Ch. 399                            MARVIN MANDEL, Governor                                  845

ECONOMIC AND COMMUNITY DEVELOPMENT, THERE IS NO
EXISTING TOURIST DEVELOPMENT PROGRAM OF THE COUNTY OR
MUNICIPALITY WHERE THE PROJECT IS LOCATED, OR TO EIGHTY
(80) PERCENT IF, AS DETERMINED BY THE SECRETARY, THERE IS
AN EXISTING TOURIST DEVELOPMENT PROGRAM OF SUCH
COUNTY OR MUNICIPALITY;

(3)   Have a maturity satisfactory to the Authority but in no case later than
twenty-five (25) years from the date of the insurance except in the case of
machinery and equipment, for which the maturity is to be no more than fifteen
(15) years from the date of the insurance but in no case beyond the normal useful

life of the machinery and equipment.

(4)   Contain complete amortization provisions satisfactory to the Authority
requiring periodic payments by the mortgagor which may include principal and
interest payments, cost of local property taxes and assessments or payments in lieu
thereof, land-lease rentals if any, hazard insurance on the property, such mortgage
insurance premiums as are required under §266U, and such depreciation payments
as may be necessary to maintain the integrity of the project until principal has been
completely amortized, all as the Authority from time to time prescribes or
approves.

(5)   Be in such form and contain such terms and provisions with respect to
property insurance, repairs, alterations, payment of taxes and assessments or
payments in lieu thereof, default reserves, delinquency charges, default remedies,
anticipation of maturity, additional and secondary liens, and other matters as the
Authority may prescribe.

(6)  Not have a maturity later than the initial term of the lease of the property
on which the mortgage is granted; provided, however, that this shall in no way
preclude the prepayment of any mortgage so insured."

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved May 21, 1973.

CHAPTER 399
(Senate Bill 451)

AN ACT to [[repealed 11 repeal and re-enact, with amendments, Sections 266L
[[and 266T]] , 266T and 266W(a) of Article 41 of the Annotated Code of
Maryland (1971 Replacement Volume and 1972 Supplement), title "Governor -
Executive and Administrative Departments," subtitle "25. Department of
Economic and Community Development," subheading "Maryland Industrial
Development Financing Authority Act," to increase, within certain other fixed
limitations , [[to $60,000,000]] the aggregate amount of principal obligations
of all mortgages insured by the Authority which may be outstanding at any one
time, [[and]] to increase, within certain other fixed limitations, [[to
$5,000,000]] the amount of a principal obligation of such an insured mortgage
for any one project [[as defined in the subheading]] and to clarify the
procedures for participation by municipalities and counties in the Maryland and
Industrial Development Financing Authority Act.