1166                               Laws of Maryland                        [Ch. 352

266H-1.

As an alternative procedure, a municipality or county may issue
revenue bonds pursuant to this subheading and loan the proceeds
of the sale of such revenue bonds to an industrial concern, public
service company or port facility tenant or purchaser to finance the
acquisition by such industrial concern, public service company or
port facility tenant or purchaser of cm industrial building or port
facility. In such event, the revenue bonds shall be repayable solely
from the revenue derived from payments on the loan (both principal
and interest) made by the municipality or county to such industrial
concern, public service company or port facility tenant or purchaser.

In the event the industrial building or buildings or port facility
is to be financed by a loan to any industrial concern, public service
company or port facility tenant or purchaser, (1) the provisions of
the foregoing sections of this subheading shall apply except that
the procedures shall contemplate and authorize a transaction in the
form of a loan of the revenue bond proceeds by the municipality
or county to the industrial concern, public service company or port
facility tenant or purchaser, rather than a transaction in the form
of a lease or sale of an industrial building or port facility; and (2)
the loan and any agreement or contract with respect thereto may
include such provisions as the municipality or county may deem
appropriate to effect the financing of the proposed undertaking,
including provisions providing for the subordination of such loan
to other indebtedness of any party or parties to any agreement in
connection with such loan and provisions for securing such loan by
lien or security interest on any property, or portion thereof, either
senior or junior to, or ranking equally with, any other lien, security
interest or rights of others, including any party or parties to any
agreement in connection with such loan and/or their respective
securityholders and indenture or mortgage trustees.

266-I.

(a)   If the legislative body of the municipality or county finds that
the bonds authorized will be insufficient to accomplish the purpose
desired, additional bonds may be authorized and issued in the same
manner.

(b)  Any municipality or county acquiring an industrial building
or buildings or port facility pursuant to the provisions of this sub-
heading at the time of issuing the bonds for [the acquisition] such
purposes, may provide for additional bonds for rehabilitation, re-
modelling, extensions, and permanent improvements, to be placed in
escrow and to be negotiated from time to time as proceeds for that
purpose may be necessary. Bonds placed in escrow when negotiated
[,] shall have equal standing with the bonds of the same issue.
Nothing her em contained shall be construed as requiring such escrow
in order to issue bonds under this subheading to rehabilitate, re-
model, extend and improve an industrial building or port facility.
Any bonds issued pursuant to this subheading shall have equal
standing with any bonds previously issued hereunder if, and to the
extent that, the instruments creating such obligations so provide.

(c)  The municipality or county may issue new bonds to provide
funds for the payment of any outstanding bonds, in accordance