PARRIS N. GLENDENING, Governor Ch. 564

(d) (1) Upon approval of a loan, the Secretary shall enter into a loan agreement
with the [borrowing subdivision] BORROWER.

(f) (1) The Secretary may, upon application and after investigation, approve a
loan not exceeding $25,000 and on [an equal] A 10 PERCENT matching basis with funds
of the borrowing subdivision BORROWER, for the purpose of financing planning or
engineering study costs of or for a project [situate] SITUATED or to be [situate]
SITUATED on land owned by or under option to the borrowing subdivision BORROWER
or owned by the federal government upon reasonable assurance that the site will be made
available to the subdivision BORROWER.

(2) Upon approval of any such loan, the Secretary and the subdivision
BORROWER shall enter into a loan agreement requiring repayment within five years at an
interest rate calculated pursuant to § 5-704(c)(2)(iii) of this subtitle and in accordance
with an amortization schedule approved by the Secretary.

5-706.

(a) (1) In this section, the following words have the meanings indicated.

(2) "Project costs" may include planning and engineering studies, land
acquisition, site preparation, and all construction costs.

(3) "Shell building" means a basic structure of flexible design or a
rehabilitated building, erected on land owned or controlled by the [political subdivision]
BORROWER, for eventual sale or lease to a purchaser or tenant requiring facilities for
manufacturing, assembling, fabricating, processing, warehousing, research and
development, or office use.

(b) Any [political subdivision] BORROWER may apply to the Secretary for a loan
to finance project costs of a shell building project. The application shall describe the
project in the manner and detail required by the Secretary and shall include the
information set forth in § 5-704(a) of this subtitle as it relates to the shell building
project, and a complete breakdown of the anticipated cost of the project.

(c) In determining whether or not to approve a loan and the amount of the loan,
the Secretary shall consider those factors set forth in § 5-704(b) of this subtitle as they
relate to the shell building project. After the investigation he considers necessary, the
Secretary may approve a loan of all or any part of the project costs, not to exceed
$2.000,000.

(d) On approval of a loan, the Secretary shall enter into a loan agreement with the
[borrowing political subdivision] BORROWER providing for payment of interest only, at
a rate determined by the Secretary in accordance with § 5-704(c)(2)(iii) of this subtitle,
beginning on the date of the loan and continuing for a period not to exceed two years
after that date. On sale of the shell building, the [political subdivision] BORROWER
shall repay the entire amount of the loan. Subject to the required repayment in the event
of a sale, the principal balance of the loan remaining at the end of the interest only
payment period shall be amortized over a period not exceeding 25 years in accordance
with an amortization schedule approved by the Secretary. The [borrowing subdivision]

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