PARRIS N. GLENDENING, Governor

Ch. 610

3-706. 3-705.

(A)     (1) THE AGGREGATE AMOUNT OF LOAN GUARANTEES AND OTHER
CREDIT ENHANCEMENTS THAT MAY BE PROVIDED UNDER THIS SUBTITLE MAY NOT
EXCEED $10,000,000.

(2) THE MAXIMUM AMOUNT OF INTEREST SUBSIDIES AND OTHER
BORROWER ASSISTANCE THAT MAY BE PROVIDED UNDER THIS SUBTITLE MAY NOT
EXCEED $2,000,000 FOR ANY FISCAL YEAR, AS AUTHORIZED IN THE STATE BUDGET.

(B)     (1) ANY MONEYS IN THE FUND WHICH BY AGREEMENT, CONTRACT,
SECRETARIAL DETERMINATION OR REGULATION, OR DETERMINATION OF THE
SECRETARY HAVE BEEN CREATED AS AN IDENTIFIABLE GUARANTEE OR CREDIT
RESERVE MAY ONLY BE USED IN CONFORMANCE WITH THE TERMS AND
CONDITIONS CREATING SUCH RESERVE.

(2) OPERATIONAL FUNDS, EARNINGS NOT YET ALLOCATED TO ANY
PARTICULAR RESERVE, STATE APPROPRIATED FUNDS, STATE GENERAL
OBLIGATION BOND PROCEEDS, OR OTHER FUNDS RECEIVED AND NOT IDENTIFIED
TO A PARTICULAR RESERVE MAY, AT THE DISCRETION OF THE SECRETARY, BE
TRANSFERRED TO ANY RESERVE NOW EXISTING OR HEREAFTER CREATED.

(3) ANY GUARANTEE FOR A LOAN MAY NOT BE USED FOR OTHER
PURPOSES UNTIL THAT LOAN GUARANTEED IS FULLY PAID.

(C)     GUARANTEES, OTHER CREDIT ENHANCEMENTS, INTEREST SUBSIDIES,
AND OTHER BORROWER ASSISTANCE PROVIDED PURSUANT TO THIS SUBTITLE DO
NOT PLEDGE THE FAITH, CREDIT, OR TAXING POWER OF THE STATE OR THE
DEPARTMENT AND HENCE ARE PAYABLE ONLY TO THE EXTENT OF THE RESERVE
OR OTHER IDENTIFIED FUNDS BACKING THE INSURANCE, GUARANTEE, OR
ENHANCEMENT.

3-707. 3-706.

(A)     THE DEPARTMENT AND THE GOVERNOR'S WORKFORCE INVESTMENT
BOARD SHALL ADOPT REGULATIONS TO CARRY OUT THE PURPOSES OF THIS
SUBTITLE.

(B)     THE GOVERNOR'S WORKFORCE INVESTMENT BOARD SHALL PROVIDE A
WRITTEN REPORT TO THE GOVERNOR AND, SUBJECT TO § 2-1312 OF THE STATE
GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY ON OR BEFORE DECEMBER 1
OF EACH YEAR ON THE FINANCIAL STATUS OF THE FUND AND ITS OPERATIONS FOR
THE PRECEDING FISCAL YEAR, INCLUDING THE TYPES AND AMOUNT OF
GUARANTEE RESERVES, GUARANTEES ISSUED, PREMIUMS CHARGED, AND CLAIMS
MADE.

(C) THIS SUBTITLE SHALL BE LIBERALLY CONSTRUED IN FURTHERANCE OF
THE FINDINGS AND DECLARATIONS MADE IN § 7-302 OF THIS SUBTITLE.

(D) (C) ANY DETERMINATION BY THE SECRETARY RELATING TO THE
ELIGIBILITY OF ANY PROJECT, FACILITY, OR UNDERTAKING FOR LOAN
GUARANTEES OR OTHER FORMS OF JOB TRAINING LOAN ASSISTANCE OR ANY

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