922

LAWS OF MARYLAND

Ch. 11

PROJECT;

(1) THERE IS A COMMITMENT OF FEDERAL FUNDS FOR THE

(2) THE SERVICE HAS NOT RECEIVED THE FEDERAL FUNDS;

(3)  THE AMOUNT OF THE INVESTMENT DOES NOT EXCEED THE
FEDERAL COMMITMENT; AND

(4)  AS TO ANY INVESTMENT OR REINVESTMENT THAT EXCEEDS
$500,000, THE BOARD OF PUBLIC WORKS APPROVES THE INVESTMENT OR
REINVESTMENT.

(B)  CONDITIONS.

THE TREASURER SHALL SET THE CONDITIONS OF THE INVESTMENT OR
REINVESTMENT, INCLUDING THE TERM, THE INTEREST RATE, AND ANY
SERVICE CHARGE.

(C)  REPAYMENT.

THE MARYLAND ENVIRONMENTAL SERVICE SHALL REPAY THE
INVESTMENT OR REINVESTMENT WHEN THE TERM THAT THE TREASURER SETS
ENDS OR, IF SOONER, WHEN THE SERVICE RECEIVES THE FINAL FEDERAL
FUNDS.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 95, § 23A.

In the introductory clause of subsection (a) of this
section, the former, specific references to "bonds"
and "notes" are deleted as unnecessary in light of the
broad word "obligations".

In subsection (b) of this section, the former word
"procedures" is deleted as unnecessary in light of the
broad word "conditions" and the use of the defined
term "including".

Subsection (c) of this section is revised to reconcile
the power to set a "term" and the statutory date for
repayment.

Subsection (c) of this section also is revised to
state expressly that the Maryland Environmental
Service repays the investment. Compare § 6-225 of
this subtitle.

Defined terms: "Includes";"including" § 1-101

6-225. MARYLAND HIGHER EDUCATION LOAN CORPORATION.

(A) AUTHORIZED.