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§ 9-422. Conditions of aid

West's Annotated Code of MarylandEnvironment

West's Annotated Code of Maryland
Environment
Title 9. Water, Ice, & Sanitary Facilities (Refs & Annos)
Subtitle 4. Drinking Water (Refs & Annos)
Part II. Water Supply Facilities--Financial Assistance (Refs & Annos)
MD Code, Environment, § 9-422
§ 9-422. Conditions of aid
Currentness
Required agreement
(a)(1) Before any loan is made, the applicant shall execute an agreement specifying the purpose, amount, and manner of repayment of the loan.
(2) The agreement shall be signed on behalf of the State by the Department of the Environment and shall be approved by the Board of Public Works.
(3) To the extent not inconsistent with this Part II of Subtitle 4, a grant, 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.
State loan conditions
(b) A State loan extended under this subtitle:
(1) May not exceed $500,000 principal amount for each project or part of a project in any calendar year except as provided in subsection (c) of this section;
(2) May not exceed the eligible cost of the project less the total of federal and State grants and federal loans;
(3) 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
(4) Shall be repaid within 30 years.
Calendar year loan limitation
(c) The aggregate principal amount of all loans for each project or part of a project in any calendar year may not exceed $500,000 unless the Board of Public Works determines that extraordinary circumstances exist.

Credits

Added by Acts 1990, c. 187, § 2.
MD Code, Environment, § 9-422, MD ENVIR § 9-422
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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