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Martin O'Malley, Governor
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Ch. 635
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5-1024.
(a) The Authority may utilize the Contract Financing Fund to lend money to
an applicant only if:
(1) The applicant meets the requirements of this subtitle;
(2) The loan does not exceed [$1,000,000] $2,000,000;
(3) The loan is to be used to perform a contract, the majority of
funding for which is provided by the federal government or a state government, a local
government, or a utility regulated by the Public Service Commission; and
(4) The loan is to be used for:
(i) Working capital; or
(ii) Equipment needed to perform the contract, the cost of which
can be repaid from contract proceeds, if the Authority has entered into an agreement
with the applicant necessary to secure the loan.
5-1029.
(a) The Authority may utilize the Guaranty Fund to guarantee up to 80
percent of the principal of and interest on a long-term loan made by a financial
institution to an applicant only if:
(1) The applicant meets the requirements of § 5-1025 and has not
violated any provisions of § 5-1031 of this subtitle;
(2) The loan amount is not less than $5,000 and the maximum amount
payable by the Authority under its guarantee does not exceed [$1,000,000]
$2,000,000;
(3) The purposes for which the loan is to be used include:
(i) Working capital;
(ii) Refinancing existing debt of the applicant;
(iii) The acquisition and related installation of machinery or
equipment;
(iv) Necessary improvements to real property leased or owned in
fee simple by the applicant; or
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