2902

LAWS OF MARYLAND

[Ch. 622

CHAPTER 622

(Senate Bill 974)

AN ACT concerning

Maryland Industrial Development Financing Authority Act

FOR the purpose of authorizing the Maryland Industrial
Development Financing Authority to insure less than
all of a mortgage loan for an industrial project;
including within the definition of eligible
industrial projects office buildings for any
business activity and certain mercantile, retail and
service facilities; redefining the applicability of
the Act to tourist and convention facilities;
defining Industrial Development Authority;
authorizing [[local industrial development
authorities and]] the State Aviation Administration
to participate as [[mortgagors]] a mortgagor in
loans for industrial projects; restricting the use
of funds of the Maryland Industrial Development
Financing Authority in respect to certain projects
where the State Aviation Administration is a
participant; increasing the amount of loans
permitted to be made by mortgagors; permitting a
mortgage loan on an industrial project to be repaid
on other than a periodic basis; authorizing the
financing of costs incurred by certain mortgagors
prior to approval of a loan by the Authority;
authorizing mortgage loans for industrial projects
previously acquired by certain mortgagors;
redefining "mortgage" and allowing the Maryland
Industrial Development Financing Authority to insure
construction mortgages where it does not insure the
permanent loan; clarifying language; and relating
generally to the Maryland Industrial Development
Financing Authority and to transactions under the
Maryland Industrial Development Financing Authority
Act.

BY repealing and re—enacting, with amendments,

Article 41 — Governor — Executive and
Administrative Departments

Section 266-O(1), 266-O(3), 266-O(5), 266-O(6),
266-O(8), 266-O(9), 266P(10), [[266Q(3),]]
266R(b), 266T, 266U(a), 266W, 266WA, 266X
and 266AA

Annotated Code of Maryland

(1971 Replacement Volume and 1974 Supplement)

BY adding to