WILLIAM DONALD SCHAEFER, Governor                   Ch. 390

by the Secretary of the current market value of the land; (vii) a
description of employment and unemployment conditions in the
subdivision and in the particular area in which the land is
located, including the rate of unemployment, if available, and
any anticipated developments which may affect the rate of
unemployment in the near future; and (viii) whether there is a
shortage of industrial land in the subdivision and in the
particular area in which the land is located.

(b)  The Secretary, upon receipt of an application and after
such investigation as he deems advisable, may approve a loan of
up to 100% of the current market value of the land as determined
by him but not exceeding $750,000 for any one project. In
judging whether or not to approve a loan and the amount of a
loan, the Secretary shall consider and determine: (i) whether the
project may reasonably be expected to attract industry and create
new employment opportunities; (ii) the amount of benefit, in
terms of economic development and employment opportunities which
the project may reasonably be expected to generate in relation to
such benefits which other projects applied for may reasonably be
expected to generate, and in relation to the total funds
available for lending; (iii) whether the project, as planned,
will be in compliance with applicable zoning, sanitary, and other
laws or regulations applicable to the project; (iv) whether and
to what extent federal or other funds are available or are likely
to become available for the project; and (v) such other factors
as the Secretary deems relevant.

(c)  (1) Upon approval of a loan, the Secretary shall enter
into a loan agreement with the borrowing subdivision.

(2) Each loan agreement shall include:

(i) A provision for payments of interest only
for a [5-year] period NOT TO EXCEED 5 YEARS from the date of the
loan;

(ii) A provision for payments of principal and
interest, in accordance with an amortization schedule that the
Secretary approves, for not more than a 40-year period from the
end of the [5-year] INTEREST ONLY PAYMENT period;

(iii) A provision for an interest rate that
equals:

1.  The net interest cost of the most
recent sale of State general obligation bonds before the date of
the loan plus 1/8 of 1 percent, for a loan made from sources
other than State general obligation bond proceeds;

2.  For a loan made from the proceeds of a
State general obligation bond issue either:

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