Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 9-303
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 9-303
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
(a) The Board shall determine the form of the independent legal entity constituting the Fund in accordance with the organizational documents of the Fund.
(b) In accordance with the organizational documents of the Fund, an entity contributing money to the Fund may be entitled to receive:
(1) interests in the Fund in proportion to the entity’s contribution, in an amount and in a form that the Board determines; and
(2) a return on its contribution to the Fund based on:
(i) the entity’s share; and
(ii) a fixed rate of return or the amount of any dividends, royalties, or other earnings of the Fund, or on another formula and in a form that the Board determines.