Marvin Mandel, Governor                        1439

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 266J through 266CC, inclusive, 266-O (3) AND (8) of
Article 41 of the Annotated Code of Maryland (1965 Replacement
Volume and 1970 Supplement), title "Governor—Executive and Ad-
ministrative Departments," subtitle "Department of Economic and
Community Development," subheading "Maryland Industrial Devel-
opment Financing Authority Act," be and they are hereby repealed.
AND RE-ENACTED, WITH AMENDMENTS, AND THAT NEW
SECTION 266WA BE AND IT IS HEREBY ADDED TO THE
SAID ARTICLE, SUBTITLE AND SUBHEADING OF THE CODE,
TO FOLLOW IMMEDIATELY AFTER SECTION 266W THERE-
OF, AND ALL TO READ AS FOLLOWS:

MARYLAND INDUSTRIAL DEVELOPMENT
FINANCING AUTHORITY ACT

    [266J. Short title.

This subtitle may be known as the Maryland Industrial Develop-
ment Financing Authority Act.

266K. Purpose; part of Department of Economic and Community
Development.

It is declared that a need exists for new and expanded industrial
enterprises to provide enlarged opportunities for gainful employment
by the people of Maryland and thus to insure the preservation and
betterment of the economy of the State. It is also declared that it is
in the interest of the public welfare and purpose to promote the
expansion and diversification of industry, to increase employment,
and to provide a larger taxable base for the economy of the State of

Maryland. It is further declared that a need exists to assist and

encourage local nonprofit development corporations and/or munic-
ipalities or counties in their efforts to stimulate business growth in
their communities. Therefore, the Maryland Industrial Development
Financing Authority is created as part of the Department of Eco-
nomic and Community Development to encourage the making of
mortgage loans for the purpose of furthering industrial expansion

in the State, and, thus, improve the welfare of the public for the

foregoing reasons and, by the stimulation of a larger flow of private
investment funds from banks, building and loan associations, credit
unions, savings and loan associations, insurance companies, and other
financial institutions, including pension, retirement and profit shar-
ing funds, meet the need of industrial plant expansion.

266L. Insurance of mortgage payments authorized.

The Maryland Industrial Development Financing Authority is
authorized to insure the payment of mortgage loans secured by in-
dustrial projects to the extent of thirty million dollars ($30,000,000).

266M. Organization of Authority.

(a) Creation; public instrumentality; number of members; terms.
The Maryland Industrial Development Financing Authority, here-

inafter in this subtitle called the Authority, is hereby created and

established a body corporate and politic and is constituted a public
instrumentality of the State, and the exercise by the Authority of