT THE OPTION OF THE
TENANT.

[181-I-1.] 181L.

(a) A Capital Revolving Fund for Historic Preservation is
created, into which the Comptroller of the Treasury shall place
to the account of the Maryland Historical Trust, funds authorized
by statute or budget allocation or otherwise and intended to
implement and encourage restoration and preservation of historic
properties and the purposes set forth in the other provisions of
this subtitle. No loan shall be made under this section unless
the property has been listed in [the National Register of
Historic Places or the Maryland Inventory of Historic Sites] OR
DETERMINED TO BE ELIGIBLE FOR THE MARYLAND REGISTER OF HISTORIC
PROPERTIES. The funds may be expended by the Maryland
Historical Trust[, with the approval of the Board of Public
Works,] for the following purposes:

(1)  Purchase, or other acquisition or restoration,
for resale, subject to appropriate covenants, of properties
intended for preservation.

(2)  Loans to nonprofit preservation foundations or
organizations, political subdivisions, business entities and
individuals for the purpose of acquiring or restoring properties
worthy of perpetuation.