equipment or retrofitting existing facilities with new or
high demand technologies ; and
(2) grants to assist area vocational-technical schools
and school districts offering approved vocational-technical
education programs in purchasing machinery and equipment.
§ 2904. Machinery and Equipment Loan and Grant Fund.
(a) Creation.--There is created a special account in the
Treasury Department, to be known as the Machinery and Equipment
Loan and Grant Fund, to which shall be credited all program
appropriations made by the General Assembly, all proceeds from
loan repayments and any and all other deposits, payments or
contributions from any other source made available to the fund.
The fund shall operate as a revolving fund whereby all
appropriations, payments and interest made thereto may be
applied and reapplied to the purposes of this chapter.
(b) Credits to fund.--All appropriations, deposits and
contributions made to the fund shall be immediately credited in
full to the fund, and earnings on the moneys held in the fund
shall also be credited to the fund for the purposes of this
chapter.
(c) Amount of grants.-- For the 2018-2019 school year and
each school year thereafter, the authority shall provide no more
than $5,000,000 of grants to area vocational-technical schools
and school districts under this chapter.
§ 2905. Eligibility for loans; terms and conditions.
(a) Loans; general rules.--The authority may make advances
from the fund, subject to the terms, conditions and restrictions
provided under this chapter, for the purpose of making loans to
business enterprises involved in industrial processes, mining,
manufacturing, production agriculture, information technology,
20170SB0924PN1392 - 3 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30