Section 5-527 - Financial assistance - Application procedures.
§ 5-527. Financial assistance - Application procedures.
(a) In general.- To apply for financial assistance from the Fund under § 5-525 of this subtitle, an applicant shall submit to the Authority an application on the form that the Authority provides.
(b) Contents.- The application shall:
(1) describe the project in detail;
(2) itemize known and estimated costs;
(3) specify the total amount of investment required to perform the contract;
(4) specify the amount of funds available to the applicant without financial assistance from the Authority;
(5) specify the amount of financial assistance requested from the Authority;
(6) provide information that demonstrates the inability of the applicant to obtain adequate financing on reasonable terms through normal lending channels;
(7) provide information that demonstrates the financial status of the applicant, including:
(i) a current balance sheet;
(ii) a profit and loss statement; and
(iii) credit references; and
(8) contain any other relevant information that the Authority requires.
(c) Balance sheet.- The Authority may require an applicant to provide an audited balance sheet before the Authority approves or denies the application.
(d) Delegation.- The Authority may delegate the review and approval of the application information required under subsection (b)(1), (2), and (3) of this section to the Executive Director if an applicant meets all other requirements of this section.
[An. Code 1957, art. 83A, § 5-1026; 2008, ch. 306, § 2.]