J. MILLARD TAWES, Governor                      493

velopment", to follow immediately after Section 266 thereof, and to
be under the new sub-heading "Industrial Buildings for Counties and
Municipalities", and all to read as follows:

Industrial Buildings for Counties and Municipalities
266A.

(a)  As used in this sub-heading, the term "industrial building"
or "buildings" means any building or structure suitable for or
intended for use as a factory, mill, shop, processing plant, research
and/or development laboratory, assembly plant, or fabricating plant,
and/or the necessary operating machinery and equipment, to be
rented or leased to an industrial concern by the municipality or
county by which it is acquired. The term also means the land or site
necessary or desirable for the building or structure, together with
access roads, utilities, and other necessary facilities.

(b)  "Municipality" means a municipal corporation in Maryland
subject to the provisions of Article 11E of the Constitution; and it
also means the Mayor and City Council of Baltimore. "County"
means one of the twenty-three counties of Maryland.

266B. In order to relieve conditions of unemployment and to
encourage the increase of industry in this State, any municipality or
county may borrow money by issuing negotiable bonds for the pur-
pose of defraying the cost of acquiring any industrial building or
buildings, either by purchase or construction, but only after an ordi-
nance or resolution has been adopted by the legislative body of the
municipality or county specifying the proposed undertaking, the
amount of bonds to be issued, and the maximum rate of interest the
bonds are to bear. The ordinance or resolution shall further provide
that the industrial building is to be acquired pursuant to the provi-
sions of this sub-heading. , AND SHALL ALSO PROVIDE THAT
THE INDUSTRIAL BUILDING IS TO BE ACQUIRED FOR A
BONA FIDE TENANT, AS EVIDENCED BY A LETTER OF
INTENT OR SIMILAR AGREEMENT BETWEEN THE PROS-
PECTIVE TENANT AND THE MUNICIPALITY OR COUNTY
ISSUING THE BONDS. NOTHING HEREIN SHALL BE CON-
STRUED TO AUTHORIZE ANY MUNICIPALITY OR COUNTY
TO ACQUIRE ANY INDUSTRIAL BUILDING OR BUILDINGS
BY EMINENT DOMAIN.

266C.

(a)  The bonds may be issued to bear interest at a rate not to
exceed six percent per annum, payable either annually or semi-
annually, and shall be executed in such manner and be payable at
such times not exceeding twenty-five years from date thereof and at
such place or places as the legislative body of the municipality or
county determines.

(b)  The bonds may provide that they or any of them may be called
for redemption prior to maturity, on interest payment dates not
earlier than one year from the date of issuance of the bonds, at a
price not exceeding 103 (assuming par value to be 100) TO EX-
CEED PAR VALUE and accrued interest, under conditions fixed by
the legislative body of the municipality or county before issuing the
bonds.