(a) Waiver of bond vote. A hardship municipality may receive a loan for an eligible project that includes a loan subsidy of up to $200,000.00 in the form of 100 percent principal forgiveness with no interest or administrative fee from funds authorized in subdivision 4753(a)(3) of this title, subject to the availability of such loan subsidy. Notwithstanding the provisions of subdivision 4755(a)(3) of this title, the loan is not required to be evidenced by a municipal bond up to the amount to be forgiven.

(b) Waiver of reimbursement method required in statute. Notwithstanding the provisions of subsection 4755(b) of this title, loan funds may be disbursed to a hardship municipality for its approved project upon receipt by the Department of eligible project invoices without prior payment by the municipality. (Added 2019, No. 72, § E.700.1.)