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Ch. 240 2000 LAWS OF MARYLAND
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(B) "ASSOCIATION" MEANS THE MARYLAND STATE FIREMEN'S ASSOCIATION.
(C) "BOARD" MEANS THE LOW INTEREST REVOLVING LOAN FUND BOARD.
(D) "FUND" MEANS THE LOW INTEREST REVOLVING LOAN FUND.
47B.
(A) (1) THERE IS A LOW INTEREST REVOLVING LOAN FUND.
(2) THE FUND SHALL BE USED TO PROVIDE LOANS TO VOLUNTEER
AMBULANCE, FIRE, AND RESCUE COMPANIES TO ASSIST WITH UP TO 75% OF THE
COST OF:
(I) PURCHASING OR REFURBISHING APPARATUS! AND
(II) UPGRADING OR REPLACING FACILITIES NEEDED TO STORE
EQUIPMENT.
(B) THE MARYLAND STATE FIREMEN'S ASSOCIATION SHALL ADMINISTER THE
FUND IN ACCORDANCE WITH THIS SUBTITLE.
(C) (1) THE FUND IS A CONTINUING, NONLAPSING FUND WHICH IS NOT
SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(2) THE TREASURER SHALL SEPARATELY HOLD AND THE COMPTROLLER
SHALL ACCOUNT FOR THE FUND.
(3) ANY INVESTMENT EARNINGS OF THE FUND SHALL BE PAID INTO
THE FUND.
47C.
(A) FOR THE PURPOSE OF GRANTING LOANS UNDER § 47B OF THIS SUBTITLE,
THE ASSOCIATION SHALL;
(1) DEVELOP LOAN CRITERIA;
(2) DEVELOP TERMS OF A LOAN, INCLUDING THE ESTABLISHMENT OF
INTEREST RATES;
(3) ESTABLISH A BOARD; AND
(4) RECOMMEND TO THE BOARD OF PUBLIC WORKS THE APPROVAL OR
DENIAL OF LOANS.
(B) A VOLUNTEER AMBULANCE, FIRE, OR RESCUE COMPANY MAY SUBMIT A
LOAN REQUEST FOR FINANCIAL ASSISTANCE TO THE ASSOCIATION.
(C) EACH LOAN REQUEST SHALL INCLUDE:
(1) A DETAILED EXPLANATION OF THE REASONS FOR THE REQUEST;
(2) FINANCIAL STATEMENTS FOR THE 2 FISCAL YEARS IMMEDIATELY
PRIOR TO THE FISCAL YEAR IN WHICH THE APPLICATION IS MADE; AND
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