HARRY HUGHES, Governor

707

13-234.5.

(a) To qualify for a surety bond [guarantee] GUARANTY under
§§ 13-234 through 13-234.5 of this subtitle, a principal shall
meet the requirements of this section.

(c) The principal shall certify to the Authority and the
Authority shall be satisfied that:

(2) A bond is not obtainable on reasonable terms and
conditions without assistance under the Maryland Small Business
Surety Bond [Guarantee] GUARANTY Program; and

13-234.6.

_ .(a) To apply for financial assistance from the Maryland
Small Business Surety Bond [Guarantee] GUARANTY Program pursuant
to §§ 13-234 through 13-234.5 of this subtitle, a principal and
surety shall submit to the Authority an application on the form
that the Authority provides.

(c)  After receipt of an application for assistance from the
Maryland Small Business Surety Bond [Guarantee] GUARANTY Program,
the Authority may determine that a principal shall provide an
audited balance sheet before the Authority makes its decision on
the application.

13-306.

(d)  (1) The Department shall set:

[(1)] (I) Reasonable minimum requirements of
creditworthiness; and

[(2)] (II) Upper limits on adjusted annual income.

(2) The limits ON ADJUSTED ANNUAL INCOME may not
exceed, but may be less than, median annual family income for the
county or region where the home to be financed is located.

13-505.

(a)  The Program shall operate [as] a continuing,
nonlapsing, special fund, that consists of moneys appropriated by
the State to the Program. The Fund shall be called the Elderly
Rental Housing Fund.

(b)  The Administration shall use the Fund to make loans and
to pay expenses of the Program.

(c)  The State Treasurer shall hold and the State
Comptroller shall account for the Fund. The Fund shall be
invested and reinvested. Any investment earnings of the [funds]
FUND shall be paid into the Fund. Any repayment of loans from
the Fund shall be paid into the Fund.