VETOES

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 13-228(b), 13-228, 13-230(b), 13-231(b), 13-232, and

13-233(b)
Annotated Code of Maryland
(1986 Replacement Volume and 1988 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

13-228.

(a)  The Authority may utilize the Contract Financing Fund
to guarantee a loan made to an applicant only if:

(1)  The applicant meets the qualifications required
by this subtitle;

(2)  The loan is to be used to perform a contract for
a project financed by the federal or State government, a local
government, or a utility regulated by the Public Service
Commission;

(3)  The part of the loan to be guaranteed does not
exceed $250,000; and

(4)  The loan to be guaranteed is to be used for:

(i) Working capital; or

(ii) Equipment needed to perform the contract,
the cost of which can be repaid from contract proceeds, if the
Authority has entered into an agreement with the applicant
necessary to secure the loan or guarantee.

(b)  A guaranty that the Authority makes shall be limited to
not more than the term of the [government] contract, unless the
Authority finds that a longer term better carries out the
purposes of this subtitle.

13-230.

(b) A loan that the Authority makes shall mature not later
than the term of the [government] contract, unless the Authority
finds that a longer term better carries out the purposes of this
subtitle.

13-231.

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