S.B. 810

VETOES

(b) In determining whether the expenditure of State funds shall be in the form of
a loan or grant and in determining the terms of a loan, the Secretary shall consider, as
additional factors:

(1)     The fiscal situation of the applying political subdivision;

(2)     The funds available in the Industrial and Commercial Redevelopment
Fund; and

(3)     The degree of State assistance needed for the project, with the objective
of conserving the State's limited financial resources.

[5-506.] 5-806.

If an application for a grant or loan meets the general criterion and supporting
factors and is justified in relation to competing applications and the amount of funds
available, the Secretary shall make a preliminary finding of feasibility and communicate
to the political subdivision any recommended changes in the project plan and any
conditions to the loan or grant, not inconsistent with this subtitle or other law. The
project plan, including the terms of the loan or grant, as revised by the process of
consultation between the political subdivision and the Department, shall be submitted to
the local governing body in its final form. On approval of the final plan, by ordinance or
resolution, the Secretary shall recommend to the Board of Public Works approval of the
loan or grant. The Board of Public Works may approve the loan or grant conditional on
modifying its terms.

[5-507.] 5-807.

This subtitle does not enlarge the powers of political subdivisions to undertake
redevelopment projects, but merely provides financial assistance in aid of authority and
powers conferred by other laws.

Title 6. Miscellaneous Statewide Development and Assistance Programs.

Subtitle [2.] 1. Day Care Facilities Loan Guarantee Fund.

[6-201.] 6-101.

There is a Day Care Facilities Loan Guarantee Fund administered by the
Department.

[6-202.] 6-102.

(a)     In this subtitle the following words have the meanings indicated.

(b)     "Department" means the Department of BUSINESS AND Economic [and
Employment] Development.

(c)     "Guarantee Fund" means the Day Care Facilities Loan Guarantee Fund.

(d)     "Day care facility" means a facility in which care is offered for children,
handicapped adults, the elderly, or others in need of care.

[6-203.] 6-103.

- 3936 -