1046                           LAWS OF MARYLAND                     [CH. 419

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 2, 1969.

CHAPTER 419
(Senate Bill 565)

AN ACT to repeal subsections (b), (c), (d), (e), (f), (g), (h), (i),
and (j) of Section 266Z of Article 41 of the Annotated Code of
Maryland (1965 Replacement Volume, 1968 Supplement), title
"Governor—Executive and Administrative Departments," subtitle
"Department of Economic Development," subheading "Maryland
Industrial Development Financing Authority Act," and to repeal
and re-enact, with amendments, Sections 266L, 266-0 (3), 266R
(a), 266U, and 266Z (k) of the same Article, title and subtitle,
eliminating the pledge of the faith and credit of the State of Mary-
land with respect to guarantees of mortgages for industrial facili-
ties by the Authority, amending the definition of "industrial
project," clarifying the obligation of the Authority in the event
of default, providing, under certain conditions, for the waiver of
mortgage insurance premiums for industrial facilities built in
counties of high unemployment, eliminating the right of the
Authority to request a State loan to supplement the mortgage
insurance fund, and relating generally to the Maryland Industrial
Development Financing Authority.

Section 1. Be it enacted by the General Assembly of Maryland,
That subsections (b), (c), (d), (e), (f), (g), (h), (i), and (j) of
Section 266Z of Article 41 of the Annotated Code of Maryland (1965
Replacement Volume, 1968 Supplement), title "Governor—Executive
and Administrative Departments," subtitle "Department of Eco-
nomic Development," subheading "Maryland Industrial Development
Financing Authority Act," be and they are hereby repealed; and that
Sections 266L, 266-0 (3), 266R (a), 266U, and 266Z (k) of the same
Article, title and subtitle, be and they are hereby repealed and re-en-
acted, with amendments, and to read as follows:

266L.

The Maryland Industrial Development Financing Authority is
authorized to insure the payment of mortgage loans secured by indus-
trial projects [, and to this end the faith and credit of the State are
hereby pledged] to the extent of thirty million dollars ($30,000,000).

266-O.

(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, and/or evaluation of