1390                             Laws of Maryland                      [Ch. 463

State Department of Assessments and Taxation, which shall have
the power to order the appeal tax court to reassess such property
and to have the same entered on the assessment books.]

From and after July 1, 1972, the Director of Assessments for
Baltimore City appointed by the Mayor under the provisions of
Section 17 of Article VII of the Charter of Baltimore City (1964
Revision), shall perform the duties heretofore performed by the
supervisor of assessments of Baltimore City. All references in any
existing law to the supervisor of assessments for Baltimore City
shall be deemed to mean the Director of Assessments for Baltimore
City.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1972.

Approved May 26, 1972.

CHAPTER 463
(Senate Bill 807)

AN ACT to repeal and re-enact, with amendments, Section 266T of
Article 41 of the Annotated Code of Maryland (1971 Replace-
ment Volume), title "Governor—Executive and Administrative
Departments," subtitle "25. Department of Economic and Com-
munity Development," subheading "Maryland Industrial Devel-
opment Financing Authority Act," to limit the Maryland Indus-
trial Development Financing Authority from insuring mortgages
aggregating in excess of 20% of industrial project mortgage
insurance fund. TO FIX THE LIMITS OF THE MORTGAGE
INSURANCE POWER OF THE MARYLAND INDUSTRIAL
DEVELOPMENT FINANCING AUTHORITY IN RELATION
TO THE FUNDS AVAILABLE FOR INSURANCE OF MORT-
GAGES.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 266T of Article 41 of the Annotated Code of Mary-
land (1971 Replacement Volume), title "Governor—Executive and
Administrative Departments," subtitle "25. Department of Eco-
nomic and Community Development," subheading "Maryland Indus-
trial Development Financing Authority Act," be and it is hereby
repealed and re-enacted, with amendments, to read as follows:

266T.

The Authority, upon application of the proposed mortgages,
MORTGAGORS, may insure mortgage payments required by a first
mortgage on any industrial project, upon such terms and conditions
as the Authority may prescribe, provided the aggregate amount of
principal obligations of all mortgages so insured outstanding at any
one time shall not exceed thirty million dollars ($30,000,000), or an
amount equal to 20% of the current balance FIVE TIMES THE
BALANCE in the industrial project mortgage insurance fund,
whichever is less. To be eligible for insurance under the provisions
of this subtitle a mortgage shall: