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PARRIS N. GLENDENING, Governor
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H.B. 972
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THE LOAN PACKAGE TO THE AUTHORITY A LINKED DEPOSIT LOAN PACKAGE WITH
THE INFORMATION REQUIRED UNDER THIS SUBTITLE AND IN A FORM PRESCRIBED
BY THE AUTHORITY.
(2) IN ADDITION TO ANY OTHER INFORMATION REASONABLY REQUIRED
BY THE AUTHORITY TO CARRY OUT THE PURPOSES OF THIS. SECTION, THE LINKED
DEPOSIT LOAN PACKAGE SHALL INCLUDE THE INFORMATION REQUIRED OF THE
APPLICANT UNDER SUBSECTION (D)(2) OF THIS SECTION.
(3) BY FORWARDING THE LOAN PACKAGE TO THE AUTHORITY, THE
LENDER IS NOT REPRESENTING TO THE AUTHORITY THE ACCURACY OR VALIDITY OF
ANY INFORMATION IN THE LOAN PACKAGE AS IT RELATES TO THE APPLICANT.
(F) IN DETERMINING WHETHER TO ACCEPT A LINKED DEPOSIT LOAN
PACKAGE, THE AUTHORITY SHALL:
(1) CONFIRM THE ELIGIBILITY OF THE APPLICANT; AND
(2) CONSIDER:
(I) THE NUMBER AND KIND OF JOBS TO BE CREATED OR RETAINED
AS A RESULT OF PROVIDING THE LINKED DEPOSIT;
(II) THE AMOUNT OF THE LOAN;
(III) THE AMOUNT OF MONEY IN THE INDUSTRIAL DEVELOPMENT
FUND AND THE AMOUNT COMMITTED TO LINKED DEPOSITS;
(IV) WHETHER THE AVAILABILITY OF LINKED DEPOSIT FINANCING
IS ESSENTIAL FOR THE ECONOMIC FEASIBILITY OF THE ACQUISITION TO BE MADE;
(V) THE ECONOMIC NEEDS OF THE AREA IN WHICH THE ELIGIBLE
BUSINESS IS LOCATED;
(VI) THE FINANCIAL FEASIBILITY OF THE LOAN TO BE MADE; AND
(VII) ANY OTHER FACTORS THAT THE AUTHORITY CONSIDERS
RELEVANT.
(G) IF THE AUTHORITY ACCEPTS A LINKED DEPOSIT LOAN PACKAGE
FORWARDED FROM A LENDER, THE AUTHORITY AND THE LENDER SHALL ENTER
INTO A DEPOSIT AGREEMENT UNDER WHICH-
(1) THE AUTHORITY SHALL PLACE WITH THE LENDER A 5-YEAR
CERTIFICATE OF DEPOSIT IN THE AMOUNT OF THE LOAN, AT A RATE 3 PERCENT
BELOW THE LENDER'S PREVAILING RATE FOR EQUIVALENT DEPOSITS AT THE TIME
OF THE DEPOSIT; AND
(2) THE LENDER WILL AGREE TO APPROVE THE APPLICANTS LOAN
APPLICATION AT A FIXED INTEREST RATE WHICH SHALL BE AT LEAST 3 PERCENT
BELOW ITS THEN CUSTOMARY RATE FOR SIMILAR LOANS, FOR A TERM OF AT LEAST
5 YEARS, AND UPON SUCH OTHER TERMS AND CONDITIONS AS THE AUTHORITY
SHALL APPROVE. THE LENDER MUST ALSO AGREE NOT TO ASSIGN OR SELL THE
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- 4675 -
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