§ 9-278
238 words·~1 min read·
/md/environment/9-278A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–278.
(a)To the extent not inconsistent with this subtitle, a grant, or loan, or loan guarantee agreement shall contain those conditions that the Secretary requires by regulation and that the Board of Public Works requires on a specific application for financial assistance in order to achieve the goals of this subtitle and to otherwise protect the interests of the State.
(b)A State loan extended under this subtitle:
(1)Shall bear at least the same rate of interest as the most recent State general obligation bond sale preceding the date of approval by the Board of Public Works; and
(2)Shall be repaid within 30 years.
(c)A loan guarantee of the principal of or interest on any commercial loan or obligation to finance the eligible cost of a project under this subtitle may only be made if:
(1)The applicant certifies that the applicant is unable to obtain on reasonable terms sufficient credit to finance its actual needs without the guarantee; and
(2)The Board of Public Works determines that there is a reasonable assurance of repayment of the loan obligation.
(d)The eligible cost of a project for State financial assistance under § 9–275(b)(3) of this subtitle may include only the costs of plans, specifications, equipment, construction, and rehabilitation or improvement as approved by the Department.
(e)State financial assistance under § 9–275(b)(3) of this subtitle may not exceed 50 percent of the eligible costs.