Ch. 396

1993 LAWS OF MARYLAND .

(6) ANY ADDITIONAL MONEYS MADE AVAILABLE FROM ANY SOURCES,
PUBLIC OF PRIVATE, FOR THE PURPOSES FOR WHICH THE DRINKING WATER LOAN
FUND HAS BEEN ESTABLISHED.

(C)     THE ADMINISTRATION MAY FROM TIME TO TIME ESTABLISH ACCOUNTS
AND SUBACCOUNTS WITHIN THE DRINKING WATER LOAN FUND AS MAY BE
CONSIDERED DEEMED DESIRABLE TO EFFECTUATE THE PURPOSES OF THE THIS
SUBTITLE, TO COMPLY WITH THE PROVISIONS OF ANY BOND RESOLUTION, OR TO
MEET THE REQUIREMENTS OF ANY FEDERAL LAW, AS A CONDITION OF RECEIVING
FEDERAL GRANTS AND AWARDS IN THE OR OF ANY FEDERAL GRANT OR AWARD TO
THE DRINKING WATER LOAN FUND, OR TO MEET ANY RULES OR PROGRAMS
PROGRAM DIRECTIVES ESTABLISHED BY THE SECRETARY OR THE BOARD.

(D)     AMOUNTS IN THE DRINKING WATER LOAN FUND MAY BE USED ONLY:

(1)      TO MAKE LOANS AT OR BELOW MARKET RATES;

(2)      TO BUY OR REFINANCE DEBT OBLIGATIONS OF LOCAL
GOVERNMENTS ISSUED BY A LOCAL GOVERNMENT FOR THE PURPOSES OF
FINANCING ALL OR A PORTION OF THE COST OF A WATER SUPPLY SYSTEM AT OR
BELOW MARKET RATES;

(3)      TO GUARANTEE OR PURCHASE INSURANCE FOR BONDS, NOTES, OR
OTHER EVIDENCES OF INDEBTEDNESS ISSUED BY A LOCAL GOVERNMENT FOR THE
PURPOSES OF FINANCING ALL OR A PORTION OF THE COST OF A WATER SUPPLY
SYSTEM, IF SUCH ACTION WOULD IMPROVE CREDIT MARKET ACCESS OR REDUCE
INTEREST RATES;

(4)      AS A SOURCE OF REVENUE OR SECURITY FOR THE PAYMENT OF
PRINCIPAL AND INTEREST ON BONDS ISSUED BY THE ADMINISTRATION IF THE
PROCEEDS OF THE SALE OF SUCH BONDS WILL BE DEPOSITED IN THE DRINKING
WATER LOAN FUND;

(5)      TO EARN INTEREST ON DRINKING WATER LOAN FUND ACCOUNTS;

(6)      FOR THE REASONABLE COSTS OF ADMINISTERING THE DRINKING
WATER LOAN FUND AND CONDUCTING ACTIVITIES UNDER ANY FEDERAL LAW
THAT MAY APPLY TO FEDERAL DEPOSITS TO THE DRINKING WATER LOAN FUND;
AND

(7)      FOR ANY OTHER PURPOSE AUTHORIZED FOR ANY FEDERAL FUNDS
DEPOSITED IN THE DRINKING. WATER LOAN FUND.

(E)     THE COSTS OF ADMINISTERING THE DRINKING WATER LOAN FUND
SHALL BE PAID FROM FEDERAL GRANTS AND AWARDS, FROM BOND SALE
PROCEEDS, AND FROM AMOUNTS RECEIVED FROM BORROWERS PURSUANT TO
LOAN AGREEMENTS, AND MAY NOT BE PAID FROM ANY STATE MONEYS
APPROPRIATED TO THE DRINKING WATER LOAN FUND, EXCEPT GENERAL FUNDS
OF THE STATE USED TO MATCH FEDERAL GRANTS AND AWARDS TO THE DRINKING
WATER LOAN FUND.

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