MARVIN MANDEL, Governor

1115

MUNICIPALITY OR COUNTY, MAY NOT INURE TO THE BENEFIT OF

ANY PERSON OTHER THAN THE INCORPORATING MUNICIPALITY OR

COUNTY.

(E) THE INCORPORATING MUNICIPALITY OR COUNTY MAY

BY LEGISLATIVE ACT AT ANY TIME, IN ITS SOLE DISCRETION,

SUBJECT TO THE PROVISIONS OF THIS SUBHEADING AND TO ANY

LIMITATIONS IMPOSED BY LAW UPON THE IMPAIRMENT OF

CONTRACTS, CHANGE THE STRUCTURE, ORGANIZATION, PROGRAMS,

OR ACTIVITIES OF THE AUTHORITY, OR TERMINATE THE

AUTHORITY. UPON TERMINATION OF AN AUTHORITY, TITLE TO

ALL ITS PROPERTY SHALL VEST IN THE INCORPORATING

MUNICIPALITY OR COUNTY AND ALL OBLIGATIONS AND ASSETS OF
THE AUTHORITY SHALL BE TRANSFERRED TO THE MUNICIPALITY OR
COUNTY.

SECTION 2. AND BE IT FURTHER ENACTED, That Sections
266-O(8) and 266W(e) of Article 41 — Governor — Executive
and Administrative Departments, of the Annotated Code of
Maryland (1971 Replacement Volume and 1975 Supplement) be
and they are hereby repealed and reenacted, with
amendments, to read as follows:

Article 41 — Governor — Executive and Administrative

Departments

266-O.

(8) "Mortgagor" means a local development

corporation [or], a municipality or [a] county, or their
instrumentalities INCLUDING AN INDUSTRIAL DEVELOPMENT
AUTHORITY CREATED UNDER §§ 266A-1 AND 266A-2 OF THIS
ARTICLE, or the State Aviation Administration, or in the
event that the option provided in § 266WA of this article
becomes applicable, "Mortgagor" shall mean the industrial
project applicant.

266W.

(e) Every reference in this section to counties or
municipalities applies also to the State Aviation
Administration, established by § 207B of this article,]
AND TO AN INDUSTRIAL DEVELOPMENT AUTHORITY CREATED UNDER
§§ 266A-1 AND 266A-2 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.
REFERENCE TO AN ORDINANCE IN THIS SECTION SHALL, AS TO AN
INDUSTRIAL DEVELOPMENT AUTHORITY, REFER TO A RESOLUTION
OF ITS BOARD OF DIRECTORS.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.