Section 5-332 - Use of grants; reversion to Department.
§ 5-332. Use of grants; reversion to Department.
(a) Use of grants.- A local government shall use a grant under this part:
(1) to provide loans or loan guarantees, or to subsidize the interest rate on loans, for financing economic development projects; or
(2) to provide loans to small businesses.
(b) Reversion to Department.- The Department may require that money from a grant under this part be returned to the Department if the local economic development fund is inactive for more than 2 years after the grant is made.
[An. Code 1957, art. 83A, § 5-1407(d); 2008, ch. 306, § 2.]