PARRIS N. GLENDENING, Governor                              Ch. 673

[(k)](L) "Fund" means a fund established by this subtitle, including the Water
Quality Fund and the Drinking Water Loan Fund.

(M) "LENDER" MEANS A FINANCIAL INSTITUTION THAT:

(1) IS ELIGIBLE TO MAKE COMMERCIAL LOANS;

(2) IS A PUBLIC DEPOSITORY OF STATE FUNDS;

(3) AGREES TO RECEIVE LINKED DEPOSITS UNDER THE PROVISIONS OF
THIS ARTICLE; AND

(4) IS INSURED BY:

(I) THE FEDERAL DEPOSIT INSURANCE CORPORATION; OR

(II) THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.

(N) "LINKED DEPOSIT" MEANS A CERTIFICATE OF DEPOSIT PLACED BY THE
ADMINISTRATION WITH A LENDER AT BELOW THE PREVAILING MARKET RATE AT

THE TIME OF THE DEPOSIT.

(O) "LINKED DEPOSIT PROGRAM" MEANS A PROGRAM ESTABLISHED BY THE
ADMINISTRATION WHEREBY A CERTIFICATE OF DEPOSIT IS PLACED WITH A
QUALIFYING LENDER AT BELOW THE PREVAILING MARKET RATE AT THE TIME OF
THE DEPOSIT BASED UPON THE AGREEMENT OF THE LENDER TO PROVIDE A LOAN
TO A BORROWER AT A RATE BELOW THE PREVAILING MARKET RATE FOR THE
PURPOSES OF THIS SUBTITLE.

[(l)] (M) (P) (M) "Local government" means a county, municipal corporation,
sanitary district, or other State or local public entity which has authority to own or
operate a facility, and includes any combination of 2 or more of the foregoing, acting
jointly to construct or operate a facility.

[(m)] (N) (Q) (N) "Loan" means a loan from the Administration to a [local
government] BORROWER for the purpose of financing all or a portion of the cost of a
wastewater facility, if the loan is from the Water Quality Fund, or water supply system, if
the loan is from the Drinking Water Loan Fund.

[(n)](O) (R) (O) "Loan agreement" means a written agreement between the
Administration and a [local government] BORROWER with respect to a loan.

[(o)](P) (S) (P) "Loan obligation" means a bond, note, or other evidence of
obligation. INCLUDING A MORTGAGE. DEED OF TRUST, LIEN. OR OTHER SECURITY
INSTRUMENT, issued OR EXECUTED by a [ local government] BORROWER to evidence
its indebtedness under a loan agreement with respect to a loan.

[(p)](Q) (T) (Q) "Wastewater facility" means any equipment, plant, treatment
works, structure, machinery, apparatus, interest in land, or any combination of these,
which is acquired, used, constructed, or operated for the storage, collection, treatment,
neutralization, stabilization, reduction, recycling, reclamation, separation, or disposal of
wastewater, or for the final disposal of residues resulting from the treatment of
wastewater, including: treatment or disposal plants; outfall sewers, interceptor sewers,

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