844                                        LAWS OF MARYLAND                                Ch. 398

"Maryland Industrial Development Financing Authority Act," be and [[it is]]
they are hereby repealed and re-enacted with amendments, and all to read as
follows:

266-O.

(3) "Industrial project" means (i) a new industrial or manufacturing plant for
the construction of which a mortgage loan guarantee is sought from the Authority;
or (ii) a former industrial or manufacturing plant for the acquisition, rehabilitation,
or improvement of which a mortgage loan is sought from the Authority; or (iii)
buildings used primarily for storage or transshipment of manufactured goods; or
(iv) buildings to be used for research and development for the discovery, perfection,
and/or evaluation of new processes and/or products; or (v) the construction,
acquisition, rehabilitation, or improvement of tourist industry facilities including
hotels, inns, lodges, resort complexes, restaurants, marinas, campgrounds,
travel-trailer parks, AMUSEMENT, RECREATION AND ENTERTAINMENT
FACILITIES and other facilities used by tourists [which] AND
CONVENTIONEERS. PROVIDED THAT THE AUTHORITY
DETERMINES THAT THE FACILITIES WILL BE USED PRIMARILY BY
TOURISTS OR CONVENTIONEERS AND FURTHER PROVIDED THAT
THE AUTHORITY DETERMINES THAT such facilities fill an established need
in the overall development or expansion of a municipality's, county's, or region's
tourist industry and/or convention business. However, "industrial project" shall
not be deemed to include a mercantile or RETAIL ESTABLISHMENT NOR
DOES IT INCLUDE A SERVICE ESTABLISHMENT UNLESS THE
SERVICE ESTABLISHMENT IS DIRECTLY RELATED AND NECESSARY
TO TOURIST INDUSTRY FACILITIES AS HEREIN DEFINED AND IS
TO BE USED PRIMARILY BY TOURISTS. [non-tourist industry service
establishment.] This term shall also mean office buildings for use as corporate or
company headquarters or regional offices providing the Authority deems the
economic impact of the project to be substantial. The financing, construction,
operation, and administration of an industrial project under this subtitle shall be
subject to the provisions concerning discrimination and unlawful practices in
Article 49B of this Code, title "Human Relations Commission."

266T.

The Authority, upon application of the proposed 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
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:

(1)   Be one which is made by a mortgagor as defined herein and held by a
mortgagee approved by the Authority;

(2)  Involve a principal obligation, including initial service charges and appraisal,
inspection and other fees approved by the Authority, not to exceed four million
dollars ($4,000.000) for any one project and not to exceed ninety (90) percent of
the cost of the project (as defined in § 266-O) as to real property, nor seventy (70)
percent of the cost of the project (as defined in § 266-O) as to machinery and
equipment. FOR A PROJECT DEFINED IN ITEM (V) OF SECTION 266-O
(3), THE NINETY (90) PERCENT LIMIT IMPOSED BY THIS
PARAGRAPH SHALL BE REDUCED TO SIXTY (60) PERCENT IF, AS
DETERMINED BY THE SECRETARY OF THE DEPARTMENT OF