MARVIN MANDEL, Governor

1837

CHAPTER 667

(House Bill 625)

AN ACT concerning

Maryland Industrial Development Financing
Authority Act

FOR the purpose of authorizing the Maryland Industrial
Development Authority to approve industrial
projects, whether or not the Authority insures the
mortgage loan on the project; redefining "industrial
project" to include industrial or manufacturing
plants for which insurance is not sought from the
Authority; restricting approval of projects by the
Authority under certain conditions; confirming that,
in the event of default, the Authority will make
payment only in respect of insured mortgages;
confirming that a municipality or county may acquire
an industrial project approved by the Authority;
specifying that mortgages on industrial projects
approved by the Authority without insurance are
legal investments for certain entities; requiring
mortgages approved by the Authority to provide for
application of the proceeds of sale of property
released from the lien thereof; relating generally
to the Authority and to transactions under the
Maryland Industrial Development Financing Authority
Act; and making changes in style.

BY repealing and reenacting, with amendments,

Article 41 — Governor — Executive and

Administrative Departments
Section 266-0(3) and (6), 266P, 266Q, 266R(a),

266W(a) and 266X
Annotated Code of Maryland
(1971 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 266-0(3) and (6), 266P, 266Q,
266R(a), 266W(a) and 266X 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1975 Supplement) be and they are hereby repealed and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

266-0.

As used in this subtitle the following words and
terms have the following meanings and unless the context
indicates another or different meaning or intent: