3122

LAWS OF MARYLAND

Ch. 676

(3)  THE ST. MARY'S COUNTY FIRE BOARD SHALL:

(I) REVIEW AND EVALUATE LOAN APPLICATIONS FROM
THE VOLUNTEER FIRE DEPARTMENTS FOR NEED, PRACTICALITY, AND
FINANCIAL ABILITY OF THE BORROWER.; AND

(4) THE FIRE BOARD SHALL (II) ASSIGN AN ORDER OF
PRIORITY TO THE APPLICATIONS FROM THE VOLUNTEER FIRE DEPARTMENTS
PRIOR TO SUBMISSION TO THE COUNTY.

(4) THE ST. MARY'S COUNTY AMBULANCE AND RESCUE
ASSOCIATION SHALL:

(I) REVIEW AND EVALUATE LOAN APPLICATIONS FROM
THE VOLUNTEER AMBULANCE AND RESCUE DEPARTMENTS FOR NEED,
PRACTICALITY, AND FINANCIAL ABILITY OF THE BORROWER; AND

(II)  ASSIGN AN ORDER OF PRIORITY TO THE
APPLICATIONS FROM THE VOLUNTEER AMBULANCE AND RESCUE DEPARTMENTS
PRIOR TO SUBMISSION TO THE COUNTY.

(5)  THE COUNTY BUDGET DIRECTOR AN OFFICER OF THE
COUNTY DESIGNATED BY THE BOARD OF COUNTY COMMISSIONERS SHALL
REVIEW LOAN APPLICATIONS IN ACCORDANCE WITH THE PRIORITY ASSIGNED
BY THE ST. MARY'S COUNTY FIRE BOARD AND THE ST. MARY'S COUNTY
AMBULANCE AND RESCUE ASSOCIATION.

(6)  SUBJECT TO THE PROVISIONS OF SUBSECTIONS (E) AND
(F) OF THIS SECTION, A LOAN MAY BE APPROVED BY THE COUNTY
COMMISSIONERS UP TO THE AMOUNT REQUESTED IF SUFFICIENT MONEYS
EXIST IN THE FUND.

(F) (H) (1) THE COUNTY MAY LOAN UP TO 75 PERCENT OF THE
PURCHASE PRICE OF NEW MAJOR FIRE FIGHTING, RESCUE, AND EMERGENCY
MEDICAL SERVICE MACHINERY AND EQUIPMENT FOR A TERM NOT TO EXCEED
THE NORMAL USEFUL LIFE OF THE EQUIPMENT AS DETERMINED BY NATIONAL
FIRE PROTECTION ASSOCIATION STANDARDS OR 15 YEARS, WHICHEVER IS
LESS.

(2) (I) THE COUNTY MAY LOAN UP TO 90 PERCENT OF THE
COSTS OF LAND ACQUISITION AND CONSTRUCTION COSTS.

(II) THE COUNTY MAY PERMIT A PROJECT PREVIOUSLY
FINANCED FROM OTHER SOURCES TO BE REFINANCED UNDER THIS PARAGRAPH
(2), SUBJECT TO THE 90 PERCENT LIMITATION.

(G) (I) ALL LOANS APPROVED BY THE COUNTY UNDER THIS SECTION
SHALL BE SECURED AND EVIDENCED BY APPROPRIATE NOTES, SECURITY
AGREEMENTS, FINANCING STATEMENTS, MORTGAGES OR DEEDS OF TRUST,
AND OTHER DOCUMENTS AND INSTRUMENTS AS REQUIRED BY THE OFFICE OF
COUNTY ATTORNEY TO PERFECT AND PROTECT THE LOAN.

(H) (J) ANY AND ALL INTEREST INCOME DERIVED FROM LOANS FROM
THE FUND ARE EXEMPT FROM STATE, COUNTY, OR OTHER TAXATION OF
EVERY KIND AND NATURE IN THE STATE.