§ 5-430

Maryland § 5-430

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 5

Text

(a) If the requirements of this section are satisfied, and subject to § 5-432 of this subtitle, the Authority may use the Fund to:

(1) insure the payment of any of the principal of, redemption or prepayment premiums or penalties on, and interest on:

(i) bonds; and

(ii) any instrument executed, obtained, or delivered in connection with the issuance and sale of bonds; and

(2) pay or insure the payment of fees or premiums for insurance, guarantees, or other credit support in connection with financial assistance under this subtitle.

(b) Based on factors it considers relevant, the Authority shall determine, in its sole discretion, that the economic impact of the transaction will be substantial.

(c) The Authority shall find:

(1) that the acquisition or improvement of a facility will not result in:

(i) the removal from one county to another county of the business operations of the facility user; or

(ii) the abandonment of a facility in the State; or

(2) if the acquisition or improvement will result in removal or abandonment, that the acquisition or improvement will:

(i) discourage the facility user from leaving the State; or

(ii) preserve the competitive position of the facility user in its industry.

(d) The Authority shall find that the Authority will not be required, except on default, to operate, service, or maintain the facility.

(e) The bonds or instruments shall be secured in a manner that the Authority approves.

(f) Financial assistance from the Fund provided under this section may not exceed an aggregate amount of $7,500,000 for a single facility.