Ch. 311

LAWS OF MARYLAND

(a)  There is an Industrial and Commercial Redevelopment
Fund.

(b)  The  Fund is a continuing, nonlapsing special Fund that
consists of    moneys appropriated by the State to the Fund and of
any repayment  of principal or interest on a loan made from the
Fund.

(c)  The Department shall manage and supervise the Fund.

(d)  The State Treasurer shall hold, and the State
Comptroller shall account for the Fund.

(e) The Fund shall be invested and reinvested in the same
manner as other State funds. Any investment earnings of the
Fund shall be paid into the General Fund of the State.

(f) On July 1 of each year, moneys in the Fund in excess of
$15,000,000 shall be paid over to the General Fund of the State.

[12-503.] 5-503.

(a)  The Department may make a loan or grant to a political
subdivision to cover part of the eligible project costs of an
industrial or commercial redevelopment project. Proceeds of a
loan or grant may be:

(1)  Expended directly by the political subdivision;

(2)  Loaned or granted by the political subdivision;
or

(3)  Used by the political subdivision to guarantee
loans, to a private entity which has made a firm commitment to
carry out part or all of an industrial or commercial
redevelopment project.

(b)  The Department shall make the loan or grant from the
Fund or from other sources of money authorized by law.

(c)  (1) A loan or grant may be for up to 90 percent of the
nonfederal and nonprivate portion of the eligible project costs.
However, a loan that, as to principal, is to be repaid in full
may not exceed $3,000,000. Any other loan or grant may not
exceed $2,000,000. The aggregate cumulative total of grants and
outstanding principal balance of loans, made to or within any one
county or Baltimore City, may not exceed 40[%] PERCENT of the
aggregate cumulative total of appropriations and payments to the
Fund, except that the aggregate cumulative total of grants and
outstanding principal balance of loans may exceed the 40 percent
limitation by an additional sum not to exceed 25 percent of such
amount, if the additional sum is restricted to loans made to a
political subdivision exclusively for use within an area

- 1598 -