§ 9–278
Statutes in effect as of October 1, 2026.
Md. Code Ann., Envir. § 9-278 (2026)
Title 9. Water, Ice, and Sanitary Facilities
Subtitle 2. Regulation by State
§ 9–278LinkCopy Citation
(a)
To the extent not inconsistent with this subtitle, a grant, or loan, or loan guarantee agreement shall contain those conditions that the Secretary requires by regulation and that the Board of Public Works requires on a specific application for financial assistance in order to achieve the goals of this subtitle and to otherwise protect the interests of the State.
(b)
A State loan extended under this subtitle:
(1)
Shall bear at least the same rate of interest as the most recent State general obligation bond sale preceding the date of approval by the Board of Public Works; and
(2)
Shall be repaid within 30 years.
(c)
A loan guarantee of the principal of or interest on any commercial loan or obligation to finance the eligible cost of a project under this subtitle may only be made if:
(1)
The applicant certifies that the applicant is unable to obtain on reasonable terms sufficient credit to finance its actual needs without the guarantee; and
(2)
The Board of Public Works determines that there is a reasonable assurance of repayment of the loan obligation.
(d)
The eligible cost of a project for State financial assistance under § 9–275(b)(3) of this subtitle may include only the costs of plans, specifications, equipment, construction, and rehabilitation or improvement as approved by the Department.
(e)
State financial assistance under § 9–275(b)(3) of this subtitle may not exceed 50 percent of the eligible costs.