Sec. 10-288. Financial assistance - requirements
Codified through Bill No. CB-018-2026, adopted May 12, 2026, effective July 24, 2026. Source: Municode, Supplement 2026 Update 2. Editorial notes and legislative history omitted.
Prince George's County, Md., Code § 10-288 (2026)
Sec. 10-288. Financial assistance - requirementsLinkCopy Citation
(a)
Limits. The Chief Administrative Officer, or his designee, may make an award of financial assistance from the Fund in the form of a loan, guarantee, or grant to businesses for the cost of:
(1)
the acquisition of land and buildings;
(2)
the construction, reconstruction, rehabilitation, repair, and improvement of buildings;
(3)
the cost of acquisition of machinery and equipment;
(4)
working capital;
(5)
equity investments; and
(6)
other uses as determined to be appropriate by the Chief Administrative Officer or his designee.
(b)
Term - Maximum of 10 years.
(1)
The term of a loan or guarantee made under this Division may not exceed 10 years.
(2)
Exception. The 10-year term limitation under Subsection (b) (1) of this Section may be waived and not apply to funding for special projects that are a significant economic opportunity consistent with the Fund's purpose.
(c)
Security for loans and guarantees. To perfect and protect the County's financial position, the Chief Administrative Officer, or his designee, shall require the recipient of a loan or guarantee under this Division to secure the loan or guarantee by:
(1)
Appropriate notes;
(2)
Security agreements;
(3)
Financing statements;
(4)
Equity pledges;
(5)
Mortgages or deeds of trust; or
(6)
Any other documents or instruments.
(d)
Compliance with Conditions of Award. If a recipient of financial assistance from the Fund fails to comply with the terms and conditions of an award, any renegotiation of the award or the exercise of any clawback provisions requiring full or partial repayment of the financial assistance that are part of the award are subject to the provisions of Section 10-287(e) of this Division.
(e)
Annual examination of books.
(1)
The Chief Administrative Officer, or his designee, may require the recipient of financial assistance under this Division to have an annual audit of its books, accounts, and records by a certified public accountant.
(2)
The recipient shall deliver copies of the audit to the Chief Administrative Officer, or his designee, and to the County Auditor.
(3)
If the recipient fails to arrange the audit, the Chief Administrative Officer, or his designee, may examine, at the expense of the recipient, the accounts and books of the recipient, including its receipts, disbursements, contracts, leases, investments, and any other matters relating to its finances, operation, and affairs.
(f)
Report to Council.
(1)
The Chief Administrative Officer, or his designee, shall provide each member of the County Council with a quarterly report that outlines the financial assistance that has been provided and the overall performance of the Fund.
(2)
The report prepared by the Chief Administrative Officer shall include information about the compliance of the award recipient with the terms and conditions of the award and the provisions of this Title, including compliance with the provisions of Sec. 10-284 (Purposes and Priorities of the Fund) of this Title.
(g)
County Auditor Reviews for Compliance. The County Auditor may regularly review the performance of financial assistance awards from the Fund for compliance with the terms and conditions negotiated by the Chief Administrative Officer.