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Maryland Manual, 1973-74
Volume 176, Page 229   View pdf image (33K)
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of access roads. The Maryland portion of the highway system consists
of 79.8 miles. For non-highways, the Act authorized appropriations
for the 1974 and 1975 Fiscal Years amounting to $294,000,000.
The Commission is not an operating agency. Its major function is
the planning and coordination of programs and projects to be carried
out under the Act by the appropriate Federal and State departments
and agencies. The Commission can act only on those programs and
projects which are submitted to it by State members. Its decisions
require the affirmative vote of the Federal Co-Chairman and of a
majority of State members.
Chairman: Austin E.Penn, 1977
Vice Chairman: Raymond S. dark, 1978
Ex officio members: Joseph G. Anastasi, Secretary of Economic
and Community Development and J. Millard Tawes, State
Appointed members: Carl M. Freeman, 1974; Nicholas F. Mueller,
1976; Lloyd S. Mailman, 1976.
Oliver H. Fulton, Executive Director and Secretary
George Van Buskirk, Assistant Executive Director and
Assistant Secretary
1223 Munsey Building
Baltimore, Maryland 21202 Telephone: (301) 383-4348,4349
The Maryland Industrial Development Financing Authority was
created by Chapter 714, Acts of 1965. The Authority consists of five
members appointed by the Secretary of Economic and Community
Development with the approval of the Governor, and the Secretary
of Economic and Community Development or his designee together
with either the State Treasurer or Comptroller of the Treasury (as
chosen by the Governor), the latter two serving as ex-officio members.
The Authority elects its own officials and appoints the Executive
Director who also serves as the Secretary.
MIDFA encourages economic growth by providing state insurance
for industrial mortgage loans under certain conditions and, in turn,
providing counties and municipalities with a financing tool to make
them competitive with surrounding states in attracting new industry
and stimulating the growth of existing industry. This goal is achieved
without direct subsidy or pledge of faith or credit by either the state
or local government, except to the extent that the state has provided
a reserve fund of approximately $12,000,000 to support MIDFA in-
surance of loans. The fund (called the Industrial Project Mortgage
Insurance Fund) is comprised of the proceeds of bonds issued by the
State together with insurance premiums and other income.
A basic prerequisite for MIDFA participation is that new jobs and
new taxes be created for Maryland in the process. In its evaluation,
the Authority must place considerable weight on the relative economic
impact of each project for which loan insurance is sought. This con-
tribution together with the credit worthiness of the company and the
collateral value of the land, building, and equipment being financed
form the major bases for approval or disapproval by the authority.
MIDFA may insure first mortgage loans on land and buildings up
to 90% of their total cost, with maturities of up to 25 years. However,
the maturities on insured real estate loans to date have ranged from

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Maryland Manual, 1973-74
Volume 176, Page 229   View pdf image (33K)
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