Ch. 422

LAWS OF MARYLAND

the purposes set forth in the other provisions of this subtitle.
No loan shall be made under this section unless the property has
been listed in or determined to be eligible for the Maryland
Register of Historic Properties. The funds may be expended by
the Trust for the following purposes:

(1)  Purchase, or other acquisition or restoration,
for resale, subject to appropriate covenants, of properties
intended for preservation.

(2)  Loans to nonprofit preservation foundations or
organizations, political subdivisions, business entities and
individuals for the purpose of acquiring or restoring properties
worthy of perpetuation.

(b)  Loans to individuals and business entities under this
section will be considered only after the Trust has determined
that private financing cannot be otherwise obtained. The loans
to individuals and business entities shall bear interest at an
annual rate equal to 1/8 of 1 percent plus the interest cost of
the:

(1)  Most recent sale of State general obligation
bonds before the approval date of the loan for a loan made from
sources other than State general obligation bond proceeds; or

(2)  Sale of State general obligation bonds out of
which the loan is made for a loan made from the proceeds of a
State general obligation bond issue.

(c)  Loans to nonprofit preservation foundations or
organizations and political subdivisions may bear interest, if
any, at a rate of not more than the annual rate provided in
subsection (b) of this section.

(d)  The Trust shall submit proposed loans bearing an
interest rate lower than required under subsection (b) of this
section and loans in excess of $50,000 to the Board of Public
Works for approval.

(e)  The proceeds from the resale of any properties acquired
and restored and funds received from the repayment of any loans
made for that purpose shall be deposited in and returned to the
Capital Revolving Account, to constitute a continuing revolving
fund for the purposes listed above. The Capital Revolving Fund
for Historic Preservation is a special fund within the meaning of
§ 10-306 of the State Finance and Procurement Article.

(f)  The Trust shall include in its annual report to the
Governor and the General Assembly the financial status of the
Fund for the preceding twelve-month period.]

5-612.

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