§ 27-8 Termination of Program.
Published by the Baltimore City Department of Legislative Reference.
Balt., Md., Pub. Local Laws § 27-8 (2026)
§ 27-8 Termination of Program.LinkCopy Citation
(a)City may terminate.
The City, in its sole and absolute discretion, may terminate the Program and cease to make equity investments and loans and to guarantee loans pursuant to <cite data-path="27">this subtitle</cite>.
(b)Liquidation of investments.
Prior to the termination of the Program, all outstanding equity investments shall be liquidated on terms most favorable to the City and the net proceeds thereof shall be deposited in the Fund.
(c)Post-termination activities.
Following termination of the Program, the City shall continue:
(1)
to service from the Fund all outstanding loans and loan guaranties made by the City pursuant to <cite data-path="27">this subtitle</cite> prior to the termination of the Program in accordance with their respective terms;
(2)
to deposit in the Fund all repayments of principal of an <em>{and} </em>interest on all outstanding loans made by the City pursuant to <cite data-path="27">this subtitle</cite> prior to the termination of the Program and any proceeds from the sale, lease, rental or other disposal of property, goods or other collateral held or acquired by the City to secure the repayment of a loan made or guaranteed by the City pursuant to <cite data-path="27">this subtitle</cite> prior to the termination of the Program;
(3)
to pay from the Fund, as and when due, any obligations entered into by the City with respect to any loan guaranty made by the City pursuant to <cite data-path="27">this subtitle</cite> prior to the termination of the Program; and
(4)
to pay from the Fund all expenses incurred by the City in administering the Fund.
(d)Fund excess to general fund.
At such time as all loans made, and all obligations entered into, by the City pursuant to <cite data-path="27">this subtitle</cite> prior to the termination of the Program have been paid, satisfied or otherwise terminated, all moneys remaining in the Fund shall be paid over to the general fund of the City.