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PARRIS N. GLENDENING, Governor
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H.B. 972
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(b) The Authority shall determine, in its sole and absolute discretion, that the
economic impact of the transaction will be substantial. To determine the economic
impact of a transaction, the Authority may consider any factor it considers relevant.
(c) (1) The Authority shall determine that the acquisition of a facility will
not result in:
(i) The removal of the business operations of the facility user from
one county to another county; or
(ii) The abandonment of a facility in the State; or
(2) If the acquisition of a facility will result in the occurrence of either of
these events, the Authority shall determine that the acquisition of the facility will:
(i) Discourage the facility user from leaving the State; or
(ii) Preserve the competitive position of the facility user in its
industry.
(d) The Authority shall determine that the Authority will not be required,
except on default, to operate, service, or maintain the facility [or energy project].
(e) The bonds or instruments with respect to which financial assistance is
provided by the Authority shall be secured in a manner approved by the Authority.
(f) Financial assistance provided by the Authority from the [Bond Insurance)
INDUSTRIAL DEVELOPMENT Fund UNDER § 5-916 OF THIS SUBTITLE with respect to
any one facility may not exceed the total aggregate amount of [$5,000,000] $7,500,000.
(g) The total aggregate amount of insurance from the [Bond Insurance]
INDUSTRIAL DEVELOPMENT Fund with respect to the insured portions of principal of
bonds or other instruments may not exceed at any time an amount equal to 5 times
the balance in the [Bond Insurance] INDUSTRIAL DEVELOPMENT Fund.
[5-931.] 5-918.
Subject to the provisions of [this Part IV) § 5-919 OF THIS SUBTITLE, the
Authority may, from the [Authorized Purpose Insurance] INDUSTRIAL
DEVELOPMENT Fund:
(1) Insure the payment or repayment of the principal of, redemption or
prepayment premiums or penalties on, and interest on authorized purpose
obligations; and
(2) Pay or insure the payment of any fees or premiums necessary to
obtain insurance, guarantees, or other credit support from any person in connection
with financial assistance provided by the Authority under this subtitle.
[5-932.] 5-919.
(a) The Authority may use the [Authorized Purpose Insurance] INDUSTRIAL
DEVELOPMENT Fund for the purposes described in [§ 5-931) § 5-918 of this subtitle
only if the requirements of this section are satisfied.
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- 4667 -
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