1466                                            LAWS OF MARYLAND                         [Ch. 362

Annotated Code of Maryland

(1971 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 266K, 266-0(1), 266-0(3) of
Article 41 - Governor — Executive and Administrative
Departments, of the Annotated Code of Maryland (1971
Replacement Volume and 1973 Supplement) be and they are
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 41 — Governor — Executive and
Administrative Departments

266K.

It is declared that a need exists for new and
expanded industrial enterprises to provide enlarged
opportunities for gainful employment by the people of
Maryland and thus to insure the preservation and
betterment of the economy of the State. It is also
declared that it is in the interest of the public welfare
and purpose to promote the expansion and diversification
of industry, TO AVOID THE RELOCATION OF INDUSTRY FROM THE
STATE, to increase employment, and to provide a larger
taxable base for the economy of the State of Maryland.
It is further declared that a need exists to assist and
encourage local nonprofit development corporations and/or
municipalities or counties in their efforts to stimulate
business growth in their communities. Therefore, the
Maryland Industrial Development Financing Authority is
created as part of the Department of Economic and
Community Development to encourage the making of mortgage
loans for the purpose of furthering industrial expansion
in the State, AND DISCOURAGING THE RELOCATION OF INDUSTRY
FROM THE STATE, and, thus, improve the welfare of the
public for the foregoing reasons and, by the stimulation
of a larger flow of private investment funds from banks,
building and loan associations, credit unions, savings
and loan associations, insurance companies, and other
financial institutions, including pension, retirement and
profit—sharing funds, meet the need of industrial plant
expansion.

266-0.

(1) "Cost of project" means the aggregate costs
incurred after the approval of a loan determined by the
Authority to be reasonably necessary to the construction,
acquisition, rehabilitation, or improvement of a project,
including, without intending thereby to limit the
generality of such costs: the cost of acquiring real