Maryland Code, Economic Development § 5-573

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) To apply for financial assistance from the Program under this part, a principal and, if applicable, a surety shall submit to the Authority an application on the form that the Authority provides.

(b) The application shall include:

(1) a detailed description of the project;

(2) an itemization of known and estimated costs;

(3) the total investment required to perform the contract;

(4) the working capital available to the principal;

(5) the bonding assistance sought;

(6) information that demonstrates the inability of the principal to obtain adequate bonding on reasonable terms and conditions through normal channels without assistance from the Program;

(7) a current balance sheet, a profit and loss statement, and credit references about the financial status of the principal;

(8) a schedule of the status of existing and pending contracts; and

(9) any other relevant information the Authority requests.

(c) The Authority may require an applicant to provide an audited balance sheet before the Authority approves or denies the application.

(d) The Authority may not approve a guaranty or bond under this part for a principal that has defaulted on a loan or guaranty from the Authority unless:

(1) 2 years have passed since the time of the default; and

(2) the principal has cured any default in any financing program administered by the Department.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-573 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-573/

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