Sec. 10-173.08. Issuance, maintenance, and administration of loans

The County Executive for Prince George's County, Maryland, is hereby empowered and authorized to make deep well loans under the provisions of this Division and the rules and regulations prepared and approved pursuant hereto, and to take any legal actions necessary for the collection of delinquent loan repayments.

All loans made by the County Executive for the purposes set forth under this Division shall be made out of the County's Deep Well Loan Fund only.

Prior to the making of any loan hereunder the County Executive shall prepare rules and regulations governing the maintenance and administration of the fund and the making of loans therefrom, and shall forward the same to the County Council for approval by resolution. Said rules and regulations shall include, at a minimum, stipulations regarding additional eligibility requirements as deemed necessary and appropriate; other terms and conditions of the loans, including the interest rate to be charged thereon; and the agency or agencies of County government to be charged with the administration and maintenance of the loan program. Any subsequent amendments to said rules and regulations, as may be necessary from time to time, shall be initiated and approved in the aforesaid manner.