PARRIS N. GLENDENING, Governor

Ch. 444

11-302.

(A) THE BOARD OF COUNTY COMMISSIONERS MAY, BY ORDINANCE:

(1)     ESTABLISH AN ECONOMIC DEVELOPMENT LOAN FUND;

(2)     AUTHORIZE THE AUTHORITY TO ESTABLISH GUIDELINES FOR THE
ADMINISTRATION OF THE FUND AND TO ADMINISTER THE FUND, SUBJECT TO THE
APPROVAL OF THE BOARD; AND

(3)     AUTHORIZE THE CALVERT COUNTY DEPARTMENT OF FINANCE TO
MANAGE THE FUNDS USED BY THE FUND, SUBJECT TO THE APPROVAL OF THE
BOARD.

(B) BEFORE HOWARD CALVERT COUNTY ESTABLISHES AN ECONOMIC
DEVELOPMENT LOAN FUND THE GOVERNING BODY OF THE COUNTY SHALL HOLD A
PUBLIC HEARING, WHICH:

(1) SHALL BE ADVERTISED TWICE BY PUBLICATION IN A NEWSPAPER OF
GENERAL CIRCULATION IN THE COUNTY AT LEAST 10 DAYS BEFORE THE HEARING; AND

(2) MAY NOT BE PART OF THE ANNUAL BUDGET HEARING.

11-303.

(A)    A FUND ESTABLISHED UNDER THIS SUBTITLE SHALL OFFER:

(1)     DIRECT LOANS; AND

(2)      GUARANTEES OF LOANS MADE BY BANKS THAT PARTICIPATE IN
THE FUND.

(B)     LOANS ISSUED UNDER THIS SUBTITLE SHALL BE USED FOR BUSINESSES
THAT:

(1)     EXPAND THEIR EXISTING OPERATIONS IN CALVERT COUNTY;

(2)     ESTABLISH NEW OPERATIONS OR FACILITIES IN CALVERT COUNTY;
AND

(3)     MAY POTENTIALLY INCREASE THE TAX BASE AND CREATE NEW
FULL-TIME EMPLOYMENT OPPORTUNITIES IN CALVERT COUNTY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996.

Approved May 14, 1996.

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