(a) Establishment. In order to attract commercial and industrial business enterprises to the County and to encourage existing commercial and industrial enterprises in the County to expand within the County, there is hereby established the water and wastewater revolving fund within the general County capital projects fund to provide for the financing of water and wastewater capital facility connection charges in accordance with this section.
(b) Application. A commercial or industrial enterprise may apply to the Chief Administrative Officer for authorization to borrow funds from the water and wastewater revolving fund to make installment payments of capital facility connection charges for a period not to exceed five years if the commercial or industrial enterprise is new construction, a relocation, or an expansion or renovation of existing facilities and will generate significant positive impact on the County by creating new jobs, generating increased tax revenues, or meeting specific economic needs of the County.
(c) Security. Loans made under this section shall be made only to financially responsible applicants and shall be properly secured. The Chief Administrative Officer, with the advice of the Controller and the Chief Executive Officer of the Anne Arundel Economic Development Corporation, shall determine financial responsibility and shall approve the methods of securing such loans.
(d) Interest. Installment payments shall bear interest at the rate of 8% per installment.
(e) Transferability. Installment payments are transferable when the property is transferred.
(1985 Code, Art. 6, § 5-210) (Bill No. 13-89; Bill No. 23-04; Bill No. 98-20)