MARVIN MANDEL, Governor

2909

AUTHORITY]] borrowing the money. Any industrial project
acquired by a municipality or county [[OR INDUSTRIAL
DEVELOPMENT AUTHORITY]] under this subheading shall not
be deemed a capital project of such municipality or
county [[OR INDUSTRIAL DEVELOPMENT AUTHORITY]],
notwithstanding the provisions of any charter to the
contrary. A municipality or county [[OR INDUSTRIAL
DEVELOPMENT AUTHORITY]] may participate fully in the
provisions of this subheading, for the general purposes
thereof. Nothing herein shall be construed to authorize
any municipality or county [[OR INDUSTRIAL DEVELOPMENT
AUTHORITY]] to acquire any industrial project by eminent
domain. IF A MUNICIPALITY[[,]] OR COUNTY [[OR INDUSTRIAL
DEVELOPMENT AUTHORITY]] HAS PREVIOUSLY ACQUIRED ALL OR
ANY PART OF AN INDUSTRIAL PROJECT AND INCURRED COSTS
RELATING THERETO PURSUANT TO LEGAL AUTHORITY CONFERRED
UPON IT OTHER THAN BY THIS SUBHEADING, THEN THAT PUBLIC
BODY MAY FULLY PARTICIPATE IN THE PROVISIONS OF THIS
SUBHEADING AS REGARDS THAT PROJECT. IN THAT EVENT, THE
PROVISIONS OF THIS SUBHEADING RELATING TO ACQUISITION BY
THE PUBLIC BODY SHALL BE DEEMED TO HAVE BEEN COMPLIED
WITH, AND THE PUBLIC BODY MAY BE REIMBURSED FOR ITS
PREVIOUSLY INCURRED COSTS OF THE PROJECT FROM THE
PROCEEDS OF THE MORTGAGE FUNDS.

(b)   If a county or municipality [[OR INDUSTRIAL
DEVELOPMENT AUTHORITY]] participates as mortgagor in
accordance with the provisions of subsection (a) , the
interest payable on the principal of the mortgage shall
be and remain exempt from income taxation by the State of
Maryland and by the several counties and municipalities
of this State.

(c)     A municipality or county [[OR INDUSTRIAL
DEVELOPMENT AUTHORITY]] may agree with any lessee
[occupying and using] OF any facility acquired hereunder,
that at the time the principal and interest on the
mortgage have been paid in full, the lessee may purchase
or otherwise acquire the facility procured by the county
or municipality [[OR INDUSTRIAL DEVELOPMENT AUTHORITY]]
with the proceeds of the mortgage funds. The
consideration for the conveyance or an acquisition may be
nominal, and any such contractual obligation by such
municipality or county [[OR INDUSTRIAL DEVELOPMENT
AUTHORITY]] shall not be subject to any limitation
otherwise imposed by law requiring advertising of such
property for any specific period of time or sale thereof
to the highest bidder.

(d)   The acquisition of an industrial project by a
county or municipality [[OR INDUSTRIAL DEVELOPMENT
AUTHORITY]], and/or the contracting for construction of
an industrial project by a county or municipality [[OR
INDUSTRIAL DEVELOPMENT AUTHORITY]] shall not be subject