J. MILLARD TAWES, Governor                      471

(4)   "Local development corporation" means any corporation or
foundation no part of the net earnings of which inures to the benefit
of any private shareholder or individual organized and operated
primarily for the purposes of fostering, encouraging, and assisting
the physical location and settlement of industrial and manufactur-
ing enterprises within the State or promoting the industry of the
State.

(5)   "Maturity date" means the date on which the mortgage in-
debtedness would be extinguished if paid in accordance with periodic
payments provided for in the mortgage.

(6)   "Mortgage" means a first mortgage on an industrial project
together with the credit instruments thereby secured.

(7)   "Mortgagee" means the original lender approved by the
Authority under a mortgage, and its successors and assigns and may
include all insurance companies, trust companies, banks, building
and loan associations, credit unions, savings and loan associations,
investment companies, savings banks, individuals, executors, admin-
istrators, guardians, conservators, trustees, and other fiduciaries,
including pension, retirement, and profit-sharing funds.

(8)   "Mortgagor" means a local development corporation or a
municipality or a county, or their instrumentalities.

(9)   "Mortgage payments" mean periodic payments by the mort-
gagor to the mortgagee required by the mortgage, and may include
interest, installments of mortgage insurance premiums and hazard
insurance premiums, and such depreciation payments as may be nec-
essary to maintain the integrity of the project until the principal has
been completely amortized, or any of them as the Authority may
prescribe.

(10)   "Municipality" means a municipal corporation in Maryland
subject to the provisions of Article HE of the Constitution; and it
also means the mayor and city council of Baltimore "County" means
one of the twenty-three counties of Maryland.

266W.

(a) A municipality or county, without in any event pledging its
full faith and credit in support of a mortgage, may borrow money
and execute a mortgage as security for the purpose of defraying the
cost of acquiring any industrial project either by purchase or con-
struction, after an ordinance or resolution has been adopted by the
legislative body of the municipality or county specifying the pro-
posed undertaking, the amount of money to be borrowed and the
maximum rate of interest to be paid. The ordinance or resolution
shall further provide that the industrial project is to be acquired
pursuant to the provisions of this subheading, and shall also provide
that the industrial project is to be acquired for a bona fide tenant,
as evidenced by a letter of intent or similar agreement between the
prospective tenant and the municipality or county borrowing the
money. A municipality or county may participate fully in the provi-
sions of this subheading, for the general purposes thereof. Nothing
herein shall be construed to authorize any municipality or county to
acquire any industrial project by eminent domain.