Ch. 120                                    1995 LAWS OF MARYLAND

(iii) A provision for an interest rate 1. that equals the net interest costs
of the most recent sale of State general obligation bonds before the date of the loan plus
1/8 of 1 percent for a loan made from sources other than State general obligation bond
proceeds or 2. that equals the net interest costs of the sale of State general obligation
bonds out of which the loan is made plus 1/8 of 1 percent for a loan made from proceeds
of a State general obligation bond issue.

(g) Any access road that is newly constructed under this section, with
right-of-way and design standards which meet the criteria of the appropriate
governmental jurisdiction, shall be either a part of the road system of the political
subdivision in which it is located or of the secondary highway system of this State, and
thereafter, shall be maintained, reconstructed, and relocated in the same manner as any
other road in the system.

[5-409.] 5-710.

Notwithstanding any other provision of this subtitle, the Secretary may approve
loans in the following amounts for projects within an enterprise zone designated under [§
5-302] § 5-402 of this article:                                                                                   

(1)     For any loan to acquire land under [§ 5-404] § 5-704, up to 100 percent
of the current market value of the land, as determined by him, but not exceeding
$1,000,000 for any one project;

(2)     For any loan to finance industrial park project costs under [§ 5-405] §
5-705, up to 50 percent of the anticipated project costs, as determined by the Secretary,
but not exceeding $2,000,000 for any one project;

(3)     For any loan to finance project costs of a shell building project under [§
5-406] § 5-706, all or any part of the project costs, not to exceed $2,500,000;

(4)     For any loan for the purpose of acquiring options to purchase
prospective industrial land sites or industrial park sites' under [§ 5-407] § 5-708, a loan
not exceeding $100,000 and on an equal matching basis with funds of the borrowing
subdivision.

[5-410.] 5-711.

A subdivision may delegate the planning and carrying out of a project under [§
5-404, § 5-405, or § 5-406] § 5-704, § 5-705, OR § 5-706 to a local economic development
agency, or in the case of a county, to a municipal corporation located in the county.
However, the delegation does not relieve the subdivision of any obligation incurred under
any loan agreement executed pursuant to this subtitle.

[5-411.] 5-712.

A loan under this subtitle is a general obligation of the borrowing subdivision, to the
repayment of which the subdivision's full faith and credit are pledged or an obligation of
Baltimore City repayable from assets and revenues as provided in the loan agreement.
However, notwithstanding any other provision of law, a loan to Baltimore City, Baltimore
County, Prince George's County, or any municipal corporations, under this subtitle may
be undertaken or entered into by the counties, municipal corporations, or Baltimore City

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