§ 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.