S.B. 810                                                  VETOES

[3-602.] 6-502.

There is a Defense Adjustment Loan Fund administered by the Department.
[3-603.] 6-503.

(a)     The Defense Adjustment Loan Fund shall be used as a nonlapsing revolving
fund to make loans to new or existing companies in communities suffering dislocation due
to defense adjustments to' enable the companies to modernize their manufacturing
operations, develop commercial applications for technology, or enter into and compete in
new economic markets.

(b)     No part of this subtitle may be construed to obligate or require funding from
the general funds of the State, regardless of the availability of other funding sources for
the purposes of the Fund.

(c)     The. Secretary may delegate the underwriting, closing, monitoring, and
workout functions for loans funded by the Defense Adjustment Loan Fund to any division
within the Department or may contract with another entity to perform these functions for
the Defense Adjustment Loan Fund.

[3-604.] 6-504.

(a)     There is a Defense Adjustment Financing Committee.

(b)     (1) The Committee shall consist of at least seven members appointed by the
Secretary.

(2) The Secretary shall appoint the members of the Committee so that the
membership of the Committee reflects the geographic, racial, ethnic, and gender makeup
of the population of the State, with consideration being given to appointment of at least
one current or former defense worker or other representative of labor.

(c)     (1) The term of an appointed member is at least 2 years.

(2)     The terms of appointed members shall be staggered.

(3)     At the end of a term, an appointed member continues to serve until a
successor is appointed.

(4)     A member who is appointed after a term has begun serves only for the
rest of the term and until a successor is appointed.

(5)     A member serves at the pleasure of the Secretary.

(d)     The Committee shall exercise its powers and perform its duties subject to the
authority of the Secretary.

(e)     The Committee shall:

(1)     Determine whether to approve loan requests from qualified applicants
for defense adjustment loans; and

(2)     Set the terms and conditions for such loans.

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