350                               Laws of Maryland                        [Ch. 99

nonprofit Maryland corporation, or, should the Allegany County Eco-
nomic Development Corporation cease to exist, any nonprofit, non-
stock corporation created under the provision of Article 23 of the
Annotated Code of Maryland (1966 Edition), the Charter of which
shall restrict its activities to the purposes mentioned in subsection
(b) of this section.

(b) The County is hereby authorized and empowered to raise,

contribute and deliver to the economic development corporation oper-

ating within the County whatever sums of money it may deem

proper to be used and applied by the corporation, subject to the

approval of the County Commissioners of Allegany County, exclu-
sively for the following purposes: To provide loans for business and

industry which may seek to locate or expand existing facilities in

Allegany County; and to provide for the purchase and development
of industrial sites.

(B) AUTHORITY TO PROVIDE FUNDS FOR ECONOMIC
DEVELOPMENT PURPOSES.

I. THE COUNTY IS HEREBY AUTHORIZED AND EMPOW-
ERED TO RAISE, CONTRIBUTE AND DELIVER TO THE ECO-
NOMIC DEVELOPMENT CORPORATION OPERATING WITHIN
THE COUNTY SUCH SUMS OF MONEY AS IT MAY DEEM
PROPER TO BE USED AND APPLIED BY SAID CORPORA-
TION EXCLUSIVELY FOR ONE OR MORE OF THE FOLLOW-
ING PURPOSES AS DETERMINED AND AUTHORIZED BY
THE COUNTY COMMISSIONERS FROM TIME TO TIME: TO
ASSIST AND, THROUGH THE CO-OPERATIVE EFFORTS OF
THE INSTITUTIONS AND CORPORATIONS WHICH SHALL
FROM TIME TO TIME OFFER ASSISTANCE, TO DEVELOP
AND ADVANCE THE BUSINESS PROSPERITY AND ECO-
NOMIC WELFARE OF THE COUNTY MAKING THE GRANT;
TO ENCOURAGE AND ASSIST IN THE LOCATION OF NEW
BUSINESS AND INDUSTRY IN SAID COUNTY AND TO RE-
HABILITATE OR EXPAND EXISTING BUSINESSES AND IN-
DUSTRIES; TO STIMULATE AND ASSIST IN THE EXPAN-
SION OF ALL KINDS OF BUSINESS ACTIVITY WHICH WILL
TEND TO PROMOTE THE BUSINESS DEVELOPMENT AND
MAINTAIN THE ECONOMIC STABILITY OF SAID COUNTY;
TO PROVIDE MAXIMUM OPPORTUNITIES FOR EMPLOY-
MENT; TO CO-OPERATE AND ACT IN CONJUNCTION WITH
OTHER PUBLIC OR PRIVATE ORGANIZATIONS, THE OB-
JECTS OF WHICH ARE THE PROMOTION AND ADVANCE-
MENT OF ECONOMIC DEVELOPMENT IN SAID COUNTY;
TO FURNISH MONEY AND CREDIT, AND TO LOAN MONEY
AND CREDIT, TO APPROVED AND DESERVING APPLI-
CANTS, FOR THE PROMOTION, DEVELOPMENT OR CON-
DUCT OF ALL KINDS OF BUSINESS AND INDUSTRIAL AC-
TIVITY IN THE COUNTY; AND, TO ACQUIRE AND DEVELOP
IN ANY MANNER LAND FOR INDUSTRIAL OR BUSINESS
SITES,

(c) Borrowing by bonds or other certificates of indebtedness shall
be as follows:

1. The County may borrow at one time or from time to time,
upon the full faith and credit of Allegany County, and to issue and
sell at one time or from time to time its bonds or other certificates
of indebtedness in connection with the borrowing by it upon its full