Ch. 564 1997 LAWS OF MARYLAND

(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.

5-806.

(A) 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 APPLICANT 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 APPLICANT 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.

(B) THE SECRETARY MAY EXTEND THE TERM OF A LOAN OR GRANT MADE IN
ACCORDANCE WITH THIS SUBTITLE WITH THE PRIOR APPROVAL OF THE BOARD OF
PUBLIC WORKS AND THE POLITICAL SUBDIVISION THAT RECEIVED THE FINANCIAL
ASSISTANCE IN WHICH THE PROJECT IS LOCATED.

5-808.

UNLESS THE PROCEEDS OF THE LOAN OR GRANT ARE TO BE EXPENDED DIRECTLY
BY THE MARYLAND ECONOMIC DEVELOPMENT CORPORATION A LOAN OR GRANT MAY
NOT BE MADE TO THE MARYLAND ECONOMIC DEVELOPMENT CORPORATION UNDER
THIS SUBTITLE UNLESS THE SECRETARY DETERMINES THAT:

(1) A COUNTY'S OR MUNICIPAL CORPORATIONS FLEDGE OF FULL FAITH
AND CREDIT WOULD NOT BE FISCALLY PRUDENT DUE TO THE COUNTY'S OR MUNICIPAL
CORPORATIONS FINANCIAL SITUATION;

(2) THE PROJECT CONSTITUTES A SIGNIFICANT ECONOMIC DEVELOPMENT
OPPORTUNITY FOR THE STATE; AND

(3) THE PROJECTS EXPECTED REVENUE SUPPORTS THE REQUESTED
FINANCING.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997.

Approved May 22, 1997.

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