470                                  LAWS OF MARYLAND                          [CH. 222

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 266-0 and 266W of Article 41 of the Annotated Code
of Maryland (1965 Replacement Volume), title "Governor—Execu-
tive and Administrative Departments", subtitle "Department of
Economic Development", subheading "Maryland Industrial Develop-
ment Financing Authority Act", be and they are hereby repealed
and re-enacted, with amendments, and to read as follows:

266-O.

As used in this subtitle the following words and terms have the
following meanings and unless the context indicates another or dif-
ferent meaning or intent:

(1)   "Cost of Project" means the aggregate costs incurred after
the approval of a loan determined by the Authority to be reasonably
necessary to the construction, acquisition, rehabilitation, or improve-
ment of a project, including, without intending thereby to limit the
generality of such costs: the cost of acquiring real property there-
for; the cost of constructing or reconstructing buildings and im-
provements thereon, including, to the extent such costs are not borne
by the municipality, county, or other taxing district within which
the project is located, the cost of constructing means of access to
and from such project; the cost of constructing extensions to the
project site of existing utility systems if such costs are customarily
borne by the consumer; insurance premiums, financing charges,
interest costs, commitment fees, and other similar charges and fees
incurred prior to or during the period of construction, rehabilita-
tion, or improvement; any fees or charges imposed by the Authority
in respect to an application for a mortgage loan; the cost of prepar-
ing project specifications, surveys, estimates, applications, and other
documents; and all such other costs, charges, fees, and expenses,
including labor costs, overhead costs, the costs of materials and
supplies, and engineering and legal expenses, as may be reasonably
incident to the construction, acquisition, rehabilitation, or improve-
ment of the project; furthermore, the term "cost of project" includes
the cost of any machinery or equipment to be used by the project
occupant in its industrial or manufacturing operations or any
expenses related to the installation, replacement, or rehabilitation
thereof [, not to exceed twenty per centum (20%) of the total cost
of project].

(2)   "Federal agency" means the United States of America, the
President of the United States of America, and any department of,
or corporation, agency or instrumentality heretofore or hereafter
created, designated or established by, the United States of America.

(3)   "Industrial project" means (i) a new industrial or manufac-
turing plant for the construction of which a mortgage loan guar-
antee is sought from the Authority; or (ii) a former industrial or
manufacturing plant for the acquisition, rehabilitation, or improve-
ment of which a mortgage loan is sought from the Authority; or
(iii) buildings used primarily for storage or transshipment of man-
ufactured goods; or (iv) buildings to be used for research and devel-
opment for the discovery and perfection of new processes and prod-
ucts. However, "industrial project" shall not be deemed to include
a mercantile or service establishment.