S.B. 810                                                  VETOES

(7)     REPAYMENT OF PRINCIPAL OR INTEREST ON ANY DEFENSE
ADJUSTMENT LOAN FINANCED BY THE ECONOMIC DEVELOPMENT OPPORTUNITIES
PROGRAM FUND IN ACCORDANCE WITH § 7-314(F) OF THE STATE FINANCE AND
PROCUREMENT ARTICLE; AND

(8)     Any other moneys made available to the Defense Adjustment Loan
Fund.

(b) The Defense Adjustment Loan Fund shall be used to pay all expenses and
disbursements authorized by the Department for administering the Defense Adjustment
Loan Fund and making defense adjustment loans to eligible companies in this State,
including, by way of example:

(1)     Advances of loan proceeds for defense adjustment loans; and

(2)     To the extent permitted by the regulations of the Economic
Development Administration, expenses for administrative, legal, actuarial, technical
assistance, and other services.

[(c) The Department may make defense adjustment loans only to companies
located in those areas of the State designated as eligible areas for Economic Development
Administration economic adjustment activities funded under the federal Defense
Conversion Act.]

[(d)](C) In making defense adjustment loans under this subtitle, priority shall be
given to:

(1)     Defense contractors; and

(2)     Companies started by former defense workers who lost their jobs with
defense contractors.

[3-606.] 6-506.

Annually, the State Treasurer shall report to the Department as to:

(1)     The status of the money invested under this subtitle;

(2)     The market value of the assets in the Defense Adjustment Loan Fund as
of the date of the report; and

(3)     The interest received from investments for the Defense Adjustment
Loan Fund during the period covered by the report.

[3-607.] 6-507.

Subject to the restrictions of this subtitle, the Department, on application, may
provide a loan from the Defense Adjustment Loan Fund to an applicant only if:

(1)     The applicant meets the qualifications required by this subtitle; and

(2)     The applicant meets any additional requirements imposed by the source
of the funds to be loaned.

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