Ch. 535

LAWS OF MARYLAND

(6)  FOR THE REASONABLE COSTS OF ADMINISTERING THE
FUND AND CONDUCTING ACTIVITIES UNDER TITLE VI OF THE FEDERAL
WATER POLLUTION CONTROL ACT; AND

(7)  FOR ANY OTHER PURPOSE AUTHORIZED BY TITLE VI OF
THE FEDERAL WATER POLLUTION CONTROL ACT.

(E) SUBJECT TO THE PROVISIONS OF ANY APPLICABLE BOND

RESOLUTION, AMOUNTS HELD IN THE FUND MAY BE INVESTED OR

REINVESTED IN ACCORDANCE WITH THE PROVISIONS OF LAW GOVERNING THE
INVESTMENT OF UNEXPENDED OR SURPLUS STATE MONEY.

(F) THE FUND IS A CONTINUING, NONLAPSING FUND THAT SHALL BE
AVAILABLE IN PERPETUITY FOR THE PURPOSE OF PROVIDING FINANCIAL
ASSISTANCE IN ACCORDANCE WITH THE PROVISIONS OF THIS SUBTITLE AND
TITLE VI OF THE FEDERAL WATER POLLUTION CONTROL ACT. NO PART OF
THE FUND MAY REVERT OR BE CREDITED TO THE GENERAL FUND OR ANY
OTHER SPECIAL FUND OF THE STATE.

(E) THE COSTS OF ADMINISTERING THE FUND SHALL BE PAID FROM
FEDERAL CAPITALIZATION GRANTS AND AWARDS, FROM BOND SALE
PROCEEDS, AND FROM AMOUNTS RECEIVED FROM BORROWERS PURSUANT TO
LOAN AGREEMENTS, AND NOT FROM ANY STATE MONEYS APPROPRIATED TO
THE FUND.

9-1606.

(A)  A LOAN MADE BY THE ADMINISTRATION SHALL BE EVIDENCED BY
A LOAN AGREEMENT. SUBJECT TO THE PROVISIONS OF § 9-1605(D)(l) OF
THIS ARTICLE AND THE PROVISIONS OF ANY APPLICABLE BOND
RESOLUTION, THE ADMINISTRATION MAY CONSENT TO THE MODIFICATION,
WITH RESPECT TO RATE OF INTEREST, TIME OF PAYMENT OF ANY
INSTALLMENT OF PRINCIPAL OR INTEREST, SECURITY, OR ANY OTHER TERM
OF ANY LOAN AGREEMENT OR LOAN OBLIGATION. IN CONNECTION WITH ANY
SECURITY RECEIVED BY OR OWNED BY THE ADMINISTRATION, INCLUDING
ANY LOAN OBLIGATIONS, THE ADMINISTRATION MAY COMMENCE ANY ACTION
TO PROTECT OR ENFORCE THE RIGHTS CONFERRED UPON IT BY ANY LAW OR
LOAN AGREEMENT OR LOAN OBLIGATION.

(B)  NOTWITHSTANDING ANY OTHER PROVISION OF PUBLIC GENERAL
OR PUBLIC LOCAL LAW, CHARTER, OR ORDINANCE, A BORROWER MAY ISSUE
AND SELL LOAN OBLIGATIONS TO THE ADMINISTRATION:

(1)  AT PRIVATE SALE, WITHOUT PUBLIC BIDDING;

(2)  WITHOUT REGARD TO ANY LIMITATIONS ON THE
DENOMINATION OF SUCH OBLIGATIONS; AND

(3)  AT ANY INTEREST RATE OR COST OR AT ANY PRICE THAT
THE BORROWER CONSIDERS NECESSARY OR DESIRABLE.

(C)  A BORROWER MAY PAY ANY FEES OR CHARGES NECESSARY TO
ENABLE THE ADMINISTRATION TO SELL ITS BONDS, INCLUDING ANY FEES

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