2582

LAWS OF MARYLAND

Ch. 500

(b)  Loans to individuals and business entities under this
section will be considered only after the [Board of Public Works]
TRUST has determined that private financing cannot be otherwise
obtained. The loans to individuals and business entities shall
bear interest at an annual rate equal to 1/8 of 1 percent plus
the interest cost of the:

(1)  Most recent sale of State general obligation
bonds before the approval date of the loan for a loan made from
sources other than State general obligation bond proceeds; or

(2)  Sale of State general obligation bonds out of
which the loan is made for a loan made from the proceeds of a
State general obligation bond issue.

(c)  Loans to nonprofit preservation foundations or
organizations and political subdivisions may bear interest, if
any, at a rate of not more than the annual rate provided in
subsection (b) of this section.

(D) THE TRUST SHALL SUBMIT PROPOSED LOANS BEARING AN
INTEREST RATE LOWER THAN REQUIRED UNDER SUBSECTION (B) OF THIS
SECTION AND LOANS IN EXCESS OF $50,000 TO THE BOARD OF PUBLIC
WORKS FOR APPROVAL.

[(d)] (E) The proceeds from the resale of any properties
acquired and restored and funds received from the repayment of
any loans made for that purpose shall be deposited in and
returned to the Capital Revolving Account, to constitute a
continuing revolving fund for the purposes listed above. The
Capital Revolving Fund for Historic Preservation is a special
fund within the meaning of Article 78A, § 15 of this Code, as
amended from time to time.

[(e)] (F) The Trust shall [submit a report by January 1 of
each year to the Governor and the Department of Fiscal Services
reporting] INCLUDE IN ITS ANNUAL REPORT TO THE GOVERNOR AND THE
GENERAL ASSEMBLY the financial status of the Fund for the
preceding twelve month period.

[181-I-2.] 181M.

(a) There is a Capital Grant Fund for Historic
Preservation. The Maryland Historical Trust shall administer the
Capital Grant Fund. The Comptroller of the Treasury shall
deposit in the Capital Grant Fund those funds authorized by
statute or budget allocation to implement and encourage
restoration and preservation of historic and cultural properties
and to implement the purposes set forth in the other provisions
of this subtitle. AN EXPENDITURE MAY NOT BE MADE UNDER THIS
SECTION UNLESS THE SUBJECT PROPERTY HAS BEEN LISTED IN OR
DETERMINED ELIGIBLE FOR THE MARYLAND REGISTER OF HISTORIC
PROPERTIES. The Maryland Historical Trust may expend the amounts
in the Capital Grant Fund, with the approval of the Board of
Public Works, for the following purposes: