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<section article="gec" article_name="Economic Development" number="5-430" title_number="5" title_name="Economic Development and Financial Assistance Programs" subtitle_number="4" subtitle_name="Maryland Industrial Development Financing Authority">
  <level label="a">
    <text>If the requirements of this section are satisfied, and subject to § 5-432 of this subtitle, the Authority may use the Fund to:</text>
    <level label="1">
      <text>insure the payment of any of the principal of, redemption or prepayment premiums or penalties on, and interest on:</text>
      <level label="i">
        <text>bonds; and</text>
      </level>
      <level label="ii">
        <text>any instrument executed, obtained, or delivered in connection with the issuance and sale of bonds; and</text>
      </level>
    </level>
    <level label="2">
      <text>pay or insure the payment of fees or premiums for insurance, guarantees, or other credit support in connection with financial assistance under this subtitle.</text>
    </level>
  </level>
  <level label="b">
    <text>Based on factors it considers relevant, the Authority shall determine, in its sole discretion, that the economic impact of the transaction will be substantial.</text>
  </level>
  <level label="c">
    <text>The Authority shall find:</text>
    <level label="1">
      <text>that the acquisition or improvement of a facility will not result in:</text>
      <level label="i">
        <text>the removal from one county to another county of the business operations of the facility user; or</text>
      </level>
      <level label="ii">
        <text>the abandonment of a facility in the State; or</text>
      </level>
    </level>
    <level label="2">
      <text>if the acquisition or improvement will result in removal or abandonment, that the acquisition or improvement will:</text>
      <level label="i">
        <text>discourage the facility user from leaving the State; or</text>
      </level>
      <level label="ii">
        <text>preserve the competitive position of the facility user in its industry.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <text>The Authority shall find that the Authority will not be required, except on default, to operate, service, or maintain the facility.</text>
  </level>
  <level label="e">
    <text>The bonds or instruments shall be secured in a manner that the Authority approves.</text>
  </level>
  <level label="f">
    <text>Financial assistance from the Fund provided under this section may not exceed an aggregate amount of $7,500,000 for a single facility.</text>
  </level>
</section>
