Section 5-573 - Application. - Maryland Statutes

§ 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.]