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H.B. 972
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VETOES
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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 transaction will not result in:
(i) The removal of the business operations of any person benefiting
from the transaction, from one county to another county; or
(ii) The abandonment of the business operations of any person
benefiting from the transaction, in the State; or
(2) If the transaction will result in the occurrence of either of these
events, the Authority shall determine that the transaction will:
(i) . Discourage the business from leaving the State; or
(ii) Preserve the competitive position of the business in its industry.
(d) The financial assistance to be provided by the Authority may not be used
in connection with a retail establishment unless the Authority determines, in its sole
and absolute discretion, that financial assistance in connection with a retail
establishment will accomplish the purposes of this subtitle.
(e) The Authority shall determine that the Authority will not be required,
except on default, to operate, service, or maintain any business.
(f) The authorized purpose obligations with respect to which financial
assistance is provided by the Authority shall be secured in a manner approved by the
Authority.
(g) Financial assistance provided by the Authority from the [Authorized
Purpose Insurance] INDUSTRIAL DEVELOPMENT Fund UNDER § 5-918 OF THIS
SUBTITLE with respect to any one transaction may not exceed the total aggregate
amount of [$1,000,000] § 2,500,000.
(h) The total aggregate amount of insurance from the [Authorized Purpose
Insurance] INDUSTRIAL DEVELOPMENT Fund may not exceed at any time an amount
equal to 5 times the balance in the [Authorized Purpose Insurance] INDUSTRIAL
DEVELOPMENT Fund.
(i) The total aggregate amount of insurance from the [Authorized Purpose
Insurance] INDUSTRIAL DEVELOPMENT Fund of any one authorized purpose
obligation UNDER § 5-918 OF THIS SUBTITLE may not exceed:
(1) For an export-related financing transaction, 90 percent of the total of
the principal of, redemption or prepayment premiums or penalties on, and interest
on, the authorized purpose obligation; or
(2) For a transaction other than an export-related financing transaction,
80 percent of the total of the principal of, redemption or prepayment premiums or
penalties on, and interest on, the authorized purpose obligation.
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- 4668 -
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