Ch. 311                                LAWS OF MARYLAND

approved by the Secretary. The borrowing subdivision shall give
to the Secretary at least 30 days advance notice and obtain his
written approval of any sale or lease. The loan agreement may
contain regulatory and security provisions.

(e) The loan agreement shall be   recorded among the land

records of the political subdivision in which the project is

located and shall constitute a lien on the land and the
improvements.

[12-407.] 5-40,7.

(a)  On application and upon complying with the requirements
of § [12-404(a)] 5-404(A) after investigation, the Secretary may
approve a loan, not exceeding $50,000 and on an equal matching,
basis with funds of the borrowing subdivision, for the, purpose of
acquiring options to purchase prospective industrial land sites
or industrial park sites.

(b)  On approval of a loan under this section, the Secretary
and the, borrowing subdivision shall enter into a loan agreement
requiring repayment within seven years at an interest rate
calculated pursuant to § [12-4.04] 5-404(c)(2)(iii) of this
subtitle, and in accordance with an amortization schedule
approved by the Secretary. The loan agreement may require
repayment from the proceeds of any loan made under §§ [12-404]
5-404, or [12-405] 5-405 of this subtitle.

[12-408] 5-408.

(a) (1) In this section, the following words have the
meanings indicated.

(2) "Project" means an access road, utility line or
both an access road and utility line that are located within a
political subdivision and that directly serve an industrial site.

(3) "Project costs" may include the cost of planning
and engineering, engineering services, design services, other
professional services, and the actual cost of constructing,
reconstructing, or improving a project.

(4) (i) "Utility line" means any line, pipe, conduit,
wire, cable, or any other means of providing for drainage,
sewage, gas, water, light, electric power, or for providing for
any other form of energy, signal or service.

(ii) "Utility line" includes any sanitary or
storm sewer drainage, gas or water main, and any electric power
or telephone line.                                                                                     

        (b) Subject to the provisions of this section, any
political subdivision may apply for and the Secretary may approve

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