WILLIAM DONALD SCHAEFER, Governor                   Ch. 311

designated an enterprise zone pursuant to § [12-302] 5-302 of
this article. Not more than 50 percent of the cumulative total
of appropriations and payments to the Fund may be made available
as grants or loans to all of the designated enterprise zones in
the State.

(2) As determined by the Secretary, the principal of
a loan:

(i) May be repayable, in whole or in part, from
specified revenues or on a contingency;

(ii) May be noninterest bearing or bear
interest at a rate of not more than 1/8 of 1 percent plus the
interest cost of the:

1.  Most recent State general obligation
bond issue preceding approval by the Secretary of the application
for the loan for a loan made from sources other than State
general obligation bond proceeds; or

2.  State general obligation bond issue
out of which the loan is made for a loan made from the proceeds
of a State general obligation bond issue;

(iii) To the extent that it is to be repaid,
may be repayable in accordance with any schedule, with maturity
of up to 15 years; and

(iv) To the extent that it is to be repaid, is
a general obligation secured by the assets and revenues of the
political subdivisions that will assure repayment. However,
notwithstanding any other provision of law, a loan to Baltimore
City, Baltimore County, or Prince George's County, under this
subtitle may be undertaken or entered into by the counties or
Baltimore City pursuant to and within the limitations of this
subtitle without regard to any limitations set forth in its
charter or other applicable public local or public general law
that would otherwise apply, and without complying with any
procedures set forth in its charter or other applicable public
local or public general law that would otherwise be required.

(d) The Secretary may adopt regulations governing all
aspects of the program, and may in his discretion facilitate the
process of application by preparation of guidelines or formats
in nonregulatory form.

[12-504.] 5-504.

(a) For approval of a loan or grant by the Secretary, the
political subdivision or its development agency shall file with
the Department a project plan that includes:

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