Line of Credit Authorized

(a)The Host Community Fund may be encumbered as collateral for a loan or line of credit to advance its community benefit projects as described in § 51403 of this Article. The Municipal Planning Council of the Host Community is authorized to enter into such agreements necessary for the acquisition of the loan or line of credit, with any lending institution chosen under the applicable procurement rules, regulations and policies. Neither the Host Community nor the employees of the Municipal Planning Council of the Host Community shall incur any personal liability for any loan agreement lawfully entered into.

(b)The Municipal Planning Council of the Host Community may utilize the services of the GEDA in the securing of any financing or line of credit authorized in this Section, and any fees for GEDA’s services if utilized are hereby waived.