2910

LAWS OF MARYLAND

[Ch. 622

to the requirements of State or local law regarding
competitive bidding, providing the tenant requests such
direct contracting and further providing that the direct
contracts are approved by the Maryland Industrial
Development Financing Authority.

(E) EVERY REFERENCE IN THIS SECTION TO
COUNTIES[[,]] OR MUNICIPALITIES, OR INDUSTRIAL
DEVELOPMENT AUTHORITIES]] APPLIES ALSO TO THE STATE
AVIATION ADMINISTRATION, ESTABLISHED BY SECTION 207B OF
THIS ARTICLE, AS THOUGH MENTIONED IN EACH SUCH REFERENCE.
REFERENCE TO AN ORDINANCE OR RESOLUTION IN THIS SECTION
SHALL, AS TO THE STATE AVIATION ADMINISTRATION, REFER TO
A DETERMINATION MADE BY THE STATE AVIATION ADMINISTRATION
AND APPROVED BY THE SECRETARY OF THE MARYLAND DEPARTMENT
OF TRANSPORTATION.

[[(e)]] (F) The provisions of this section shall be
applicable to all mortgages negotiated under this
subtitle on and after June 1, 1965, EXCEPT THAT THE
PROVISIONS OF THIS SECTION RELATING TO [[INDUSTRIAL
DEVELOPMENT AUTHORITIES AND TO]] PROJECTS PREVIOUSLY
ACQUIRED BY A PUBLIC BODY SHALL BE APPLICABLE ON AND
AFTER JULY 1, 1975.

266WA.

The industrial project applicant shall have the
option of becoming the mortgagor in lieu of participation
by a county or municipality [[OR INDUSTRIAL DEVELOPMENT
AUTHORITY]] as provided under § 266W. If this option is
employed, the provisions of § 266W shall not be
applicable.

266X.

(a)   Notwithstanding any provisions of any rule at
common law or any general or special law, mortgages
insured IN WHOLE OR IN PART by the Authority under this
subtitle and participations therein are hereby made legal
investments for all insurance companies, trust companies,
banks, investment companies, savings banks, building and
loan associations, credit unions, savings and loan
associations. executors, administrators, guardians,
conservators, trustees and other fiduciaries, pension,
profit—sharing, and retirement funds.

(b)   Any mortgage insured IN WHOLE OR IN PART by the
Authority may be negotiable, and the insurance agreement
between the Authority and the mortgagee shall inure to
the benefit of any purchaser, assignee or other holder of
any mortgage so negotiated.

266AA.