Section 5-573 - Application.
§ 5-573. Application.
(a) In general.- 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) Contents.- 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) Audited balance sheet.- The Authority may require an applicant to provide an audited balance sheet before the Authority approves or denies the application.
(d) Effect of previous default.- 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.
[An. Code 1957, art. 83A, § 5-1038; 2008, ch. 306, § 2.]