{"data":{"id":"us-md/md.-code-environment-9-278","jurisdiction":"us-md","citation":"Md. Code, Environment § 9–278","heading":"","body":"(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.\n(b) A State loan extended under this subtitle:\n(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\n(2) Shall be repaid within 30 years.\n(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:\n(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\n(2) The Board of Public Works determines that there is a reasonable assurance of repayment of the loan obligation.\n(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.\n(e) State financial assistance under § 9–275(b)(3) of this subtitle may not exceed 50 percent of the eligible costs.","path":["Article - Environment"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gen\u0026section=9-278","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:58Z","sha256":"d9522312f58245255bd2fa80d4e04bd6d8333edbc35bfc51dd1c81c5e209ac99","source_id":"us-md","stale":false,"prev":"us-md/md.-code-environment-9-277","next":"us-md/md.-code-environment-9-281"},"notice":"GroundRules: Original legal text. Not legal advice."}