MARVIN MANDEL, Governor                             1841

(a) [Upon default] IF A MORTGAGOR DEFAULTS in
payment of any installment [by the mortgagor] OF A
MORTGAGE INSURED IN WHOLE OR IN PART BY THE AUTHORITY,
the Authority, after notification of [such] THE default,
will pay to or on behalf of the mortgagee all sums
required by the mortgage, exclusive of any acceleration
provision, as and when [such] THE sums fall due, and no
more, to the extent provided in the mortgage insurance
agreement.

266W.

(a) A municipality or county, notwithstanding the
provisions of any charter [to the contrary] and without
in any event pledging its full faith and credit in
support of a mortgage, is [hereby] fully enabled and
empowered to borrow money and execute a mortgage as
security for the purpose of defraying the cost of
acquiring any industrial project APPROVED BY THE
AUTHORITY either by purchase or construction, after an
ordinance or resolution has been adopted by the
legislative body of the municipality or county,
specifying the proposed undertaking, the amount of money
to be borrowed and the maximum rate of interest to be
paid[ , which said]. THE ordinance or resolution shall be
administrative in nature and not subject to any
referendum. The ordinance or resolution shall further
provide that the industrial project is to be acquired
pursuant to the provisions of this subheading[, and shall
also provide] that the industrial project is to be
acquired for a bona fide tenant, as evidenced by a letter
of intent or similar agreement between the prospective
tenant and the municipality or county borrowing the
money. Any industrial project acquired by a municipality
or county under this subheading [shall not be deemed] IS
NOT a capital project of [such] THE municipality or
county, notwithstanding the provisions of any charter [to
the contrary]. A municipality or county may participate
fully in the provisions of this subheading, for [the] ITS
general purposes [thereof]. Nothing [herein] IN THIS
SECTION shall be construed to authorize any municipality
or county to acquire any industrial project by eminent
domain. If a municipality or county 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.

266X.

(a) Notwithstanding any provisions of any rule at