Ch. 485

LAWS OF MARYLAND

(1)  Payment of interest only, at a rate determined by
the Secretary in accordance with § 5-404(c)(2)(iii) of this
subtitle, beginning on the date of the loan and continuing for a
period not to exceed 2 years after that date;

(2)  Payments of principal and interest, in accordance
with an amortization schedule approved by the Secretary, for a
period not to exceed 25 years from the end of the interest only
payment period;

(3)  Repayment of the entire amount due under the loan
in the event of sale of the incubator;

(4)  At least 30 days' advance notice to the Secretary
by the political subdivision of any proposed sale or lease of the
incubator;

(5)  The political subdivision obtaining the
Secretary's written approval of any such sale or lease; and

(6)  Regulatory or security provisions, as the
Secretary deems appropriate.

(G) THE LOAN AGREEMENT SHALL BE RECORDED AMONG THE LAND
RECORDS OF THE POLITICAL SUBDIVISION AND SHALL CONSTITUTE A LIEN
ON THE LAND AND IMPROVEMENTS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 19, 1989.

CHAPTER 485

(Senate Bill 212)

AN ACT concerning

Calvert and St. Mary's Counties -
Community College Construction Costs

FOR the purpose of providing that certain branch campuses of
community colleges are community colleges for certain
purposes.

BY repealing and reenacting, with amendments,

Article - Education
Section 16-104(f)

- 3098 -