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2017 Maryland Code
State Government
Title 9 - Miscellaneous Executive Agencies
Subtitle 20A - The Jane E. Lawton Conservation Loan Program
§ 9-20A-06. General provisions regarding loans
Universal Citation: MD State Govt Code § 9-20A-06 (2017)
- (a) Use. -- Loans from the Fund may be used for:
- (1) the costs of implementing projects, including the costs of all necessary:
- (i) technical assessments;
- (ii) studies;
- (iii) surveys;
- (iv) plans and specifications; and
- (v) start-up, architectural, engineering, or other special services;
- (2) the costs of procuring necessary technology, equipment, licenses, or materials; and
- (3) the costs of construction, rehabilitation, or modification, including the purchase and installation of any necessary machinery, equipment, or furnishings.
- (1) the costs of implementing projects, including the costs of all necessary:
- (b) Contribution. -- Each borrower shall make a contribution to a project that is of a type and amount acceptable to the Administration.
- (c) Documentation of anticipated energy cost savings. -- The borrower must document that the anticipated energy cost savings to the borrower over a defined period according to a methodology acceptable to the Administration after the completion of the project are greater than the total cost of the project to the borrower.
- (d) Repayment and interest. -- Loans made under the Program shall:
- (1) be repayable by the borrower from specified revenues that may include the energy cost savings generated by a project;
- (2) bear interest at a rate that the Administration determines to be necessary and reasonable for the project; and
- (3) be repayable in accordance with a schedule that the Administration sets, which may be on a deferred payment basis.
- (e) Assurances for repayment. --
- (1) A borrower shall provide assurances for the repayment of a loan.
- (2) The assurances:
- (i) shall include a promissory note; and
- (ii) may include superior or subordinate mortgage liens, guarantees of repayment, or other forms of collateral.
- (f) Other financial assistance. -- Loans may be made in conjunction with, or in addition to, financial assistance provided through other State or federal programs.
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