§ (60). Reports of loans, loan guarantees, and loan insurance.

To exercise powers which may be granted by the General Assembly of Maryland under Articles XI-G, XI-H, and XI-I of the Constitution of Maryland only if the following requirements are fulfilled:

(a) Reports required.

Prior to each regular session of the General Assembly of Maryland, the Board of Estimates of the Mayor and City Council of Baltimore shall submit to each member of the General Assembly representing Baltimore City a report regarding loans and loan guarantees made during the immediately preceding fiscal year, from the proceeds of any debt created or credit extended under Article XI, Section 7 of the Constitution of Maryland or from the proceeds of any notes issued in anticipation of such proceeds, for the purposes authorized pursuant to Articles XI-G, XI-H, or XI-I of the Constitution of Maryland.

(b) Contents.

The report shall contain the following information regarding each loan of $300,000 or more, made or guaranteed as described in subsection (a); provided that the loans or loan guarantees or insurance for any particular project or the particular project itself may not be divided or split for the purpose of being exempted from the reporting requirement:

(1) the recipient of the loan, and a brief description of the purpose of the loan.

(2) the street address and a brief description of each property acquired, constructed, rehabilitated or otherwise improved with the proceeds of the loan.

(3) the amount of each loan made.

(4) the amount of each loan guaranteed and the amount of reserve maintained for each guarantee commitment.

(5) the amount and source of any other funds committed in connection with the loan.

(6) the extent of minority business participation in the proceeds of the loan, determined in accordance with the standards, terms, and conditions of the minority business enterprise program of the Board of Estimates of Baltimore City.

(7) whether and in what manner the provisions of Article VI, Section 4{Article VI, § 11} of the City Charter applied to the loan.

(8) whether and in what manner Sections 19 through 27 inclusive of the Baltimore City Code, "Contracts - Hours and Wages" {Article 5, Subtitle 25, "Hours and Wages - Service Contracts", City Code (Edition 2000)}, applied to the loan.

In this section, a loan "guarantee" or a loan "guaranteed" shall include insurance of a loan, or a loan insured.

(d) Legislative audit.

At the request of either the Speaker of the House and President of the Senate or the Joint Budget and Audit Committee to the General Assembly, the legislative auditor shall:

(1) examine, evaluate, and audit any report made under this section; and

(2) examine and evaluate any loan or loan guarantee for which a report is not made in order to determine if a report should be made for it under this section.

(e) Savings clause.

Failure to file any report required by this section does not affect the validity of any bonds or other obligations issued for the purpose of exercising any of the powers authorized by Articles XI-G, XI-H, and XI-I of the Constitution.